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Annual Report 2024
CTP N.V. Annual Report 2024
CTP N.V. Annual Report 2024
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Mission
CTP’s mission is to build long-term value—for the Company, its shareholders, clients, and
the communities where it operates. CTP pursues its mission through the creation of business
parks with economic ecosystems in strategic locations across Europe, from the North Sea to
the Black Sea. CTP is entrepreneurial, full-speed and forward-leaning, with over 25 years of
on-the-ground experience as a trusted partner to global business. Today, as Europe’s largest
listed owner, developer, and operator of industrial & logistics (“I&L”) properties and the
long-term leader in the business-smart markets of Central and Eastern Europe (“CEE”),
CTP's ambition, innovation, and profitibility will continue to drive the company’s rapid and
consistent growth.
CTP N.V. Annual Report 2024
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Contents
CTP N.V. Annual Report 2024
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Contents
1 Company Introduction
1.1 Business Model and Strategy 7
1.2 Big Numbers 8
1.3 History 10
1.4 Quarterly Highlights 2024 12
1.5 Letter from the CEO 13
1.6 Letter from the CFO 15
1.7 Chairwoman’s Letter 17
1.8 IR Q&A 19
2 Strategy & Outlook
2.1 CTP’s Business Model: “Wheel of Growth” 25
2.2 Growth Plan and €1 Billion Annualised
Rental Income by 2027 28
2.2.1 Capital Allocation 28
2.2.2 Capitalising on Market Opportunities 29
2.3 Outlook for 2025 30
3 Business Environment
& 2024 Performance
3.1 Overview of Business Environment & Trends 33
3.1.1 Economic Situation and Outlook in CEE 33
3.1.2 Main Trends in Europe’s I&L Sector 34
3.1.3 Real Estate Market Outlook 36
3.2 Operational Performance 40
3.2.1 Leasing Demand 40
3.2.2 Standing Portfolio 41
3.2.3 Development 45
3.2.4 Energy 48
3.3 Financial Performance 49
3.3.1 Revenues 49
3.3.2 Net Other Income and Expenses 50
3.3.3 EBITDA 50
3.3.4 Foreign Currency 50
3.3.5 Taxation 50
3.3.6 Profit 50
3.3.7 Dividend 50
3.3.8 Investment Portfolio 50
3.3.9 EPRA NTA 51
3.3.10 Capital raise 51
3.3.11 Overview of Cash Flow 51
3.3.12 Post-period Events 52
3.4 Funding and Hedging 53
3.4.1 Funding 53
3.4.2 Hedging 55
3.4.3 Covenants 55
3.4.4 EMTN Programme 55
3.5 Group-level Insights 60
3.6 Clients 65
3.7 Country Review 69
4 Sustainability
4.1 Highlights 2024 94
4.2 Scope and Basis for Preparation 95
4.2.1 Basis for Preparation 95
4.2.2 Additional Notifications 96
4.3 ESG Oversight 98
4.3.1 Risk Management and Internal Controls
Over Sustainability Reporting 99
4.4 CTP’s Strategy, Business Model
and Value Chain 100
4.5 Stakeholder Engagement 102
4.6 Materiality 104
4.6.1 Impact of Material IROs on
Business Strategy 104
4.6.2 The Process of Identifying IROs 104
4.7 ESG: Material Disclosures and Strategy 106
4.7.1 Pillar 1: Striving to Be Climate Positive 109
4.7.2 Pillar 2: Stimulating Social
Impact & Well-being 128
4.7.3 Pillar 3: Conducting Business with Integrity 141
4.7.4 Pillar 4: Embedding Parks in Communities 149
4.8 EU Taxonomy 151
4.8.1 KPIs (methodology of calculation) 151
4.8.2 Eligibility 152
4.8.3 Alignment 153
CTP N.V. Annual Report 2024
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Contents
5 Governance
5.1 Governance Structure 163
5.1.1 Board of Directors 164
5.1.2 Appointment and Composition of
the Board of Directors 171
5.1.3 General Meetings of Shareholders 172
5.2 CTP Board and Committees 173
5.2.1 The Board and its Meetings in 2023 173
5.2.2 Board Committees and their
Meetings in 2024 175
5.3 2024 Remuneration Report 179
5.3.1 Overview of CTP’s Remuneration Policy 179
5.3.2 Remuneration of the Executive Directors 182
5.3.3 Remuneration of the Non-Executive
Directors 185
5.3.4 2024 Remuneration Outcomes 186
5.4 Post-2024 Events 194
5.5 Diversity, Code of Conduct and Compliance 195
5.5.1 Diversity and Inclusion 195
5.5.2 Compliance Function 196
5.5.3 Code of Conduct 196
5.6 Governance Declarations 198
5.6.1 Compliance with the Dutch Corporate
Governance Code 2022 198
5.6.2 Decree on the Directive on Takeover Bids 199
5.6.3 Corporate Governance Statement 201
5.6.4 Responsibility Statement 202
5.7 Risk Management 203
5.7.1 CTP Group Approach to Risk Management 203
5.7.2 Risk Management Policy 203
5.7.3 ERM framework 203
5.7.4 Implementation of the Risk Management
Process 207
5.7.5 Risk Management System 207
5.7.6 Internal Controls 207
5.7.7 Responsibilities 207
5.7.8 Risk Appetite 207
5.7.9 Risk Control Framework 208
5.7.10 Update on CTP’s Principal Risks
in 2023 and 2024 209
5.8 Risk Management 210
6 Financial Statements
Consolidated Financial Statements 213
Company Financial Statements 295
Other Information 317
Independent Auditor’s Report & Limited
Assurance Report of the Independent Auditor
on the Sustainability Statement 319
7 Appendices
7.1 Group Structure 346
7.2 EPRA Appendices 352
7.2.1 EPRA Financial Performance Metrics 352
7.2.2 EPRA Earnings 353
7.2.3 EPRA Net Asset Value Metrics 354
7.2.4 EPRA NIY and ‘topped-up’ NIY 355
7.3 Materiality Appendices 356
7.3.1 Material Topics 356
7.3.2 Climate 366
7.3.3 Water 368
7.3.4 Waste 369
7.3.5 New BREEAM Certifications 369
7.3.6 New EPC certifications 370
7.3.7 New hires and new hire rate 370
7.3.8 Taxes 370
7.3.9 Absentee rate 370
7.4 ESRS Index 371
7.5 TCFD Index 375
7.6 EPRA sBPR Index 376
7.7 GRI INDEX 377
7.8 Property List 380
7.9 Glossary 385
7.10 Disclaimer 388
CTP N.V. Annual Report 2024
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1
Company Introduction
CTP N.V. Annual Report 2024
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Company Introduction
“THE ’WHEEL OF GROWTH’
DEMONSTRATES HOW THE ACTIVITIES
OF CTP’S TWO CORE BUSINESS
UNITS WORK TOGETHER TO DRIVE
SUSTAINABLE GROWTH.”
1.1 Business Model and Strategy
CTP, as a long-term owner, implements its strategy via
its unique, vertically integrated “Wheel of Growth” busi
-
ness model, which consists of two interconnected core
business units—the “operator” and the “developer”—
that encompass the Group's activities.
The business units each have their own roles and
objectives, leveraging the Group’s capital sources and
unique in-house capabilities while positively impacting
each other: the operator, by owning and operating a prop
-
erty portfolio to enhance its value, generate cash flow,
and maintain client relations; the developer, by generat
-
ing industry-leading yield on cost (“YoC”) of above 10%
and by mobilising its landbank.
The driving force behind CTP’s Wheel of Growth busi
-
ness model is the Company’s unique Parkmaker strategy.
CTP’s focus is the development of sustainable, full-ser
-
vice business parks with onsite amenities and infrastruc-
ture that support the growth of dynamic business eco-
systems. CTP’s in-house teams manage each stage of
the client relationship throughout the “Wheel of Growth”
cycle, which enables clients to stay focused on their core
business activities.
The Group’s strategy is based on growing with its
existing clients across the CTPark Network whilst also
attracting new high-quality tenants. This is illustrated by
the high level of repeat business—around two-thirds of
new leases each year are signed with existing clients.
CTP’s disciplined capital allocation, unique business
model, and the expertise of its in-house teams position
the Company to provide best-in-class service to clients
and be a long-term partner. This has made CTP the mar
-
ket leader it is today and enabled the Group to provide
shareholders with superior and long-term, sustainable
returns. See Section 2 for more details.
CTP’s Parkmaker strategy has been
consistent since the Company’s start in
1998: to develop, own, and operate state-
of-the-art, full-service business parks
in strategic, business-smart locations,
leveraging strong client relationships to
deliver long-term value creation.
Maximising value by providing the complete
package of Parkmaking services.
PARKMAKER
STRATEGY
Mobilising the landbank with in-house teams
helps maintain industry-leading YoC.
OPERATOR
DEVELOPER
CTP N.V. Annual Report 2024
Company Introduction
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1.2 Big Numbers
LANDBANK
26.4
million sqm
LEASES SIGNED,
2024
2.1
million sqm
AVERAGE RENT OF
LEASES SIGNED
€5.68
per sqm
per month
ESTIMATED YOC OF PROJECTS
UNDER CONSTRUCTION
10.3%
ANNUALISED RENTAL INCOME
€743
million
GLA
13.3
million sqm
CLIENT
RETENTION
87%
OCUPANCY
93%
REVERSIONARY
POTENTIAL
14.5%
UNDER
CONSTRUCTION
1.8
million sqm
LIKE-FOR-LIKE
RENTAL GROWTH
4.0%
PRE-LET 2025
DELIVERIES
35%
COLLECTION
RATE
99.8%
WAULT
6.4
years
as at 31 December 2024
CTP N.V. Annual Report 2024
Company Introduction
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EPRA NTA
PER SHARE
€18.08
LIQUIDITY
€2.2
per sqm
per month
GAV
€16.0
billion
AVERAGE
DEBT MATURITY
5.0
years
COMPANY SPECIFIC
ADJUSTED EPRA EPS
€0.80
PORTFOLIO
YIELD
6.6%
INTEREST
COVER RATIO
2.6x
AVERAGE
COST OF DEBT
3.09%
NORMALISED NET
DEBT TO EBIDTA
9.1x
CTP N.V. Annual Report 2024
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Company Introduction
1.3 History
2013
CTP enters the Prague market.
CTP’s portfolio reaches 2 million sqm of GLA.
CTP delivers its first BREEAM Outstanding
building—Tower I at Spielberk in Brno.
2014
CTP launches operations in Romania.
2015
CTP announces growth target of 3 million sqm
of GLA by 2020.
CTP acquires 380,000 sqm of GLA in Romania,
becoming the market leader in the country.
2016
CTP launches operations in Hungary.
2018
CTP’s portfolio reaches 5 million sqm of GLA
across CEE.
CTP sells a portfolio of three parks in the Czech
Republic to DEKA for €410 million.
CTP sets new target of 10 million sqm of GLA by 2023.
2019
Remon Vos consolidates 100% ownership of CTP.
CTP secures €1.9 billion in financing, the largest in CEE.
2020
CTP B.V. bonds rated Baa3 (Stable) by Moody’s
and BBB- (Stable) by S&P.
CTP issues its inaugural green bond.
CTP’s entire portfolio in Hungary is BREEAM certified.
CTP becomes market leader in Serbia.
2021
CTP launches its IPO on Euronext Amsterdam,
the largest real estate IPO in Europe since 2014,
and is included in the Euronext AScX index.
CTP launches in Western Europe, opens an office in
the Netherlands.
CTP BREEAM certifies 100% of its standing portfolio.
CTP receives a Low-Risk rating in Sustainalytics
ESG Risk Ranking.
CTP is Europe’s largest real estate issuer of green
bonds for the year, with a total of €2.5 billion issued.
CTP becomes market leader in Hungary.
1998
CTP is established by Remon Vos. Construction begins
at CTP’s first business park in the Czech Republic—
CTPark Humpolec.
2000
CTP completes its first building.
2007
CTP becomes the largest industrial developer in the
Czech Republic, focusing on Plzeň, Brno and Ostrava.
2008
CTP installs its first solar plant at CTPark Humpolec.
2010
CTP completes the installation of 6 MWp of solar
capacity at various parks in the Czech Republic.
2011
CTP’s annual rental income exceeds €100 million.
CTP averages nearly 8% growth per year
in 2008–2011, during the financial crisis.
CTP N.V. Annual Report 2024
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Company Introduction
2022
CTP launches operations in Germany with its
acquisition of the 1.6 million sqm GLA portfolio of
Deutsche Industrie REIT; the CTPark Network now
connects the North Sea to the Black Sea.
CTP included in the Euronext AMX index
and the AEX® ESG Index.
CTP expands in Poland with a land acquisition that
offers the potential for 1.2 million sqm of GLA.
CTP expands in Western Europe by delivering its
first development in Rotterdam in the Netherlands
and launching its first project in Austria.
CTP exceeds its 10 million sqm of GLA target
with 10.5 million sqm of GLA at year-end and reaches
38 MWp of installed solar power capacity.
2023
CTP opens Hong Kong office amid growing demand
from Asian clients for European industrial & logistics
warehouse space.
CTP starts its first development projects in Germany.
CTP’s installed solar power capacity reaches 100 MWp.
CTP’s net rental income exceeds €500 million,
with a record 2.0 million sqm of leases signed.
2024
CTP doubles the size of its portfolio since its IPO
in March 2021.
CTP expands in Romania with the acquisition of
a 30 hectare landbank and six industrial parks
with a total GLA of 270,000 sqm.
CTP acquires an 830,000 sqm brownfield site in
Düsseldorf, for €155 million, with plans to transform
the inner-city site into multi-user business park.
CTP raises €300 million of equity in September,
providing increased financial flexibly to pursue
additional development-led growth opportunities
and to take advantage of attractive investment
opportunities.
CTP raises €2.4 billion in new debt across multiple
markets and increases its RCF to €1.3 billion.
CTP posts record profit of €1.1 billion.
CTP N.V. Annual Report 2024
Company Introduction
12
1.4 Quarterly Highlights 2024
Q1
CTP announces the successful placement of a €750
million green bond and completes a €250 million bond
tender offer.
CTPark Weiden in Germany is fully let, ahead of its
redevelopment completion in Q3 2024.
Vitesco Technologies leases 40,000 sqm in Czech
Republic for a €190 million EV parts factory.
Q2
Taiwan-based Quanta Computer signs for a 22,500 sqm
high-tech, built-to-suit microchip production facility
at CTPark Jülich in Germany.
CTP expands in Romania with a 270,000 sqm warehouse
and 30 hectare landbank acquisition.
CTP announces the signing of a €500 million unsecured
syndicated sustainability-linked loan facility and €500
million bond tender offer.
CTP continues expansion in Poland with 500,000 sqm
land acquisition.
Q3
CTP leases over 100,000 sqm of industrial and logistics
space across Hungary to an automotive industry logis
-
tics specialist.
Leading fashion brand LPP signs deal for an additional
65,000 sqm new e-commerce facility at CTPark
Bucharest West in Romania.
CTP raises €300 million in new equity through
an accelerated bookbuilding offering.
Chinese automotive supplier Jiangsu Xinquan
Automotive Trim signs for 18,000 sqm at CTPark
Prešov South in Slovakia as nearshoring gathers pace.
Q4
Construction launches on 30,000 sqm of distribution
space at CTPark Blatnice in the Czech Republic for
Redcare Pharmacy, Europe’s leading online pharmacy.
CTP delivers Tesco’s new 100,000 sqm logistics centre
at CTPark Szigetszentmiklós in Hungary.
CTP places a €500 million green bond and completes
a €200 million tender offer.
Raben Group opens its latest warehouse at CTPark
Warsaw West in Poland, expanding the park’s footprint
to 160,000 sqm.
CTP announced as Czech national partner
at EXPO 2025.
CTP announces the signing of a €1.3 billion Revolving
Credit Facility.
CTP N.V. Annual Report 2024
Company Introduction
13
I’m pleased to report that 2024 was another record year
for CTP, both operationally and financially. We leased
a record 2.1 million sqm of gross leasable area (“GLA”)
during 2024, showcasing the demand for our full-service
business parks. Two-thirds of new leases were signed
with existing clients expanding with us during the year.
We delivered a record 1.3 million sqm of GLA in 2024,
consistent with our 10%–15% new growth target, and
ended the year with a standing portfolio of 13.3 million
sqm. Our annualised gross rental income now stands
at €743 million—well on the path to our 2027 target of
€1 billion—thanks to the deliveries coming online and
like-for-like rental growth.
Our strong income-producing portfolio, with our di
-
verse international client base and 99.8% collection rate,
ensures that CTP remains highly profitable, cash-gen
-
erating, and that we can continue to invest in our next
developments.
CTP has a proven track record built over the course
of more than 25 years. Our success is anchored by several
key factors: our large strategic landbank, primarily at ex
-
isting locations; our Parkmaker strategy; and our “Wheel
of Growth” business model, which includes our integrated
development capabilities. Our full-service model includes
in-house design and construction teams, which help us
build on-time and on-budget, as well as our property man
-
agement team that looks after the client following move-
in, which fosters deep client relationships. Our unique mix
of strengths, together with our first-mover advantage
in CEE, gives us a robust financial position, with a mar
-
ket-leading yield on cost (“YoC”) of above 10% for new de-
1.5 Letter from the CEO
velopments which we have achieved over the last 25 years.
We are well placed to further build on our strong position
and exploit opportunities as they emerge.
Secular growth drivers in a region with huge potential
We have targeted to reach €1 billion annualised rent
-
al income by 2027 and have a clear roadmap in place to
achieve this. The conversations with our clients, together
with the strength of our business model, give us full con
-
fidence in our ability to reach this milestone. The outlook
for our markets in CEE is favourable, with secular growth
drivers that remain entrenched across the region, which
continues to be undersupplied and is the largest growth
market in Europe, with rising barriers to entry for new
developers.
Changes to the global geopolitical landscape, whether
these are tariffs, regulation, or other supply chain shocks,
continue to benefit the relative positioning of CEE. As the
importance and value of the CEE region’s underlying busi
-
ness-smart proposition—strategic location, educated
workforce, and lower labour costs—becomes increasingly
apparent and critical for the resiliency of European supply
chains. We continue to see the rise of nearshoring/friend
-
shoring to the CEE region in response to global uncertain-
ties and the need to reduce the fragility and carbon foot-
print of extended global supply lines.
Asian clients represent over 10% of our portfolio but
made up 20% of the leasing activity in 2024, showcasing
the incremental demand created by nearshoring.
The development of the middle class in CEE and the
rapid increase in purchasing power drives ongoing de
-
mand for e-commerce warehousing and logistics facili-
ties, particularly in CEE, where the growth in online re-
tailing is more robust than in Western European markets,
as it comes from a lower base, but catching up rapidly.
CEE growth dynamics mean that our markets’ historic and
projected GDP growth outperform the EU-27 and West
-
ern Europe on average, with lower debt-to-GDP ratios.
The region remains a generally low-tax, business-friendly
environment, with strong government support for infra
-
structure development and foreign direct investments.
Further expansion in Germany
We also see opportunities in Western European markets,
as we believe our integrated business model and full-ser
-
vice business parks can also generate superior returns in
those markets.
As the German economy is going through a transfor
-
mation, with more labour and energy intensive sectors
moving out, we see new high value-add industries emerg
-
ing, including semiconductor, clean-tech, and defence-
related businesses. These all come with new A-class
industrial and logistics space requirements.
We have acquired—in addition to the former Deutsche
Industrie REIT portfolio—several brownfield redevelop
-
ment plots in Germany, among others in Mulheim, Krefeld,
Wuppertal, and Aachen. In Q4 2024 we also acquired an
830,000 sqm plot in Dusseldorf—the largest single land
plot acquisition we have made. The site has a fantastic
location midway between the city centre and airport.
These plots also allow us to develop our business park
model in Germany, with different building types, includ
-
ing introducing our small business unit, ctBox, with 500
sqm–1,000 sqm of space.
We are well underway with our plans for these brown
-
field sites, also working closely together with the munici-
palities, which allows us to ramp up our development ac-
tivities in Germany over 2025 and the years to come.
CTP N.V. Annual Report 2024
Company Introduction
14
Pan-European player
The CTPark Network provides unique and seamless,
A-class industrial and logistics property solutions to lo
-
cal and global businesses across ten countries, from the
North Sea to the Black Sea.
In 2024 we continued to grow our market share.
In our Core Markets, we grew from 23.9% just before
our IPO in March 2021, to 28.8% as at year-end 2024,
despite increasing competition. This illustrates the
strength of our business model—expanding with exist
-
ing clients in existing locations.
We also further strengthened our position in
Poland, where we signed over 300,000 sqm of new leases
and now have a portfolio of nearly 800,000 sqm. Polish
market conditions, where the prevailing trader-developer
model is under pressure due to the higher interest-rate
environment, has led to a reduction of overall supply
and has allowed us to rapidly expand our presence in the
country.
Talented team
CTP has a team of over 900 Parkmarkers, with an aver
-
age age of just over 39 years. As a dynamic and entre-
preneurial organisation, we give young talented people
the opportunity to grow with our business. This is also
anchored in our five deeply rooted values, which inspire
our teams to do what they do best: be close to our ten
-
ants and develop sustainable, innovative and high-quality
industrial & logistics parks. Their hands-on, can-do atti
-
tude has made CTP what it is today, and I’m proud to see a
new generation of young talent grow within the Company.
They are Parkmakers at heart, on the ground, engaging
with local communities, connecting our clients to local
universities, schools, businesses and charities—the key to
our ESG pillar of embedding parks in local communities
and furthering our clients’ ESG goals at the same time.
None of our successes would have been possible with
-
out our team of dedicated professionals, and I would like
to thank them for the successes that we have achieved
together.
Outlook
Current geopolitical and macroeconomic trends benefit
our core CEE markets, and this is just the beginning for
this business-smart region. The continuation of structur
-
al market trends favours CTP’s owner-operator business
model, as we take a long-term, sustainable approach to
our activities. We continue to grow with our clients in ex
-
isting locations and can expand with them quickly to new
locations as required.
We are confident that we can achieve our ambi
-
tious goals and €1 billion rental income target by 2027,
and that is just the next step. We have the land, we have
the clients, we have the capital, and we have the teams.
Full speed!
“WE ARE CONFIDENT THAT WE
CAN ACHIEVE OUR AMBITIOUS
GOAL OF €1 BILLION RENTAL
INCOME BY 2027, AND THAT IS
JUST THE NEXT STEP.”
Remon Vos
CEO
Amsterdam, 7 March 2025
CTP N.V. Annual Report 2024
Company Introduction
15
1.6 Letter from the CFO
GRI 2-22
Strong like-for-like portfolio revaluation
On the back of a record leasing year, with 2.1 million sqm
of new leases signed, we delivered a total of 1.3 million
sqm of new GLA during 2024. This brings the portfolio to
13.3 million sqm of GLA at year-end.
The Group’s gross asset value (“GAV”) increased
17.2% year-on-year to €16.0 billion, mainly driven by de
-
liveries of development projects, positive revaluations on
the standing portfolio, as well as acquisitions.
During 2024, we booked a net positive revaluation re
-
sult of €941.5 million, of which €499.9 million was driven
by the income producing portfolio, where we saw a pos
-
itive like-for-like revaluation of 5.9%, thanks mainly to
the growth of the estimated rental value (“ERV”) across
the portfolio. Investment projects under development
(“IPUD”) contributed €380.4 million to the revaluation
results, thanks to our industry leading YoC of above 10%.
Strong credit profile
We ended 2024 with a solid liquidity position of €2.2
billion. Our strong cash position and undrawn revolving
credit facility, combined with our access to debt and eq
-
uity capital markets, as well as unsecured and secured
bank lending, puts us in a prime position to act quickly
and seize growth opportunities as they appear. Given the
current market conditions and the strength of CTP’s
build-to-own business model, we anticipate significant
investment opportunities in the coming years.
In 2024 we pivoted back to the bond market for our fi
-
nancing, as it had become more attractive again than
bank lending. In total we raised €2.4 billion in 2024—€1.3
billion in the bond market, €0.5 billion in the unsecured
bank lending market, €0.5 billion in the secured bank
lending market—and we placed our first €50 million pri
-
vate placement. We also bought back €950 million of
short-maturity bonds and prepaid €379 million of se
-
cured bank loans to reduce finance costs.
CTP’s financial position is further bolstered by
strong underlying fundamentals: our average cost of
debt of 3.09%, which is fully fixed or hedged until matu
-
rity, and our average debt maturity of 5.0 years. CTP’s
next upcoming maturities are a bond in June 2025 (€272
million outstanding) and a bond in October 2025 (€185
million outstanding), which can be fully repaid from our
cash position.
The Company’s Loan-to-Value (“LTV”) ratio stood at
45.3% at year-end 2024, slightly above our 40%–45%
target range, as we used the proceeds from the accel
-
erated bookbuilding to do highly attractive landbank ac-
quisitions in the fourth quarter. We deem the 40%–45%
target range appropriate, as this reflects our above-mar
-
ket average portfolio yield. Our normalised Net Debt to
EBITDA of 9.1x reflects a healthy cash-flow leverage, and
we have a robust interest coverage ratio of 2.6x, despite
seeing a material increase in average funding cost in the
last years.
In Q3 2024, both S&P and Moody’s confirmed our
BBB- and Baa3 credit rating, respectively, both with a
stable outlook. While in Q1 2025, we obtained a A- rating
with stable outlook from JCR, the Japan Credit Rating
Agency, which will allow us to raise debt in the Japanese
market, further increasing our funding diversification.
In 2024, we continued our strong track record, delivering
on our guidance. We grew our Company-specific adjust
-
ed EPRA earnings per share (“EPS”) by 9.9% to €0.80
and our EPRA Net Tangible Asset (“NTA”) by 13.6% to
€18.08.
Record profit
In 2024 we realised a record profit of €1.1 billion, driven
by our strong recurring earnings growth as well as the
significant positive valuation result from our record de
-
liveries and increasing rent levels.
The annualised Gross rental income came to €743
million at the end of 2024, an increase of 15.3% year-on-
year.
Gross rental income (“GRI”) increased year-on-year
by 16.1% to €664.1 million and 4.0% on a like-for-like
basis. Net rental income (“NRI”) grew year-on-year by
19.0% to €646.8 million, as we improved the NRI to GRI
ratio by reducing service-charge leakage across the port
-
folio.
We also realised a profit of €25.5 million on the build
-
ing improvements we sold to our clients, reflecting the
importance of manufacturing in our portfolio.
Net other income/expenses, which includes all over
-
head costs, remained flat for the year, illustrating our
efforts to remain a lean and mean entrepreneurial or
-
ganisation.
CTP N.V. Annual Report 2024
Company Introduction
16
Equity raise
In 2024, we placed our first equity raise since the IPO
in March 2021 through an accelerated bookbuilding.
In total we raised €300 million in a six-times oversub-
scribed issue. This illustrates our strong access to equi-
ty capital markets, as well as giving us the firepower to
do bolt-on acquisitions for either standing properties or
large landbank plots.
ESG
In line with CTP’s long-term business principles and
strategy going forward, sustainability and the principles
of ESG are integral to our operations at all levels. This
year we are again publishing our Annual Report in line
with the CSRD requirements.
CTP’s growing energy business provides a new rev
-
enue stream for the Company while enhancing our ESG
credentials and offer for clients, who increasingly require
high levels of ESG compliance for their leased premises.
Solar income in 2024 came to €7.6 million, and by year-
end we had 138 MWp of installed solar capacity.
During the year we continued our long-standing com
-
mitment to deliver state-of-the-art, energy efficient
buildings that meet high BREEAM and EPC standards
across the portfolio.
Dividend
We propose a final 2024 dividend of €0.30 per ordinary
share, which will be paid, subject to approval by the Annu
-
al General Meeting, in May 2025. This will bring the total
2024 dividend to €0.59 per ordinary share, which repre
-
sents a pay-out ratio of 74% of our Company-specific
adjusted EPS, an increase of 12.4% compared to 2023.
Outlook
We expect Company specific adjusted EPS of €0.86–
€0.88 for 2025, representing an increase of 8%-10%.
This is driven by our strong underlying growth, partly
offset by a higher average cost of debt due to the (re)-fi
-
nancing done in 2024 and 2025.
Our integrated business model sets us apart and
has delivered over 25 years of superior returns, which
gives us confidence for 2025 and beyond. CTP is well po
-
sitioned thanks to our robust balance sheet and strong
liquidity position; our disciplined capital allocation and
industry-leading YoC; our conservative debt repayment
profile and good access to credit and equity markets; our
well-diversified client base with blue-chip multinationals,
who continue to expand with us; our team; and the strong
cash-flow generation of our standing portfolio, which is
supported by an increasing number of leases linked to in
-
flation and continued rental growth driven by the secu-
lar growth drivers in the CEE region and the industrial &
logistics property sector.
“IN 2024 WE REALISED A RECORD
PROFIT OF €1.1 BILLION, DRIVEN BY
OUR STRONG RECURRING EARNINGS
GROWTH AS WELL AS FROM RECORD
DELIVERIES AND INCREASING RENT
LEVELS.”
“
OUR STRONG CASH POSITION
PUTS US IN A PRIME POSITION TO
ACT QUICKLY AND SEIZE GROWTH
OPPORTUNITIES AS THEY APPEAR.”
Richard Wilkinson
CFO
Amsterdam, 7 March 2025
CTP N.V. Annual Report 2024
Company Introduction
17
1.7 Chairwoman’s Letter
Dear Shareholders,
In 2024 we experienced another year of substantial eco
-
nomic and geopolitical uncertainty. The market started
the year with high expectations for interest rates cuts,
which were delayed as inflation was more persistent than
expected. While inflation is coming down, it remains above
central bank targets. This has led to long-term rates re
-
maining relatively stable during the last two years. With
more protectionist economic policies rippling out from
the United States, the ongoing trend of nearshoring is ex
-
pected to accelerate, as global supply chains are being re-
designed and production is being nearshored to be closer
to end consumers.
I am proud of the resilience that CTP’s business mod
-
el and teams have demonstrated in these volatile times.
We stay true to our commitments to be a long-term part
-
ner for our clients and deliver superior long-term value
creation for our shareholders.
During 2024 we delivered another record year in
terms of growth, and our financial performance remained
strong, delivering a record profit for our shareholders.
Entrepreneurial and agile company
CTP is an entrepreneurial and agile company. This mind
-
set has been integral to our company culture and values
from the start and has been a key success factor in our
industry-leading growth track record. Our ability to adapt
quickly to changing environments is a clear competitive
edge that has allowed us to take many opportunities and
grow our market share in the CEE region, despite the in
-
creasing strength of the competition.
At the heart of our achievements is our dedicated
team. Their expertise and commitment to excellence
drive our continued success. As we grow, we remain fo
-
cused on fostering our unique culture, ensuring that we
not only meet today’s challenges but anticipate tomor
-
row’s opportunities.
Our focus on building long-term partnerships with our
clients positions us for sustained success. This model is
very attractive, also for Asian clients, which are mostly
manufacturing companies looking for long-term part
-
nerships. This has allowed us to take a disproportionate
share of the nearshoring activity in the business-smart
region of CEE.
Sustainability and governance
As the long-term owner and operator of our properties,
sustainability is an essential part of our business model
and is embedded in our values. We build energy-efficient
buildings, lowering the occupancy cost for our clients.
In 2024, we further rolled out our solar power business
and continue to look for new innovations and technolog
-
ical solutions that make our buildings smarter and more
sustainable. We strive to make each new building better
than the last one.
“AS THE LONG-TERM OWNER AND
OPERATOR OF OUR PROPERTIES,
SUSTAINABILTY IS AN ESSENTIAL
PART OF OUR BUSINESS MODEL AND
IS EMBEDDED IN OUR VALUES.”
CTP N.V. Annual Report 2024
Company Introduction
18
Barbara Knoflach
Chairwoman
Amsterdam, 7 March 2025
CTP’s sustainability efforts in 2024 were recognised
by Sustainalytics with an ESG Risk Rating of 9.3 with a
Negligible Risk assessment. During the year we also re
-
ceived 25 new BREEAM certificates, 23 of which were
rated “Excellent” or “Outstanding”, as we continue to
step up our ESG efforts. Embedding CTP’s parks into
the communities where they are located has always been
part of the Company's strategy as long-term owner and
operator.
At the 2024 AGM, Mr. Gerard Van Kesteren and Mr.
Pavel Trenka did not stand for re-election after their
term expired. Two new Board members were appointed,
Ms. Kari Pitkin and Mr. Rodolphe Schoettel. Ms. Susanne
Eickermann-Riepe and I were reappointed, ensuring con
-
tinuity.
Looking ahead to the 2025 AGM, we are pleased to
propose the renewal of the mandate of one of our Execu
-
tive Directors and CFO, Mr. Richard Wilkinson.
We are also proposing to re-appoint our current ex
-
ternal auditor, KPMG, for CTP’s financial statements
and the assurance for our sustainability reporting for the
2025 financial year. For 2026–2028 we are pleased to
propose PwC as the external auditor for CTP’s financial
statements and sustainability reporting.
Looking ahead
We are confident of our strategic direction and see many
opportunities ahead. We are the market leader in the
fastest-growing region in Europe, where demand for I&L
continues to rise, driven by long-term structural demand
drivers. Our teams, with over 900 fellow Parkmakers, are
well positioned to capitalise on these opportunities and
continue to deliver strong shareholder returns.
On behalf of all Non-Executive Directors, I would like
to thank our clients, shareholders, partners, and other
valued stakeholders for their trust and support.
We look forward to seeing you at the AGM!
On behalf of the Board,
CTP N.V. Annual Report 2024
Company Introduction
19
2024 was another excellent year for CTP.
By year-end, we more than doubled the size
of our business—both in terms of GLA and
rental income—since the IPO March 2021.
We hosted our third Capital Market Day,
welcoming over 50 investors and sell-side
analysts in Bucharest, followed by a property
tour of our Romanian and Serbian assets.
In 2024 we delivered 13.6% NTA growth,
or a Total Accounting Return of 17.1%
including dividends. The Total Accounting
Return CAGR since the IPO stands at 24.0%,
showcasing our consistent track record
and positioning CTP as a growth stock
with attractive features also for generalist
investors— setting us apart from many peers
in the real estate sector, which is typically
seen as a low-growth sector.
What will be your like-for-like rental growth in 2025?
We expect like-for-like rental growth in 2025 to be
around 4%, driven by indexation and reversion. As at
year-end 2024, 71% of our contracts had a double in
-
dexation clause, with indexation being the higher of (i) a
fixed escalator of between 1.5%–2.5% or (ii) the local or
European Consumer Price Index (“CPI”). The remaining
30% of the contracts have only a fixed escalator. Based
on this mix and the levels of the local and European CPI,
we expect indexation to contribute around 2.5% to like-
for-like rental growth, on top of which we will have the
reversion of expiring leases. The reversionary potential of
our portfolio at year-end 2024 stood at 14.5%.
What are your market rent growth expectations?
Market rent growth is ultimately driven by the supply/
demand balance. In 2024 we had another record year in
terms of leasing, with 2.1 million sqm of new leases—7%
more than last year. We also signed these leases—adjust
-
ed for the country mix—at 3% higher rents than in 2023.
Both leasing and rental growth illustrate the strong on
-
going demand for I&L space in CEE. With moderate sup-
ply, we see in general a healthy supply/demand balance
across our markets.
After strong market rental growth in 2022 and 2023,
we saw it moderate during 2024, and for 2025 we expect
moderate market rental growth in line with inflation or
inflation plus. CTP’s markets, subject to their maturity,
are in different stages of rental growth, with the Czech
Republic—where we signed new leases in 2024 for on
average €7.23 per sqm per month—already having seen
substantial growth, while markets like Poland, Romania
and Serbia are still at the beginning of the market rental
growth process.
How do you see demand and pre-letting to evolve going
forward?
Based on the continued strong demand and record leas
-
ing year in 2024, we expect to be able—in line with our
track record—to deliver projects 80%–90% pre-let at
completion. The 1.3 million sqm we delivered in 2024
were 92% pre-let at delivery. In 2025, we expect to deliv
-
er between 1.2 and 1.7 million sqm, in line with our usual
10%–15% delivery growth rate per year. Most of CTP’s
projects currently under construction are within an exist
-
ing park—80% as at 31 December 2024.
In some cases, we begin construction without having
a pre-let secured. In existing parks, CTP has clear visibil
-
ity on future client demand, as around two-thirds of new
leases are signed with existing clients. During the course
of construction, the pre-letting ticks up to 80%–90% at
completion. Starting construction in advance gives CTP
a competitive advantage when existing tenants want to
expand at their existing locations—showcased by CTP’s
high tenant retention rate—or when clients need space
available within a short timeframe.
1.8 IR Q&A
CTP N.V. Annual Report 2024
Company Introduction
20
Why is the CEE region outperforming?
The CEE region is “business-smart” due to its competi
-
tive total labour costs that are one-third of what they are
in Western Europe and comparable with China; its strong
work ethic; and high infrastructure investments that are
constantly improving transport links. There are several
secular demand drivers: (i) nearshoring, as companies
look to de-risk and shorten their supply chains, with CEE
countries ranked high as likely destinations—for example,
currently over 10% of CTP’s portfolio is leased to Asian
tenants producing in Europe for Europe, representing
20% of our 2024 leasing, which shows the incremental
demand; (ii) continued e-commerce growth, which comes
from a low base with above-average GDP growth fore
-
casts for the CEE region and the rise of the middle class
supporting consumption; and (iii) professionalisation of
supply chains, as 3PLs continue to densify their networks
in CEE.
As CEE markets are still undersupplied in terms of
GLA per capita and new supply barriers are rising, CTP is
uniquely positioned, thanks to its first-mover advantage
and strategically positioned landbank, to further bolster
its leading market position.
Have valuations bottomed out?
Yes, in 2024 we saw a like-for-like valuation increase of
5.9%. This was largely driven by ERV growth of 4.9%;
however, we also saw some initial yield compression in the
second half of 2024. Looking forward, we expect further
yield compression over the course of 2025 as well as ERV
growth, supporting valuations.
The Reversionary Yield came down from 7.2% in 2023
to 7.1% in 2024, while the portfolio yield increased from
6.5% in 2023 to 6.6% in 2024, showcasing our ability to
drive the in-place rent and capture reversion potential.
The yield differential between CEE and Western Europe
-
an logistics is back to the long-term average and we ex-
pect it to come down further, driven by the higher growth
prospects for the CEE region. With more players enter
-
ing the CEE market—for example Blackstone, through a
€470 million acquisition in Czech Republic and Slovakia—
the liquidity premium embedded in CEE valuation yields
should come down.
How is your credit profile evolving?
We were very active on the capital markets in 2024. We
raised €2.4 billion of gross debt and increased our RCF
from €550 million to €1.3 billion. We also demonstrat
-
ed our good access to equity capital markets with the
€300 million equity raise we did through an accelerated
bookbuild, the first since the IPO, which was nearly six
times oversubscribed. We also bought back €950 million
of short-dated bonds in order to extend our credit curve.
While this is a slight headwind for our Company Specif
-
ic Adjusted EPRA EPS, as we replaced low coupon bonds
with higher coupon bonds, it allowed us to book a capital
gain of €37.1 million, as they were bought back below their
nominal value.
The bond market became competitive again over the
course of 2024. The latest issuances we made in 2024
were a €500 million eight-year bond with a 3.875%
coupon (MS+173 bps) and a €50 million five-year pri
-
vate placement with a 3.427% coupon (MS+125bps).
For 2025, we expect marginal cost of debt to be around
3.5%–4.0%.
As spreads came down, we also negotiated a margin
reduction on €570 million of secured bank loans and re
-
paid €379 million of secured bank loans, which had on av-
erage an all-in cost of 5.1%.
CTP N.V. Annual Report 2024
Company Introduction
21
What sets CTP apart from peers in the sector is the high
spread between, on one hand a development YoC of over
10%, and on the other hand a standing portfolio yield of
6.6% and marginal cost of debt of 3.5%–4.0%.
This allows CTP to improve its credit metrics—in
-
cluding ICR, Net Debt to EBITDA and LTV—while devel-
oping and developing our portfolio. This unique feature is
key to CTP’s growth track record and is also reflected
in the bond pricing, with those trading in line with one-
notch-better BBB flat names.
Is CTP’s YoC of above 10% sustainable?
Our construction costs were around €500/sqm in 2024,
and we expect them to stay at around this level through
-
out 2025. Market rents continue to tick up, allowing CTP
to maintain its 10% YoC, despite moving more into West
-
ern European markets, where we target 9% YoC. CTP’s
in-house general contractor department, as well as its
business model of building for existing tenants in existing
parks, are key ingredients for this industry-leading YoC
level which we have been able to maintain for 25 years.
What are your capital allocation priorities?
Investing in our development pipeline is the priority. For
this we plan to mobilise our existing landbank, which is
already paid for and was valued at €1,292 million as at
31 December 2024, as this gives us the highest incre
-
mental return. New landbank acquisitions are focused
in markets where we are under-represented in terms of
landbank and are preferably executed through options—
limiting capital outflows while giving CTP maximum flex
-
ibility. The €300 million capital raise in September 2024
also gives us the firepower to do larger acquisitions, both
in terms of landbank (like the 830,000 sqm land plot we
bought in Dusseldorf in Q4-2024 for €155 million) as well
as income-producing assets in either our current mar
-
kets or other European markets.
Maarten Otte
Head of Investor Relations
Amsterdam, 7 March 2025
CTP N.V. Annual Report 2024
22
2
Strategy & Outlook
CTP N.V. Annual Report 2024
Strategy & Outlook
23
2.1 CTP’s Business Model: “Wheel of Growth” 25
2.2 Growth Plan and €1 Billion Annualised
Rental Income by 2027 28
2.2.1 Capital allocation 28
2.2.2 Capitalising on market opportunities 29
2.3 Outlook for 2025 30
Section 2
CTP N.V. Annual Report 2024
Strategy & Outlook
24
CTP’s strategy has been consistent since the Company’s start in 1998: to develop, own,
and operate state-of-the-art business parks in strategic locations, leveraging strong client
relationships to drive sustainable, long-term value creation.
CTP’s unprecedented success stems from its entrepreneurial spirit, market insight, and
first-mover advantages in business-smart Central and Eastern Europe (“CEE”). The drivers
that have led the growth of CEE markets over the past decade—EU and NATO membership,
strategic location, a constantly improving transport infrastructure, lower labour costs,
and a well-educated workforce—are even more relevant today, as companies worldwide are
rethinking their supply chains to make them more resilient. Tariffs and regulations drive
the trend of production for the European market in Europe. CTP’s successful expansion into
Western Europe and the strengthening of its position as market leader in CEE enables it to
provide seamless, value-driven property solutions across ten European markets.
CTP forecasts sustainable growth for 2025 and the medium term on the back of continued
strong client demand, increased rental levels, and CTP’s strategic landbank of over 26 million
sqm—mostly located in existing parks—which it can mobilise quickly to meet growing demand.
CTP is confident that the secular growth drivers for its markets and sector will allow it to
continue to deliver developments at a Yield on Cost (“YoC”) above 10%.
CTP N.V. Annual Report 2024
Strategy & Outlook
25
2.1 CTP’s Business Model:
“Wheel of Growth”
CTP’s “Wheel of Growth” business model consists of two
interconnected core business units that encompass the
Group’s property activities:
Developer where CTP invests in developing
cost-efficient, future-proof buildings,
leveraging its strategically located
landbank; and
Operator where CTP manages and operates its
properties to service its international
client base while maximising value.
The “Wheel of Growth” demonstrates how the activities
of CTP’s two core business units work together to drive
sustainable value creation. The majority of CTP’s growth
comes from delivering a new building at an existing park to
an existing tenant, resulting in a derisked business model.
CTP’s focus on long-term property ownership and
management, its strategic landbank, and its proac
-
tive Parkmaker strategy enable the Company to devel-
op strong and lasting client relationships, with a mar-
ket-leading client retention rate consistently around
90%.
Delivering sustainable growth via the “Wheel of
Growth” model and Parkmaker strategy
The driving force behind CTP’s Wheel of Growth busi
-
ness model is the Company’s unique Parkmaker strategy.
CTP’s focus is the development of sustainable, full-ser
-
vice business parks with onsite amenities and infrastruc-
ture that support the growth of dynamic business eco-
systems. CTP’s in-house teams manage each stage of
the client relationship throughout the “Wheel of Growth”
cycle, which enables clients to stay focused on their core
business activities.
The success of CTP’s “Wheel of Growth” model drives
Company expansion, as approximately two-thirds of new
leases each year are signed with existing clients—the
vast majority of which are large multinationals—both
at their current location and at new locations within the
Group’s portfolio of properties.
CTP’s Parkmaker strategy—which is based on scal
-
ing up its parks by adding onsite services, improving in-
frastructure for its clients and enabling them to expand
in existing locations, together with the strategic use of its
landbank and in-house capabilities—enables the Group to
realise industry-leading development returns.
As at year-end 2024, approximately 57% of CTP’s
26.4 million sqm landbank is located within existing parks
and around 33% is for new parks with over 100,000 sqm
of GLA.
CTP’s “Wheel of Growth” business model has allowed
the Group to grow the business by generating indus
-
try-leading development profits and reinvesting cash-
flows generated by the long-term leases of its standing
assets in new developments without the need for exter
-
nal equity. CTP’s business model has proven to be resil-
ient—also in a higher interest-rate environment.
Energy as a service for the Group’s clients
The generation of renewable energy at CTP’s parks pro
-
vides an additional source of income for the Group. The
Company’s properties offer significant space for the in
-
stallation of rooftop solar panels. The Group also sup-
ports its clients with the procurement of green energy
and energy management and is working on opportunities
in the field of electric vehicle charging stations and ener
-
gy storage.
CTP N.V. Annual Report 2024
Strategy & Outlook
26
As at year-end 2024, CTP had 138 MWp of installed pho-
tovoltaic (“PV”) generating capacity. CTP monetises its
PV installations by selling the green energy produced
onsite to its clients. Offering integrated energy solutions
lowers clients’ total cost of occupancy and helps them
to meet their Environmental, Social and Governance
(“ESG”) objectives and comply with increased regulation,
while also improving their energy security.
CTP plans to install additional PV capacity, matching
the energy usage in the building or in the park, thereby
moving the Company further towards meeting its ESG
aspirations as well as growing additional income streams.
ESG
CTP enhances its offer to clients by having ESG as an in
-
tegral part of its Parkmaker strategy to ensure that the
Group’s parks maintain their relevancy over the long term
for all stakeholders. Inputs are gathered from industry
reports, market analysis, and relations with stakehold
-
ers, including clients and suppliers.
CTP’s overall ESG strategy is based on four guiding
principles: (i) Striving to Be Climate Positive; (ii) Conduct
-
ing Business with Integrity; (iii) Stimulating Social Impact
& Well-being; and (iv) Embedding Parks in Communities.
These principles support 10 of the 17 United Nations Sus
-
tainability Development Goals. Focus areas have been ad-
justed based on the outcome of materiality assessments.
CTP has also carried out a full analysis of its physical and
climate-transition risks. The Group’s ESG targets have
been set in accordance with materiality assessments and
risk analyses.
CTP’s long-term ambition is to become carbon neutral
in line with the Paris Agreement. To minimise its carbon
footprint, CTP focuses on the full value chain, from de
-
sign and construction to operations and maintenance.
The Group has a long history of developing indus
-
try-leading sustainable buildings. As the long-term
owner of its business parks, CTP makes significant in-
vestments to ensure that its buildings are built fu-
ture-proof in terms of energy efficiency—which reduces
the overall occupancy cost for clients—and that they are
constructed and operated in line with circular economy
principles of waste management, recycling, and resource
usage.
Culture and organisation
The team at CTP is integral to the achievement of the
Company's ambitious goals and targets. At year-end
2024, the team consisted of 889 employees (headcount).
CTP’s organisation is comprised of a corporate interna
-
tional team and country teams. Where possible, decision
making is delegated to the country management teams,
whose detailed local knowledge plays a pivotal role in se
-
curing operational results. Local knowledge helps CTP’s
country teams accelerate development and proactively
secure land positions at strategic locations to meet cli
-
ent requirements.
CTP’s international team provides a strategic outline
and funding, allocates capital, and provides central sup
-
port by way of scalable systems and processes.
CTP continues to have a healthy gender diversity ra
-
tio of 55% men and 45% women, while at the Board level
three of the six Board members are women.
The Group has five deeply rooted values (commitment,
entrepreneurial, accountability, sustainability and com
-
munity) that inspire its teams to do what they do best:
develop sustainable, innovative and high-quality I&L
buildings. As a long-term owner, CTP’s responsibility to
-
wards its partners, clients, communities, employees, and
other stakeholders is safeguarded by its values.
The expertise of the Group’s professionals and their
responsiveness to market trends, new technologies, and
client needs—which often change during their tenancy—
have made CTP the market leader it is today and allowed
the Group to provide shareholders with superior and
long-term sustainable returns.
CTP’s employees have a real “can-do” mentality, with
a clear sense of commitment to deliver the best possi
-
ble product for the Group’s clients and the communities
where it operates.
Engagement
CTP’s stakeholder relationships provide a significant
competitive advantage, as the Group leverages these
relationships as a strategic value driver. CTP maintains
an ongoing dialogue with all of the Group’s stakeholders,
including clients, their workforce, sub-contractors, au
-
thorities, CTP’s workforce, shareholders, debt providers,
and the local communities where it operates.
The Group is aware that its activities impact the en
-
vironment where it co-exists with surrounding communi-
ties. The Company’s long-term partnership approach and
proactive engagement with communities, local authori
-
ties and municipalities add value to the wider socio-eco-
nomic ecosystem.
CTP N.V. Annual Report 2024
Strategy & Outlook
27
CTP’s Business Model: “Wheel of Growth”
CTP
PARKMAKERS
DEVELOPER
OPERATOR
STRENGTHENING
RELATIONSHIPS
LANDBANK
UTILISATION
33%
in new parks with potential
over 100,000 sqm of GLA
57%
in existing parks
and
87%
client retention
and
2/3
of new leases signed
with existing clients
10-15%
new space developed per year
13.3 million sqm
GLA in existing parks
with more than 1,000 clients
26.4 million sqm
landbank
Strategy & Outlook
28
CTP N.V. Annual Report 2024
2.2 Growth Plan and €1 Billion Annualised
Rental Income by 2027
CTP targets to own and operate a pan-European network
of business parks generating annualised rental income
of €1 billion by 2027 and with total gross leasable area
(“GLA”) of 20 million sqm before the end of the decade, an
over 50% increase from its portfolio of 13.3 million sqm as
at year-end 2024. These targets go hand in hand with the
Group’s robust financial framework, with:
1. a loan-to-value (“LTV”) target between 40%-45%;
2. a target YoC of over 10% for the Group;
3. a WAULT above six years;
4. an occupancy level of around 95%.
CTP expects that the scale of its business, its flexibility
in offering its clients scalable solutions, and its commit
-
ment to long-term, sustainable development will contin-
ue to position the Company ahead of its competitors. The
Group’s strong liquidity position and capital structure
enable it to act quickly to capitalise on opportunities.
Key factors of CTP’s continued market leadership in
-
clude its strong, long-term client relationships and busi-
ness ecosystem combined with its strategic landbank,
the vast majority of which is located in or adjacent to
its existing parks. This enables the Company’s clients to
expand at their existing locations, while CTP’s in-house
capabilities allow for shorter construction times. In ad
-
dition, the photovoltaic rooftop capacity of CTP’s build-
ings offer a unique opportunity for the Group to develop a
sizeable renewable energy business delivering attractive
returns, with a YoC on renewable energy-related invest
-
ments around 15%.
2.2.1 Capital allocation
CTP’s in-house construction teams and centralised pro
-
curement capabilities, together with increasing market
rents, enable the Company to continue to deliver at an
industry-leading double-digit YoC.
Since its start in 1998, CTP has assembled one of
Europe’s largest industrial & logistics (“I&L”) real estate
portfolios by focusing on high development returns and
reinvesting cash flows from its standing assets. To keep
leverage metrics in line with the Group’s financial frame
-
work, CTP focuses on developing in countries with higher
revaluation potential at delivery—subject to the availa
-
bility of landbank and client demand.
The Group’s priority is to mobilise its existing land
-
bank, which is already paid for, as this results in the high-
est incremental return. CTP’s preference is to secure
additional land plots through options in order to limit the
amount of capital allocated to non-income generating
assets.
€1 BILLION
RENTAL INCOME
Strategy & Outlook
29
2.2.2 Capitalising on market opportunities
The I&L sector is transitioning from being seen by cli
-
ents as a pure cost centre to a driver of performance (see
Section 3.1 for more details). This transition results in a
holistic view of real estate in a client’s total operations,
including labour, total supply-chain costs, and ESG in
order to optimise their total cost of occupancy. CTP ac
-
commodates this by:
• improving efficiency in I&L networks, thanks to its
strategically located parks and flexible building lay
-
outs, which also allow clients to expand at their exist-
ing locations;
• supporting increased ESG requirements focused on
sustainable supply chains and providing amenities/
services to attract and retain local workers;
• developing properties with renewable energy sources
that also bolster energy security, which is especially
important when client operations are highly automat
-
ed; and
• guaranteeing flexibility and speed through estab
-
lished in-house teams and scale to expand throughout
the CTPark Network.
With its business model and strategy, CTP is well posi
-
tioned to capitalise on market opportunities and accom-
modate changing client requirements. This is reflected
in the Company’s high repeat business, as approximately
two-thirds of all new leases signed each year are with ex
-
isting clients. The CTPark Network—where most of the
Group’s construction takes place—supports positive net
-
work effects for all stakeholders:
Clients by providing the opportunity to expand
at the same location or elsewhere with
-
in the CTPark Network, improved in-
frastructure, the exchange of expertise
and services between clients, and scale
to have access to services and amen
-
ities for their employees that are not
feasible for stand-alone units;
Communities by providing access to services offered
at parks and investments in public
transport and green areas; and
CTP by enabling market leadership, efficien-
cy, and growth with existing clients,
allowing for industry-leading returns.
CTP N.V. Annual Report 2024
CTP N.V. Annual Report 2024
Strategy & Outlook
30
2.3 Outlook for 2025
Leasing dynamics remain strong, with robust occupier
demand, and decreasing new supply leading to continued
rental growth. CTP is well positioned to benefit from
these trends. The Group’s pipeline is highly profitable,
and tenant led. The YoC for CTP’s pipeline increased
to 10.3%, thanks to decreasing construction costs and
rental growth. The next stage of growth is built in and
financed, with 1.8 million sqm under construction as at
31 December 2024, with a target to deliver between
1.2 million sqm–1.7 million sqm in 2025.
CTP’s robust capital structure, disciplined financial
policy, strong credit market access, industry-leading
landbank, in-house construction expertise, and deep
tenant relations allow the Company to deliver on its
targets. CTP expects to reach €1.0 billion rental income
in 2027, driven by development completions, indexation
and reversion, and is on track to reach 20 million sqm
of GLA and €1.2 billion rental income before the end of
the decade.
The Group sets a guidance of €0.86–€0.88 Compa
-
ny-specific adjusted EPRA EPS for 2025. This is driven
by strong underlying growth, with around 4% like-for-
like growth, partly offset by a higher average cost of
debt due to the (re)-financing in 2024 and 2025.
CTP N.V. Annual Report 2024
31
3
Business Environment & 2024 Performance
CTP N.V. Annual Report 2024
Business Environment & 2024 Performance
32
3.1 Overview of Business Environment & Trends 33
3.1.1 Economic situation and outlook in CEE 33
3.1.2 Main trends in Europe’s I&L Sector 34
3.1.3 Real estate market outlook 36
3.2 Operational Performance 40
3.2.1 Leasing demand 40
3.2.2 Standing portfolio 41
3.2.3 Development 45
3.2.4 Energy 48
3.3 Financial Performance 49
3.3.1 Revenues 49
3.3.2 Net other income and expenses 50
3.3.3 EBITDA 50
3.3.4 Foreign currency 50
3.3.5 Taxation 50
3.3.6 Profit 50
3.3.7 Dividend 50
3.3.8 Investment portfolio 50
3.3.9 EPRA NTA 51
3.3.10 Capital raise 51
3.3.11 Overview of cash flow 51
3.3.12 Post-period events 52
Section 3
3.4 Funding and Hedging 53
3.4.1 Funding 53
3.4.2 Hedging 55
3.4.3 Covenants 55
3.4.4 EMTN Programme 55
3.5 Group-level Insights 60
3.6 Clients 65
3.7 Country Review 69
CTP N.V. Annual Report 2024
Business Environment & 2024 Performance
33
3.1 Overview of Business
Environment & Trends
CTP operates in ten European countries,
from the North Sea to the Black Sea.
The Group’s core business, the CTPark
Network, services companies active in
the industrial & logistics (“I&L”) sector.
CTP is also focused on developing and
operating advanced high-tech parks
in conjunction with local universities
and municipalities.
The majority of CTP’s standing
portfolio is in Central and Eastern Europe
(“CEE”), with the remainder in Germany,
the Netherlands, and Austria. In general,
CEE markets remain undersupplied
and are growing faster than Western
European markets.
The major trends driving the development and growth of
the I&L sector across Europe relate to recent and ongo
-
ing changes to the international geopolitical landscape,
with companies focusing on supply chain resiliency and
energy security, among others. This has led the emer
-
gence of nearshoring strategies, particularly in the high-
tech manufacturing and ICT sectors, with a “made in
Europe, for Europe” focus. The push toward ESG compli
-
ance and the need to decarbonise supply chains are also
driving change.
Western Europe remains a highly attractive destina
-
tion for foreign investors due to its mature and estab-
lished markets, which offer stability and reliability. While
the region boasts a long history of excellence in manu
-
facturing and technology, and world-renowned academ-
ic institutions, Western European economies are in the
midst of re-invention. They are are being transformed by
emerging new industries, and previous more energy- and
labour-intensive industries are being displaced or disap
-
pearing.
CEE remains the business-smart choice for a wide
range of activities, from high-tech manufacturing and
R&D to logistics and e-commerce. With its mix of strate
-
gic location, developed infrastructure, skilled workforce,
and overall lower operational costs, CEE is emerging as
a “hotspot” for the deployment of European nearshoring
strategies. Market maturity varies from country to coun
-
try, but CEE overall offers more opportunity for green-
field investments than Western European markets.
The European Union (“EU”) continues to make largescale
investments to further develop transport infrastructure,
with a focus on CEE. Investment incentives from the
Member States are available for qualifying projects, par
-
ticularly in high-tech.
3.1.1 Economic situation and outlook in CEE
Since 2008, CEE economies have consistently outper
-
formed other European regions and are expected to
maintain this trend in the near term (Fig. 3.1). The mac
-
roeconomic outlook for CEE economies remains strong.
After hitting a low point in 2023, economic growth has
rebounded, driven by domestic demand fuelled by disin
-
flation, wage increases, and relaxed fiscal policies.
On average, the GDP of CEE economies are expected
to have a compounded annual growth (“CAGR”) of 2.2%
between 2024–2029 (Fig. 3.1). S&P Global Ratings an
-
ticipates that CEE GDP growth will also benefit from
robust foreign direct investment and substantial EU
fund inflows. These factors are expected to more than
cover any modest current account deficits, following the
region’s significant external adjustment after the 2022
energy price shock.
Germany, the largest economy in Europe with a real
GDP of €3.617 billion in 2023, is projected to maintain
its leading position in the next few decades, although its
share of the EU’s total real GDP is expected to decrease
slightly, from 21% to 20%. In terms of private consump
-
tion and total real household disposable income, Germany
significantly outpaces the rest of Europe.
CTP N.V. Annual Report 2024
Business Environment & 2024 Performance
34
3.1.2 Main trends in Europe’s I&L Sector
The resiliency of Europe’s industrial & logistics sector is
supported by multiple demand drivers and elevated bar
-
riers to new supply, which include land scarcity and in-
creased regulations. Drivers of demand are diverse and
include the ongoing trend of nearshoring and the contin
-
ued growth of e-commerce, where CEE markets in gen-
eral offer lower costs and larger growth opportunities.
Diverse demand and undersupplied markets in CEE help
isolate market volatility.
Nearshoring is the sustainable solution for clients to
mitigate market volatility
The ongoing trend of companies nearshoring manufac
-
turing and supply chains to be closer to final customers
continued at pace in 2024, driving growth in Europe’s I&L
sector and for CTP.
Companies doing business in Europe are increasing
-
ly deploying “made in Europe, for Europe” nearshoring
strategies to mitigate the risk of disruptions to global
supply chains, with a large number of these companies
choosing CEE to set up shop.
Another reason to prioritise nearshoring is the ac
-
celerated wage growth in traditionally low-cost Asian
manufacturing markets. Nearshoring can also reduce the
carbon footprint of supply chains.
CEE is the “business-smart” location for European
nearshoring strategies
The deployment of European nearshoring, near-sourcing,
and friendshoring strategies to CEE is on the rise, thanks
to the region’s strategic geographic position, which offers
cost-effective access to the entire European market.
CEE’s business-smart benefits include modern logis
-
tics infrastructure and connectivity, with major trans-
portation hubs close to Europe’s largest markets with
high purchasing power. The region also boasts high-tech
manufacturing capabilities in locations close to univer
-
sity cities with access to a highly skilled and motivated
workforce. Favourable labour costs further contribute to
cost-effective operations. On average, net labour costs
(including taxes minus subsidies) in the I&L sector in CEE
are more than one-third of those incurred in Western Eu
-
rope (Fig. 3.3).
In general, CEE markets offer business-friendly en
-
vironments, along with favourable personal tax regimes
supporting rising consumer incomes and spending. (Fig.
3.4). CEE’s favourability is reflected in multiple surveys,
including the 2023 sourcing strategy report by Maersk.
For European companies, three of the top ten countries
across the globe for nearshoring are in CEE. In addition
to Poland, which heads the list, the ranking includes Ro
-
mania and the Czech Republic.
Stable business environments in Western Europe
While CEE countries like Hungary, Poland, the Czech
Republic, Slovakia, Bulgaria, Serbia, and Romania offer
competitive labour costs and growing markets—mature
and established Western European markets, such as
Germany, offer unparalleled advantages in terms of sta
-
bility and highly-skilled talent.
Growth of high-tech in CEE
CEE has emerged in recent years as a vibrant tech hot
-
spot, particularly in software development, ICT, and data
management. Countries like Poland, the Czech Republic,
and Romania are at the forefront, with a high number of
startups and established enterprises driving the region’s
tech growth.
As part of the ongoing nearshoring trend, several
big-ticket investments in advanced tech are heading to
the CEE region. TSMC, the world’s largest chipmaker,
recently announced plans to build its first European chip
fabrication plant (or “fab”) in Dresden via a joint venture
with German tech majors Infineon, Bosch, and NXP. Total
investment is expected to reach €10 billion. US chip giant
Intel has also announced plans to invest over $20 billion
to build its first fabs in Europe—one in Saxony Germany,
and the other across the border in Wrocław, Poland.
CTP N.V. Annual Report 2024
Business Environment & 2024 Performance
35
E-commerce in CEE is maturing, resulting in diverse
demand and continued long-term growth
E-commerce revenue across CEE has grown consistently
over the last few years. In general, the CEE region com
-
pares favourably with Western Europe in terms of the
cumulative percentage growth of e-commerce revenue.
Cumulative and projected e-commerce revenue growth
from 2018–2029 indicates that CEE continues to outpace
the EU-27, with a compound annual growth rate (“CAGR”)
of 10%, compared to Western Europe’s CAGR of 8%
(Fig. 3.2).
Professionalisation of CEE supply chains
The CEE region’s integration into global supply chains
has positioned it as a hub for manufacturing, logistics,
and high-value-added industries, reinforcing its signifi
-
cance to the European and global economies. Combined
with the growth of CEE consumer markets, this has led
to the professionalisation of supply chains across the
region and across industries, with third-party logistics
providers (3PLs) handling the full range of supply-chain
management and deliveries.
Infrastructure investments in Europe
Europe is receiving substantial infrastructure invest
-
ments from both public and private sectors, targeting
areas such as transport, energy, and digital services. The
EU has allocated approximately €392 billion to its Cohe
-
sion Policy during the 2021–2027 period. In July 2024, the
European Commission selected 134 transport projects to
receive over €7 billion in EU grants from the Connecting
Europe Facility. The Three Seas Initiative addresses the
infrastructure gap between CEE and Western Europe
by driving investments in energy, digital technology, and
transport.
Long-term trend of diverse demand and undersupplied
markets isolates market volatility
CTP’s client base is diverse, particularly in CEE markets,
given the higher share of final assembly and manufactur
-
ing services.
This diverse demand is taking place in a market that
is tight, as vacancy across Europe is below long-term av
-
erages. I&L in CEE is undersupplied, as the sector is a
relatively young asset class compared to other commer
-
cial real estate. Undersupplied markets create struc-
tural demand, as clients continue to upgrade to modern
grade-A stock. Growth markets in CEE, such as Bulgaria
and Serbia, have less than 0.25 sqm of grade-A stock
per capita, which places them among the most under
-
supplied markets in Europe. These undersupplied mar-
kets are catching up, fuelling demand as they move clos-
er to European averages.
Elevated supply barriers due to land scarcity and rising
regulatory requirements create structural constraints
Barriers to new supply are expected to rise in years to
come. This mitigates the risk of potential oversupply and
is expected to keep market vacancy rates at low levels.
Land is scarce in more mature markets such as Germany,
the Netherlands and the Czech Republic. Supply barriers
are rising in other CEE markets as well, particularly at
sites close to key economic clusters. The second driver
of constraints are rising regulatory requirements. Ob
-
taining permits to (re)develop requires more time, de-
laying future new supply. Long and expanding regulatory
requirements is a trend seen across Europe but is most
visible in markets with the tightest supply, such as the
Czech Republic. Permitting timelines are expanding for
multiple reasons, including lack of staff at public author
-
ities and/or stricter requirements. As supply barriers
are rising, today’s infill markets are expected to become
ultra-infill in the future. Therefore, supply barriers are
also expected to be a driver of future rent growth per
-
formance.
CTP N.V. Annual Report 2024
Business Environment & 2024 Performance
36
Resiliency supported by sector drivers and barriers
The European I&L sector has historically performed bet
-
ter than the overall economy. This perspective is support-
ed by an analysis comparing GDP growth to the growth of
occupied logistics stock. Between 2009–2024, total GDP
growth in the EU was 23.2%, while occupied grade-A
I&L more than doubled. This growth can be attributed
to various demand drivers, among them the expansion of
e-commerce, and a persistent undersupply in the mar
-
kets. An analysis of office space growth in Europe reveals
that the office sector is more aligned with the GDP trend
and can therefore be considered as more mature. The
resiliency of I&L supports a positive outlook, despite the
current turbulent macro-economic conditions, especially
in the undersupplied CEE markets.
I&L real estate has transitioned from being purely a
cost centre to a catalyst of operational excellence. Com
-
panies now emphasise the efficiency, reliability, flexibil-
ity, and agility of their supply-chain networks. Grade-A
real estate can support these priorities. This transition
to a driver of performance makes sense from a core sup
-
ply-chain cost perspective as well. According to CBRE
Supply Chain Advisory, the majority of expenditures in
logistics are allocated to transportation costs (45%–
70%). The share of fixed facility costs (including real
estate) is relatively small, accounting for only 5%–10%.
CBRE estimates that it takes roughly an 8% increase in
fixed facility costs to equal the impact of just a 1% in
-
crease in transportation costs. This is particularly im-
portant in an environment of high transportation costs
and the greening of supply chains.
3.1.3 Real estate market outlook
The I&L sector in Europe has undergone maturation and
institutionalisation since the 2007–2009 global financial
crisis. This has led to more disciplined supply and struc
-
turally lower vacancy levels compared to 2007.
CEE in general offers better opportunities for green
-
field developments than Western Europe, with per cap-
ita industrial building rates currently still lower than in
Western Europe.
In terms of the number of non-residential building
permits issued (for millions of sqm of useful floor area),
the CEE average lies below the EU-27 average. More spe
-
cifically, Slovakia, Romania, the Czech Republic, Serbia,
and Bulgaria have a lower than EU-27 average of building
permits issued (for millions of sqm of useful floor area).
Building permitting time is slightly higher in CEE compared
to the EU (Fig. 3.5), illustrating barriers to entry. Occupi
-
er demand remained robust in the CEE region throughout
2024, primarily fuelled by factors like nearshoring, e-com
-
merce, and the growth of domestic consumption. Over-
all, demand continues to surpass the supply of industrial
stock, serving as a driver for rental growth.
In the early months of 2024, numerous projects were
completed in Europe that were initiated in 2021/2022,
during a phase of advantageous interest rates and robust
demand. In Q4 2024, I&L YTD completions decreased
compared to Q4 2023 in Czech Republic, Germany, Hun
-
gary, Netherlands, Poland and increased in Romania,
Slovakia, Austria, and Serbia. More new supply is built-
to-suit rather than speculative. Supply is expected to re
-
main moderate in 2025. However, the industrial market
supply is acknowledged for its quick adaptation to chang
-
es in economic conditions due to shorter construction
times compared to other types of real estate.
Despite slight increases seen in CEE, vacancy rates re
-
mained below 5% in the Czech Republic, Romania, Bul-
garia, Netherlands, and Germany. Projections indicate an
expected decrease in vacancy rates and an increase in net
absorption from 2025 to 2029 across Europe.
1
The combination of moderate vacancy rates, ongo-
ing strong demand, controlled new supply, and increasing
replacement costs led to stable or slightly rising rents
in most markets in 2024. European average prime rent
growth is projected to be 2.4% in 2025 and is expected to
average around 2.2% annually from 2025 to 2029.
2
The Group’s Western European markets including
Germany and the Netherlands benefit from multiple de
-
mand drivers including being entry points to Europe and
economic engines of the EU with a large concentration
of affluent consumption centres. At same time, these
markets are facing high regulatory barriers and low land
supply, leading to a structural demand and supply imbal
-
ance. These factors currently drive rental growth today
and will continue to do so in the future.
1 Information is solely accessible for Belgium, France, Germany,
the UK, Italy, and Spain (representing Western and Southern
Europe), as well as for the Czech Republic and Poland in
the CEE region.
2 Countries included are: Belgium, Czech Republic, France,
Germany, Italy, Netherlands, Poland, Spain, United Kingdom.
CTP N.V. Annual Report 2024
Business Environment & 2024 Performance
37
FIG. 3.3 COMPETITIVE LABOUR RATES
Labour costs, Industrial & Logistics, €/hr, 2023
(in %)
Source: Statista
FIG. 3.2 RISING E-COMMERCE REVENUES
Cumulative % growth in revenues since 2018
CEE avg.
Western Europe avg.
EU-27 avg.
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
300%
250%
200%
150%
100%
CAGR 18-29 = 7.8%
CAGR 18-29 = 10.0%
FIG. 3.1 ECONOMIC OUTPERFORMANCE
Real GDP growth comparison, historic and outlook, CAGR%
SK
PL
RO
RS
HU
CZ
0 0.5% 1.0% 1.5% 2.0% 2.5% 3.0%
3.5%
3.0%
2.5%
2.0%
1.5%
1.0%
0.5%
0
BG
CAGR 2024-2029 Forecast
CAGR 2008-2023
Transport/Storage
Manufacturing
BG
RS
RO
PL
HU
SK
CZ
EU-27
avg.
Western
EU
0 5 10 15 20 25 30 35 40 45
EU-27
W. Europe
Eurozone
CTP N.V. Annual Report 2024
Business Environment & 2024 Performance
38
FIG. 3.4 PERSONAL INCOME TAX RATES 2024
(in %)
Denmark
Finland
Lithuania
Bulgaria
Serbia
Estonia
Sweden
Germany
Poland
Croatia
Spain
Luxembourg
Portugal
Netherlands
Ireland
Malta
EU-27
Greece
CTP Portfolio
Italy
CEE
Latvia
Belgium
France
Austria
Czech Republic
Slovenia
Romania
Slovakia
Cyprus
0 100 200 300 400 500 600
FIG. 3.5 RESIDENTIAL BUILDING PERMIT TIME (DAYS), 2020
180
184
190
Source: World Bank
0 10 20 30 40 50 60
Source: Trading Economics
Bulgaria
Romania
Serbia
Hungary
CEE avg.
Estonia
Czech Republic
Slovakia
Croatia
Lithuania
Poland
Latvia
Cyprus
Malta
European Union
Ireland
Euro area
Luxembourg
Italy
Greece
France
Germany
Spain
Netherlands
Belgium
Slovenia
Sweden
Austria
Denmark
Finland
CTP N.V. Annual Report 2024
Business Environment & 2024 Performance
39
FIG. 3.6 EUROPEAN MARKET FUNDAMENTALS
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Net Absorption (mil. of sqm)
Net Completions (mil. of sqm)
Vacancy Rate (in %)
(mil. of sqm vs %)
30.0
25.0
20.0
15.0
10.0
5.0
0
8.0%
7.0%
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
0
Source: CBRE
CTP N.V. Annual Report 2024
Business Environment & 2024 Performance
40
3.2 Operational Performance
While keeping its market-leading YoC above
10%, CTP was able to deliver yet another
record year in 2024, with 1.3 million gross
leasable area (“GLA”) delivered.
LEASES SIGNED BY SQM
Q1 Q2 Q3 Q4 FY
2022 441,000 452,000 505,000 485,000 1,883,000
2023 297,000 552,000 585,000 542,000 1,976,000
2024 336,000 582,000 577,000 618,000 2,113,000
Increase +13% +5% -1% +14% +7%
AVERAGE MONTHLY RENT LEASES SIGNED PER SQM (€)
Q1 Q2 Q3 Q4 FY
2022 4.87 4.89 4.75 4.80 4.82
2023 5.31 5.56 5.77 5.81 5.69
2024 5.65 5.55 5.69 5.79 5.68
3.2.1 Leasing demand
In line with its well-established model of growing main
-
ly with existing tenants in existing parks, in 2024 CTP
signed around two-thirds of leases with existing clients
totalling 2,113,000 sqm (2023: 1,976,000 sqm), with con
-
tracted annual rental income of €144 million and an aver-
age monthly rent per sqm of €5.68 (2023: €5.69).
CTP’s four Core markets—the Czech Republic,
Romania, Hungary, and Slovakia—represent almost 73%
of the Group’s total owned GLA. CTP’s average market
share in those markets stood at 28.8% as at 31 Decem
-
ber 2024, and the Group remains the largest owner and
developer of industrial and logistics real estate assets in
each Core market. The Group is also the market leader in
Serbia and Bulgaria.
With over 1,000 clients, CTP has a wide and diversified
international client base, consisting of blue-chip compa
-
nies with strong credit ratings. CTP’s clients represent a
broad range of industries, including manufacturing, high-
tech/IT, automotive, and e-commerce, retail, wholesale,
and third-party logistics. This client base is highly di
-
versified, with no single client accounting for more than
2.5% of its annual rent roll, which leads to a stable income
stream. CTP’s top 50 clients only account for 35.2% of
its rent roll and most are in multiple CTPark locations.
CTP N.V. Annual Report 2024
Business Environment & 2024 Performance
41
3.2.2 Standing portfolio
CTP develops, owns and manages a high-quality portfo
-
lio of assets in over 250 locations. The Group increased
its investment portfolio from 11.8 million sqm of owned
GLA in 2023 to 13.3 million sqm at end-2024. Growth
was mainly organic, with deliveries of 1.3 million sqm and
the acquisition of 0.3 million sqm of value-add and in
-
come-producing assets. With its market-leading portfo-
lio throughout continental Europe, the Group’s business
generates strong cash flows.
CTP can realise the highest incremental return
with the development of new properties in our CTPark
Network, as these are developed in-house, on land that
it has already paid for and mostly for existing clients,
which is why such deliveries are the main driver of the
Company’s growth.
The Group’s annualised income increased to €743
million (31 December 2023: €644 million), an increase
year-on-year of 15%.
An increasing proportion of the rental income gener
-
ated by CTP’s investment portfolio benefits from infla-
tion protection. Since end-2019, all the Group’s new lease
agreements include a double indexation clause, which cal
-
culates annual rental increases as the higher of:
• a fixed increase of 1.5%–2.5% a year; or
• the Consumer Price Index.
As at 31 December 2024, 71% (31 December 2023: 66%)
of income generated by the Group’s portfolio includes
this double indexation clause, and the Group aims to in
-
crease this further. The remaining 29% of the portfolio
has only a fixed increase of 1.5%–2.5% a year, and there
-
fore more reversionary potential built-in. The indexation
takes place on 1 January of each year in the majority of
the lease agreements. Therefore, the growth in rental in
-
come relating to 2024 inflation will only be recorded in
the 2025.
The Company’s occupancy stood at 93% at year-end
(31 December 2023: 94%). CTP targets an occupancy
rate around 95% with a few percentage points of va
-
cancy, as this flexibility is key to optimise client relation-
ships and drive rental growth. CTP’s business model and
strategy are focused on being a long-term business part
-
ner, to support existing clients to grow in their existing
location or at another park within the CTPark Network.
Some of CTP’s clients have already extended more than
five times in their existing location. CTP therefore starts
some developments before having secured pre-letting;
however, this is concentrated in existing parks, where the
Company has good visibility on future demand and deep
market knowledge. This allows CTP to maintain a mar
-
ket-leading client retention rate of 87% (31 December
2023: 90%), which demonstrates CTP’s ability to lever
-
age long-standing client relationships.
The rent collection level stabilised at 99.8% (31 De
-
cember 2023: 99.9%), with no deterioration in the pay-
ment profile.
In 2024, CTP realised a like-for-like growth of 4.0%,
mainly driven by reversion and indexation. Countries with
the highest like-for-like rental growth were Slovakia and
Poland.
The weighted average unexpired lease term (“WAULT”)
of CTP’s investment portfolio stood at 6.4 years at the
period end (31 December 2023: 6.6 years), in line with the
Company’s target of >6 years.
The reversionary potential stands at 14.5% as at 31
December 2024 (31 December 2023: 14.5%), illustrat
-
ing the future rental growth potential. The Group has
the highest reversionary potential in the Germany with
25.9%.
Based on the expiry schedule, the Group is expected
to be able to capture more than 28% of the reversionary
potential in the coming five years. During 2024, leases,
on average, were signed above their estimated rental val
-
ue (“ERV”), supporting both the Group’s reversionary po-
tential and valuations.
CTP N.V. Annual Report 2024
Business Environment & 2024 Performance
42
FIG. 3.7 GLA (‘000s sqm)
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
2018 2019 2020 2021 2022 2023 2024
7,617
10,467
5,882
5,100
4,600
11,790
13,330
2019 2020 2021 2022 2023 2024
29%
28%
27%
26%
25%
24%
23%
22%
27.5%
23.9%
24.2%
27.8%
27.4%
28.8%
FIG. 3.8 CTP MARKET SHARE EVOLUTION OF
IN-PLACE GLA, (CORE MARKETS *)
(in %)
* CZ, RO, HU, SK
Source: CBRE
14,000
13,000
12,000
11,000
10,000
9,000
8,000
7,000
6,000
FIG. 3.9 GROWTH OF GLA 2021 – 2024
700
846
357
1,647 10,467
13,330
11,790
7,617
19573
948
226
397
2021
YE
Core
market
Expansion Western 2022
YE
Core
market
Expansion Western 2023
YE
Core
market
Expansion Western 2024 YE
(‘000 sqm)
CTP N.V. Annual Report 2024
Business Environment & 2024 Performance
43
FIG. 3.11 OCCUPANCY
(in %)
2018 2019 2020 2021 2022 2023 2024
95%
100%
90%
80%
70%
60%
50%
94%94%
95%95%
94%
93%
FIG. 3.10 CTP MARKET SHARE OF TAKE-UP
(LAST FOUR QUARTERS, CORE MARKETS*)
(in %)
* CZ, RO, HU, SK
Source: CBRE
Q1 Q2 Q3 Q4
2024
50%
40%
30%
20%
10%
0
32.1%
38.0%
30.3%
27.6%
FIG. 3.12 CLIENT RETENTION
(in %)
2018 2019 2020 2021 2022 2023 2024
100%
90%
80%
70%
60%
50%
90%
92%
83%
86%
90%
87%
92%
(€ million)
1 No ERV growth assumed, only
reversion to current ERVs.
Figures may not add up due
to rounding.
FIG. 3.14 COLLECTION RATE
(in %)
2018 2019 2020 2021 2022 2023 2024
100%
90%
80%
70%
60%
50%
99.7%
98.5%99.2%
99.8%
99.9%
99.8%
99.4%
FIG. 3.13 ANNUALIZED RENT POTENTIAL
Annualized
rent
31/12/2024
Reversion
2025-2027
(14.5%)
1
Future
deliveries
Annualized
rent
short-term
Reversion
(14.5%)
1
20 million GLA
in 202X
Potential
long-term
annualized rent
0
743
142
21
53
15
>1,000
>1,200
96
Medium short-term
Short-term
Full landbank
development
Completions
of existing
pipeline
Indexation
2025-2027
Filling up
vacancy
to 95%
CTP N.V. Annual Report 2024
Business Environment & 2024 Performance
44
1,976
2,113
1,704
1,883
1,143
2,500
2,000
1,500
1,000
500
0
1,175
727
FIG. 3.15 LEASING ACTIVITY
(‘000s sqm)
2018 2019 2020 2021 2022 2023 2024
8%
7%
6%
5%
4%
3%
2%
1%
0
2021 2022 2023 2024
4.5%
3.8%
7.4%
4.0%
FIG. 3.16 LIKE-FOR-LIKE RENTAL GROWTH
(in %)
FIG. 3.17 WAULT TO EXPIRY
(years)
8
7
6
5
4
2
1
0
6.5
6.0
5.45.4
6.6
6.4
6.7
2018 2019 2020 2021 2022 2023 2024
25%
20%
15%
10%
5%
0
Growth
markets
Core
markets
Western
markets
Group
21.0%
14.5%
FIG. 3.18 REVERSIONARY POTENTIAL BY MARKET
(in %)
2.3%
15.4%
FIG. 3.19 ERV VS. EXPIRING IN-PLACE RENT
2025 2026 2027 2028 2029
100
80
70
60
50
40
30
20
20%
16%
12%
8%
4%
0%
25.4
27.5
46.2
40.7
48.4
62.8
79.1
88.1
51.3
11.2%
18.9%
12.2%
11.5%
8.3%
56.0
Annualised Rent
ERV
Reversion (%)
CTP N.V. Annual Report 2024
Business Environment & 2024 Performance
45
3.2.3 Development
After completing 1.2 million sqm of GLA in 2023, CTP
continued its disciplined investment in its highly profita
-
ble pipeline and set a new record of 1.3 million sqm deliv-
ered in 2024. The developments were approximately 92%
let at delivery and will generate an annualised contracted
rental income of €83.4 million, with another €7.3 million
when these reach full occupancy.
Some of the main deliveries during 2024 were:
169,000 sqm at CTPark Warsaw West (Poland); 120,000
sqm at CTPark Budapest Szigetszentmiklós (Hungary);
87,000 sqm at CTPark Ploiesti (Romania); 67,000 sqm
at CTPark Bucharest West (Romania); 57,000 sqm at
CTPark Warsaw South (Poland); 52,000 sqm at CTPark
Novi Sad East (Serbia); 48,000 sqm at CTPark Zabrze
(Poland); 44,000 sqm at CTPark Weiden (Germany);
37,000 sqm at CTPark Budapest Ecser (Hungary); and
37,000 sqm at CTPark Žilina Airport (Slovakia).
While average construction costs in 2022 totalled
around €550 per sqm, in 2023 and 2024 they lowered to
€500 per sqm. CTP expects construction costs to stay
roughly at this level through 2025. This allows the Group
to continue to deliver its industry-leading YoC above
10%, which is also supported by CTP’s unique Parkmak
-
er strategy and in-house construction and procurement
expertise.
CTP was able to deliver its projects in 2024 with a
YoC of 10.1% (2023: 10.8%). The Group targets a YoC of
11% for new construction across its core CEE markets,
with lower targets of 10% for Poland and 9% in Nether
-
lands, Germany and Austria. This industry-leading level
is supported by the Company’s unique park model and in-
house expertise.
At the end of 2024, the Group had 1.8 million sqm of pro
-
jects under construction with a potential rental income of
€142 million and an expected YoC of 10.3%. The largest
expansion markets are Czech Republic and Poland, with
482,000 sqm and 283,000 sqm under construction, re
-
spectively.
CTP has a long track record of delivering sustainable
growth through its client-led development in its existing
parks. 80% of the Group’s projects under construction
are in existing parks, while 7% are in new parks that have
the potential to be developed to more than 100,000 sqm
of GLA.
The Group is targeting the delivery of 1.2 million
sqm–1.7 million sqm in 2025, subject to client demand.
The 80,000 sqm of leases that are currently signed for
future projects that have not yet started are an illustra
-
tion of continued occupier demand.
Planned 2025 deliveries are 35% pre-let (planned
2024 deliveries were 38% pre-let at YE-2023) and CTP
expects to reach 80%–90% pre-letting at delivery, in
line with historical performance. As CTP acts in most
markets as general contractor, it is fully in control of the
process and timing of deliveries, allowing the Company
to speed up or slow down depending on client demand,
while also offering clients flexibility in terms of building
requirements.
The Group replenishes its landbank on a continuous ba
-
sis. CTP focuses on acquiring development sites that are
adjacent to existing parks or in sought-after locations
with proximity to strong logistics hubs and transport
corridors and large, densely populated cities. In 2024, the
Group invested €386 million (2023: €224 million) to ex
-
pand its landbank (excluding options), focusing particu-
larly on acquiring sites within its Growth and Western
European Markets. In the higher interest rate environ
-
ment, the Group prefers to secure land through options
where possible.
CTP’s landbank amounted to 26.4 million sqm at
year-end 2024 (2023: 23.4 million sqm), which allows the
Company to reach exceed its target of 20 million sqm.
GLA before the end of the decade. 18% of the landbank
was secured by options (2023: 24%), while the remaining
82% was owned and accordingly reflected in the balance
sheet (2023: 76%).
57% of the landbank is located within CTP’s existing
parks, while 33% is in or is adjacent to new parks that
have the potential to grow to more than 100,000 sqm.
The total landbank, which is part of the Group’s In
-
vestment Properties, was valued at €1,292 million (2023:
€920 million). The revaluation in 2024 amounted to €61
million (2023: €104 million).
CTP N.V. Annual Report 2024
Business Environment & 2024 Performance
46
(‘000s sqm)
FIG. 3.20 DELIVERIES PER QUARTER, 2024
Q1‘24 Q2‘24 Q3‘24 Q4‘24
217
159
169
741
800
700
600
500
400
300
200
100
0
(in %)
FIG. 3.21 ESTIMATED YoC, PROJECTS
UNDER CONSTRUCTION
14%
12%
10%
8%
6%
4%
2%
0%
2018 2019 2020 2021 2022 2023 2024
13.5%
10.8%
11.6%
11.0%
10.1%
10.2%
10.3%
(‘000s sqm)
FIG. 3.23 GLA UNDER CONSTRUCTION BY COUNTRY
1.8 million sqm
RS
114
SK
160
RO
164
DE
171
AT
116
HU
128
PL
284
CZ
482
BG
135
(‘000s sqm)
FIG. 3.22 UNDER CONSTRUCTION 2024
1,7531,067
2,500
2,000
1,500
1,000
500
0
-1,204
-82
1,972
YE 2023
YE 2024
Deliveries
New
projects
Deliveries
started
in 2024
FIG. 3.24 PROJECTED ANNUALISED RENTAL INCOME OF GLA
UNDER CONSTRUCTION PER COUNTRY
SK
9%
BG
7%
HU
6%
RO
6%
PL
11%
AT
6%
RS
6%
€142 million
DE
12%
CZ
37%
CTP N.V. Annual Report 2024
Business Environment & 2024 Performance
47
Owned
Under Option
FIG. 3.26 OWNED LANDBANK ACQUISITIONS
BY QUARTER
5,371
3,050
655
1,495
Q1 Q2 Q3 Q4 YE 2024
YE 2023 New
Acquisitions
Transfer
from/to land
under option to
land owned
Transfer
from/to
IP/IPuD
Disposal
(incl. option
expiries)
YE 2024
6,000
5,000
4,000
3,000
2,000
1,000
0
171
(‘000s sqm)
FIG. 3.25 LANDBANK DEVELOPMENT
FIG. 3.27 LAND BANK BY COUNTRY
(sqm)
SK
8%
HU
11%
NL
6%
RS
8%
DE
5%
PL
12%
AT
1%
BG
1%
RO
16%
CZ
32%
26.4 million sqm
(‘000s sqm)
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
23,359
8,473
-2,189
-1,293
-1,936
26,411
CTP N.V. Annual Report 2024
Business Environment & 2024 Performance
48
3.2.4 Energy
As part of its long-term commitment to sustainable de
-
velopment, CTP installs rooftop photovoltaic (“PV”) sys-
tems at its parks, which generates a growing revenue
stream for the Company. By year-end 2024, CTP had in
-
stalled PV generating capacity of 138 MWp, of which 66
MWp is operational.
CTP’s sustainability ambition goes hand in hand with
more and more clients requesting PV systems, as these
provide them with:
1 improved energy security;
2 lower cost of occupancy;
3 compliance with increased regulations;
4 compliance with their clients’ requirements; and
5 the ability to fulfil their own ESG ambitions.
The Group’s largest PV systems are installed at CTPark
Amsterdam City, CTPark Bor, CTPark Belgrade West and
CTPark Bucharest North.
Income from the in 2024 amounted to €7.6 million, up
22% compared 2023, on the back of the increased capac
-
ity. With an average installation cost of ~€750,000 per
MWp, the Group targets a YoC of 15% for these invest
-
ments.
To get a better understanding of client energy com
-
pensation on a real-time basis and help clients to improve
their energy efficiency and implement energy savings, in
2022 the Group launched the roll-out of smart metres at
its properties, which is ongoing.
FIG. 3.28 TOTAL INSTALLED CAPACITY
(in MWp)
25.8
16.8
8.0
7.3
0
0
45.4CZ
RO
HU
SK
PL
RS
BG
DE
AT
NL
28.8
3.1
2.9
0 5 10 15 20 25 30 35 40 45
FIG. 3.29 INCOME FROM THE SALE
OF SOLAR ELECTRICITY
2018 2019 2020 2021 2022 2023 2024
3,236
3,326
3,254
3,185
6,274
7,641
(€ ‘000s)
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
4,301
CTP N.V. Annual Report 2024
Business Environment & 2024 Performance
49
3.3 Financial Performance
2024 was another record year for CTP in
terms of GLA delivery and strong financial
performance. CTP continued to deliver on
its promises in the higher interest-rate
environment and delivered a record 1.3 million
sqm of GLA (excluding acquisitions), which
brought the total GLA of its investment
portfolio at the end of the year to 13.3 million
sqm. CTP further continued delivering
double-digit 13.6% NTA growth, while
improving its balance sheet.
(€ million) 2018 2019 2020 2021
2022
restated
2023
restated 2024
Rental income 242.0 258.0 291.9 334.7 485.0 571.9 664.1
Net rental income 232.2 239.8 280.7 326.9 452.1 543.4 646.8
Operating profit
(excl. valuation result)
243.0 211.1 239.7 276.3 350.1 445.1 569.7
Net valuation result
on investment property
239.4 406.8 152.2 1,100.6 697.3 878.7 941.5
Profit/loss before finance costs 482.4 617.9 391.9 1,376.8 1,047.4 1,323.8 1,511.2
Profit for the period 361.5 392.2 252.5 1,025.9 764.2 922.6 1,081.4
FINANCIAL HIGHLIGHTS
3.3.1 Revenues
Rental income amounted to €664.1 million in 2024, up
16.1% year-on-year on an absolute basis. On a like-for-
like basis, rental income grew 4.0%, mainly driven by
indexation and reversion on renegotiations and expiring
leases.
The Group has measures in place to limit service
charge leakage, which resulted in the improvement of the
Net rental income (“NRI”) to rental income ratio from
95.0% in 2023 to 97.4% in 2024, with the margin in core
markets reaching 99.5%. Consequently, NRI increased
19.0% year-on-year.
The Group’s NRI came to €646.8 million at end-year.
In CTP’s Core markets, NRI grew 14.0% year-on-year to
€510.2 million; in Growth markets by 79.6% year-on-year
to €56.4 million; while the cumulative NRI in its Western
European markets grew year-on-year by 24.5% to €80.2
million.
Net operating income from hotel operations increased to
€6.1 million from €5.4 million in 2024. The Group’s net
income from development activities within its industri
-
al and logistics portfolio increased from €5.4 million in
2023 to €25.5 million in 2024 due to more building and
tenant improvements.
Total revenues for 2024 came to €870.8 million, up
28.0% year-on-year, while the total attributable external
expense came to €189.0 million, up 54.4% year-on-year,
resulting in gross profit of €681.8 million, up 22.2% year-
on-year.
CTP N.V. Annual Report 2024
Business Environment & 2024 Performance
50
3.3.2 Net other income and expenses
The Group’s employee benefits increased from €50.4 mil
-
lion in 2023 to €52.8 million in 2024, driven primarily by
the increase of full-time equivalent employees (“FTEs”)
from 732 to 874. Other expenses decreased from €57.3
million in 2023 to €55.3 million in 2024. Other expens
-
es in 2024, including a number of non-recurring items,
amounted to €12.8 million.
Amortisation and depreciation amounted to €11.0
million in 2024 from €11.3 in 2023.
3.3.3 EBITDA
EBITDA for 2024 came to €1,550.4 million, up 15.8%
year-on-year. The increase reflects the 22.2% increase
in gross profit and the 7.1% increase in the net valua
-
tion result on investment property, while the Net other
income / expense (excl. D&A) decreased with 0.3%. Ad
-
justed EBITDA excluding net revaluation results stood at
€604.0 million, up 27.8% year-on-year.
3.3.4 Foreign currency
CTP has minimal exposure to currency risk, as all of the
portfolio’s lease agreements are denominated in euros.
Net currency conversion risks noted on the balance sheet
are also limited, as the valuations of the Group’s proper
-
ties together with all interest-bearing debt are denomi-
nated in euros. In terms of transactional currency, a small
amount of construction costs is denominated in local cur
-
rencies. However, this brings limited exposure, as rents
related to developments are set at levels that take such
risks into account at the time of procurement.
3.3.5 Taxation
The Group’s effective tax rate decreased from 23.9% in
2023 to 18.7% in 2024. Of the overall tax expense, 73.6%
is a deferred tax expense connected to the net valuation
result on investment property. The Group’s current tax
expense increased from €54.2 million in 2023 to €65.6
million in 2024.
3.3.6 Profit
Profit for the period increased by 17.2% to €1,081.4 mil
-
lion compared to €922.6 million in 2023. This increase
is mainly driven by Net valuation results on investment
property, due to completed developments, and improved
operating profit by organic growth of the portfolio.
Company specific adjusted EPRA earnings increased
from €323.5 million in 2023 to €364.0 million in 2024.
The difference between EPRA earnings and IFRS profit is
attributable to several non-recurring items. The Compa
-
ny specific adjusted EPRA earnings per share increased
to €0.80 from €0.73 in 2023, which represents a 9.9%
increase and is in line with the guidance that the Group
gave despite the increased number of shares connected
to a capital raise undertaken in October 2024 (see Sec
-
tion 3.3.9 for details).
3.3.7 Dividend
CTP’s dividend policy is to pay out 70%–80% of its Com
-
pany specific adjusted EPRA earnings.
On 20 May 2024, CTP paid out its 2023 final dividend
of €0.275 per ordinary share.
Shareholders were given the choice to receive the
2023 final dividend in either cash or shares. The number
of dividend rights that equates to one new ordinary share
was set at 60.48. A total of 66.4% of shareholders opted
for payment of the interim dividend in stock.
On 3 October 2024, CTP paid out its 2024 interim divi
-
dend of €0.29 per ordinary share, which represents 73%
of H1 2024 Company specific adjusted EPRA earnings.
Shareholders were given the choice to receive the 2024
interim dividend in either cash or in shares. The number
of dividend rights that equates to one new ordinary share
was set at 56.57. A total of 16.3% of shareholders opted
for payment of the interim dividend in stock. 66% of the
free-float investors elected shares, while Remon Vos, the
CEO and founder, elected cash to finance his participation
in the capital raise.
CTP will propose a final 2024 dividend of €0.30 per
ordinary share to the Annual General Meeting (“AGM”) on
22 April 2025. Subject to approval by the AGM, the total
2024 dividend will amount to €0.59 per ordinary share,
representing a pay-out of 74% and an increase of 12.4%
compared to 2023.
3.3.8 Investment portfolio
Investment property (“IP”) increased from €12.0 billion as
at 31 December 2023 to €14.7 billion as at 31 December
2024, driven by, among other factors, the €1,211.3 million
transfer of completed projects from Investment property
under development (“IPuD”) to IP, a €561.1 million net re
-
valuation result, €196.2 million of standing assets acqui-
sitions, and €386.1 million of landbank acquisitions.
The value of the Group’s landbank, which is part of
its IP, increased from €919.8 million at year-end 2023 to
€1,292.4 million at year-end 2024.
IPuD decreased by 20.8% to €1,076.8 billion as at 31
December 2024, mainly driven by deliveries of develop
-
ments in Q4, with start of construction generally in Q1.
Projects under construction decreased to 1.8 million sqm
at year-end 2024.
CTP N.V. Annual Report 2024
Business Environment & 2024 Performance
51
Gross Asset Value (“GAV”) increased to €16.0 billion as at
31 December 2024, up 17.2% compared to 31 December
2023.
The Net valuation results on investment property in
2024 came to €941.5 million and was mainly driven by a
revaluation of IPuD (€380.4 million), standing assets in
-
cluding the stabilisation of 2024 deliveries (€499.9 mil-
lion), and landbank (€61.2 million).
On a like-for-like basis, CTP saw a positive revalua
-
tion of 5.9% in 2024 compared to 2% in 2023. The like-
for-like estimated rental value (“ERV”) growth amounted
to 4.9% compared to 10% in 2023.
The reversionary yield widened by 80bps from H1
2022 to H1 2024 and decreased by 0.1% in H2 2024,
bringing it to 7.1%.
With the larger yield movements in Western Euro
-
pean markets, the yield differential between CEE and
Western European logistics is back to the long-term
average. CTP expects the yield differential to decrease
further, driven by the higher growth expectations for the
CEE region.
CTP expects further positive ERV growth on the back
of continued client demand, which is positively impacted
by the secular growth drivers in the CEE region—espe
-
cially since CEE rental levels remain affordable, as—de-
spite the strong growth seen in CEE—they have started
from significantly lower absolute levels than in Western
European countries. In real terms, rents in many CEE
markets are still below 2010 levels.
3.3.9 EPRA NTA
EPRA NTA per share increased from €15.92 as at 31
December 2023 to €18.08 as at 31 December 2024, rep-
resenting an increase of 13.6%. The increase is mainly
driven by the revaluation (+€1.98) and Company specific
adjusted EPRA EPS (+€0.80), but was partly offset by
the dividend (-€0.57) and others (-€0.03).
3.3.10 Capital raise
CTP successfully raised €300 million gross proceeds
through the issuance of new ordinary shares, which were
placed on 19 September 2024 and 4 October 2024. The
Capital Raise comprised of i) the issuance of new shares in
the approximate amount of €227 million, offered through
an accelerated bookbuilding process to institutional in
-
vestors, and ii) the issuance of new shares in the approx-
imate amount of €73 million to Mr. Remon Vos, the CEO,
founder, and controlling shareholder of CTP. The issue
price of the new shares was set at €16 per share. The
new shares represent approximately 4% of CTP’s issued
share capital and were issued under the existing share
-
holder authorisation granted at the 2024 AGM.
The capital raise provides CTP with increased fi
-
nancial flexibility to pursue additional development-led
growth opportunities and to take advantage of attrac
-
tive investment opportunities, while maintaining a strong
balance sheet and Investment Grade credit rating, with a
Normalised Net Debt to EBITDA below 10x. CTP expects
the capital raise to be earnings accretive once the capital
is fully deployed, which is expected to be within 12 months
from the issuance.
3.3.11 Overview of cash flow
Cash flows from operating activities increased in 2024,
mainly due to increasing rental income despite increased
finance costs. The portfolio’s attractive WAULT of 6.4
years provides comfort and income security. Adjust
-
ed EBITDA (excluding net valuation result) grew from
€472.6 million to €604.0 million. The Group’s cash flows
used for investment activities increased in 2024 to
€1,327.1 million. The increase was mainly driven by more
acquisitions of investment property.
The cash flows from/used in financing activities
amounted to €1,153.8 million in 2024, an increase driv
-
en by CTP’s proactive funding strategy. This enabled
the Group to fund both its development activities during
2024 as well as to pre-fund the pipeline of developments
for 2025 and part of the maturities in 2025 and 2026.
The Group paid out €151.4 million in cash dividends during
2024 and repaid €950 million of bonds and €379 million
of loan facilities.
CTP N.V. Annual Report 2024
Business Environment & 2024 Performance
52
3.3.12 Post-period 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 €500.0 million with 6-year maturity
and 3.625% fixed coupon and
ii. bonds of €500.0 million with 10-year maturity
and 4.25% fixed coupon.
(€ million) 2024 2023 2022 2021
Cash at beginning of the year 690.6 660.6 892.8 419.1
Cash flows from operational activities 340.0 318.4 300.3 139.1
Cash flows used for investing activities -1,327.1 -1,176.7 -1,364.8 -1,435.2
Cash flows from/used in financing activities 1,153.8 886.1 837.2 1,768.7
Cash at the end of the period 855.4 690.6 660.6 892.8
CASH FLOW OVERVIEW
NL
9.1
FIG. 3.30 GROSS RENTAL INCOME BY COUNTRY
(€ million) (€ million)
FIG. 3.31 NET RENTAL INCOME BY COUNTRY
AT
1.7
BG
14.2
PL
11.6
CZ
273.3
CZ
274.5
RO
121.7
RO
122.7
HU
61.8
SK
53.7
RS
31.1
PL
19.0
BG
14.3
AT
2.0
DE
76.0
HU
61.8
SK
53.5
DE
70.7
NL
7.7
RS
30.6
CTP N.V. Annual Report 2024
Business Environment & 2024 Performance
53
3.4 Funding and Hedging
CTP continued to take a prudent approach
to financial policy and credit metrics in
2024. The Group ended the year with a
solid liquidity position and a conservative
repayment profile, with only €562 million of
debt expiring in 2025.
In 2024, the Group signed €2.4 billion in
funding, of which €1.9 million was unsecured
funding; repaid €1.3 billion; and maintained
significant headroom to all of its covenants.
3.4.1 Funding
In line with its proactive and prudent approach, the Group
benefits from a solid liquidity position to fund its growth
ambitions, with a low fixed cost of debt and conservative
repayment profile.
The Group demonstrated its continued good access
to—and the depth of—the bank lending market, signing
four loan facilities during 2024, as described below:
Loan facilities signed in 2024
January
a €100 million secured loan facility with an all-in fixed in
-
terest rate of 4.9% and a maturity of six years;
February
a €90 million secured loan facility with an all-in fixed in
-
terest rate of 4.9% and a maturity of seven years;
May
a €168 million secured loan facility with an all-in fixed in
-
terest rate of 5.1% and a maturity of seven years;
June
a €500 million unsecured loan facility with an all-in fixed
interest rate of 4.7% and a maturity of five years;
July
a €150 million secured loan facility with an all-in fixed in
-
terest rate of 4.35% and a maturity of seven years.
The bond market became again more attractive than the
bank loan market in 2024, and the Group benefitted from
pricing reflecting CTP’s long-term reliable and growing
cash flows. The Group issued two new bonds and made
one private placement, as described below:
Bonds issued in 2024
February
a €750 million green bond at MS+220bps, at a coupon of
4.75% and a maturity of six years;
June
a €75 million tap of the six-year green bond issued in
February 2024 at MS +171bps;
November
a €500 million green bond at MS+173bps, at a coupon
of 3.875% and a maturity of eight years;
November
a €50 million green private placement at MS +125bps, at
a coupon of 3.427% and a maturity of five years.
CTP N.V. Annual Report 2024
Business Environment & 2024 Performance
54
CTP continued to actively work with its debt maturity
profile and completed three tender offers, buying back
€950 million of short-dated bonds, realising a capital gain
of €37.1 million, reducing 2025 and 2026 debt maturities,
and proactively extending its maturity profile. The next
bond repayment of €272 million is in June 2025 and is
more than covered by CTP’s €855.4 million cash position.
As the spreads came down in 2024, CTP negotiated
margin reduction on €569.9 million and repaid another
€378.8 million of its secured bank loans in Q4.
In total, the Group raised €2,383 million in 2024, of
which €1,875 million is unsecured and €508 million se
-
cured. In addition, in November, CTP’s Revolving Credit
Facility (“RCF”) was refinanced with a new five-year fa
-
cility, increasing the limit from €550 million to €1.3 bil-
lion.
The RCF is sustainability-linked, with the margin
adjusted subject to CTP achieving cerain defined sus
-
tainability KPIs, including the percentage of Energy Per-
formance Certificates (“EPCs”) with grade “A” or better,
the roll-out of PV installations, and the percentage of
leasable area covered by Green Leases. The Group’s li
-
quidity position at year-end 2024 stood at €2.2 billion,
comprised of €0.9 billion of cash and cash equivalents
and an undrawn RCF of €1.3 billion.
The Group had 64% unsecured debt and 36% secured
debt as at 31 December 2024, with ample headroom un
-
der its covenants.
The average debt maturity came to 5.0 years (31 De
-
cember 2023: 5.3 years). CTP’s average cost of debt in-
creased from 1.95% (31 December 2023) to 3.09%, with
99.9% of the debt fixed or hedged till maturity.
GREEN BONDS OUTSTANDING
Date Series
Maturity
Date Coupon
Outstanding
Balance
October 2020 €650 million October 2025 2.125% €185 million
February 2021 €500 million February 2027 0.750% €500 million
June 2021 €500 million June 2025 0.500% €272 million
June 2021 €500 million June 2029 1.250% €500 million
September 2021 €500 million September 2026 0.625% €275 million
September 2021 €500 million September 2031 1.500% €500 million
July 2022 €50 million September 2031 1.500% €50 million
January 2022 €700 million January 2026 0.875% €350 million
February 2024 €750 million February 2030 4.750% €750 million
June 2024 €75 million February 2030 4.750% €75 million
November 2024 €500 million November 2032 3.875% €500 million
December 2024 €50 million December 2029 3.427% €50 million
CTP N.V. Annual Report 2024
Business Environment & 2024 Performance
55
CTP’s Loan-to-Value (“LTV”) decreased from 46.0% as
at 31 December 2023 to 45.3% as at 31 December 2024
and is just above the Company’s target range of between
40%-45%. The Group deems this to be an appropriate
level, given its higher gross portfolio yield, which stands
at 6.6%. Higher-yielding assets lead to a healthy level of
cash-flow leverage that is also reflected in the normalised
Net Debt to EBITDA of 9.1x (31 December 2023: 9.2x).
3.4.4 EMTN Programme
The Euro Medium Term Note (“EMTN”) Programme en
-
ables the Group to issue green bonds on the Dublin Eu-
ronext Exchange. As at 31 December 2024, the Group
has the bonds outstanding as shown above in the table
in Section 3.4.1.
In November 2024, CTP published its third Green
Bond Report. This report includes an overview of the use
of proceeds and features a second-party opinion by Sus
-
tainalytics, Inc.
In September 2020, the Company received a long-
term issuer rating of BBB- (stable outlook) from S&P and
a long-term issuer rating of Baa3 (stable outlook) from
Moody’s. Moody’s confirmed CTP’s rating and outlook on
5 July 2024, and S&P confirmed CTP’s rating and out
-
look on 13 September 2024. In January 2025, CTP was
assigned A- credit rating with a stable outlook from JCR.
3.4.2 Hedging
CTP targets to have close to 100% of its debt either fixed
or hedged until maturity. However, the Group also con
-
stantly monitors the financial markets to identify opti-
mum timing and relative value-hedging opportunities,
as CTP pre-hedges certain upcoming and future funding
requirements using forward starting swaps to lock in ad
-
vantageous interest rates.
3.4.3 Covenants
As at 31 December 2024, the Group is in compliance with
all of its covenants, with significant headroom in all of
them.
The interest coverage ratio (“ICR”) stood at 2.6x, well
above the minimum covenant threshold of 1.5x. The ICR
decreased in 2024 due to new financing at higher cost
of debt as well as the refinancing of maturing cheaper
debt and a higher cash balance (as interest income is not
included in the calculation). With industry leading YoC of
over 10%, each euro invested in the pipeline will improve
the ICR. The Secured Debt Test stood at 16.9% compared
to 18.5% in 2023 with a maximum covenant level of 40%,
while the Unencumbered Assets Test came to 193.2%
compared to 189.1% in 2023 with a minimum covenant
level of 125%.
CTP N.V. Annual Report 2024
Business Environment & 2024 Performance
56
FIG. 3.32 LEASES LINKED TO CPI
CZ
35%
PL
23%
SK
13%
DE
8%
AT
7%
BG
6%
RO
3%
HU
3%
RS
2%
€1.1 billion
PL
15%
RO
10%
SK
9%
HU
9%
NL
4%
RS
4%
AT
3%
BG
1%
CZ
26%
DE
19%
€1.3 billion
FIG. 3.35 VALUE OF INVESTMENT PROPERTY
UNDER DEVELOPMENT
FIG. 3.36 VALUE OF OWNED LANDBANK
(in %) (in %)
CZ
43%
RO
16%
HU
9%
SK
7%
PL
6%
NL
3%
BG
1%
RS
4%
AT
1%
€14.7 billion
FIG. 3.34 VALUE OF STANDING ASSETS
(in %)
DE
10%
YE 2023 Transfer from/
to investment
property under
development
Transfer from/
to buildings
and related
land
Transfer
from/to
PPE
Acquisitions Additions /
disposals
Net
valuation
result
YE 2024
FIG. 3.33 INVESTMENT PROPERTY, 2024
(€ million)
16,000
15,000
14,000
13,000
12,000
11,000
10,000
9,000
8,000
12,039
1,211 0 2
582
260
561 14,655
Q2‘22 Q3‘22 YE2022 YE2023 YE2024
80%
70%
60%
50%
40%
30%
20%
10%
0
38%
45%
49%
66%
71%
(in %)
CTP N.V. Annual Report 2024
Business Environment & 2024 Performance
57
(€)
FIG. 3.39 COMPANY SPECIFIC ADJUSTED EPS
2018 2019 2020 2021 2022 2023 2024
0.61
0.73
0.80
0.44
0.80
0.70
0.60
0.50
0.40
0.30
0.20
0.10
0
0.32
0.38
0.49
FIG. 3.40 LTV
(in %)
2018 2019 2020 2021 2022 2023 2024
43%
70%
60%
50%
40%
30%
20%
10%
0
45%
51%50%
47%
46%
45%
2018 2019 2020 2021 2022 2023 2024
FIG. 3.41 AVAILABLE LIQUIDITY
(€ billion)
1.1
2.5
2.0
1.5
1.0
0.5
0
1.1
0.10.1
1.2
2.2
0.5
2018 2019 2020 2021 2022 2023 2024
(€)
8.32
4.07
7.57
12.06
19.00
18.00
16.00
14.00
12.00
10.00
8.00
6.00
4.00
2.00
0
13.81
15.92
18.08
FIG. 3.38 EPRA NTA PER SHAREFIG. 3.37 NET VALUATION RESULT ON INVESTMENT PROPERTY
(€ million)
AT BG CZ DE HU NL PL RO RS SK Total
1,000,000
800,000
600,000
400,000
200,000
0
-200,000
-50
20
341
122
70
-4
57
208
60
117 941
CTP N.V. Annual Report 2024
Business Environment & 2024 Performance
58
FIG. 3.42 UNSECURED DEBT
(in % of total debt)
75%
80%
70%
60%
50%
40%
30%
20%
10%
0
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
68%
60%
64%
2018 2019 2020 2021 2022 2023 2024
31%31%
4%
FIG. 3.43 INTEREST COVER RATIO
(x)
5.0
10
8
6
4
2
0
4.6
3.8
4.2
4.0
3.8
2.6
2018 2019 2020 2021 2022 2023 2024
FIG. 3.44 DEBT MATURITY PROFILE
698
647
1,497 1,484
1,656
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034+
562
533
407
34
582
(€ million)
Bonds
Unsecured loans
Secured loans
CTP N.V. Annual Report 2024
Business Environment & 2024 Performance
59
FIG. 3.46 COVENANTS
Year
Secured
Debt
Test
Interest
Cover
Ratio
Unecumbered
Assets
Test
2018 n.a. 4.0 n.a.
2019 n.a. 4.2 n.a.
2020 73% 3.8 139%
2021 12% 5.0 194%
2022 15% 4.6 185%
2023 19% 3.8 189%
2024 17% 2.6 193%
Covenant level max 40% min 1.5 min 125%
FIG. 3.45 COST OF DEBT
1.48%
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
0
1.56%
1.95%
3.09%
(in %)
2021 2022 2023 2024
60
Business Environment & 2024 Performance
CTP N.V. Annual Report 2024
P O L A N D
C Z E C H I A
S L O V A K I A
H U N G A R Y
S E R B I A
B U L G A R I A
R O M A N I A
G E R M A N Y
A U S T R I A
N E T H E R L A N D S
F R A N C E
S P A I N
M O L D O V A
PORTUGAL
I T A L Y
UK
T U R K E Y
G R E E C E
ALBANIA
NORTH
MACEDONIA
MONTENEGRO
C R O A T I A
S L O V E N I A
BOSNIA AND
HERZEGOVINA
S W I T Z E R L A N D
B E L G I U M
D E N M A R K
U K R A I N E
L I T H U A N I A
BERN
BASEL
ZÜRICH
SARAJEVO
PODGORICA
DURRËS
TIRANA
SKOPJE
COPENHAGEN
BRUSSELS
LUXEMBOURG
AMIENS
ANKARA
ISTANBUL
PARIS
DIJON
LILLE
CALAIS
DOVER
SOUTHAMPTON
HARWICH
HULL
LE HAVRE
ANTWERP
LIÈGE
METZ
REIMS
CHARLEROI
STRASBOURG
KAUNAS
KLAIPĖDA
VILNIUS
KIEV
ZEEBRUGGE
EDIRNE
MALMÖ
LVIV
LONDON
ŁÓDŹ
CZĘSTOCHOWA
BYDGOSZCZ
RZESZÓW KRAKÓW
BIELSKO-BIAŁA
LUBLIN
ROTTERDAM
KOŠICE
PREŠOV
KATOWICE
WROCŁAW
POZNAŃ
OSTRAVA
BRNO
TIMIŞOARA
ARAD
DEBRECEN
MISKOLC
KECSKEMÉT
ORADEA
TRNAVA
BANSKÁ
BYSTRICA
ŽILINA
GYŐR
SZEGED
PÉCS
GRAZ
LINZ
SALZBURG
INNSBRUCK
CLUJ
BRAŞOV
PLIOEŞTI
SIBIU
NOVI SAD
NIŠ
PRISTINA
ČAČAK
PLOVDIV
VARNA
BURGAS
CONSTANȚA
GDAŃSK
CRAIOVA
MUNICH
STUTTGART
NÜRNBERG
MANNHEIM
MAINZ
SAARBRÜCKEN
WÜRZBURG
DRESDEN
LEIPZIG
FRANKFURT
DÜSSELDORF
DORTMUND
BREMEN
HAMBURG
SZCZECIN
UTRECHT
ARNHEM
GRONINGEN
PLZEŇ
ČESKÉ
BUDĚJOVICE
LIBEREC
HRADEC
KRÁLOVÉ
ÚSTÍ N.
LABEM
OLOMOUC
HANNOVER
WOLFSBURG
MAGDEBERG
ROSTOCK
KIEL
LÜBECK
EINDHOVEN
AACHEN
BONN
KOBLENZ
KASEL
CHEMNITZ
OSNABRÜCK
MÜNSTER
REGENSBURG
ULM
COLOGNE
BERLIN
AMSTERDAM
SOFIA
BRATISLAVA
VIENNA
BUDAPEST
BELGRADE
BUCHAREST
WARSAW
PRAGUE
ADRIATIC SEA
BLACK SEA
AEGEAN SEA
BALTIC SEA
NORTH SEA
3.5 Group-level Insights
KEY
CTPARKS
>100,000 sqm GLA
CTP LOCATIONS
<100,000 sqm GLA
CORE MARKETS
GROWTH MARKETS
W. EUROPEAN
MARKETS
CTPark Network
CTP’s unmatched industrial and logistics
portfolio—the CTPark Network—is the
cornerstone of a resilient European supply
chain. The CTPark Network is the largest
integrated system of premium business
parks in continental Europe. With over
250 locations and a strategic landbank,
the CTPark Network provides seamless
property solutions for companies to grow,
from the North Sea to the Black Sea.
61
Business Environment & 2024 Performance
CTP N.V. Annual Report 2024
TOP 20 PARKS
CORE
MARKETS
CTP is the leading logistics
player as measured by owned
industrial GLA in each of its
most established Core Markets:
the Czech Republic, Romania,
Hungary, and Slovakia. In these
four markets combined, CTP
further increased its market
share to 28.8% as at end-2024.
As of 31 December 2024, the
Group owned the four-largest
industrial parks in the CEE
region, including CTPark Bu-
charest West and CTPark Bu-
charest in Romania and CTPark
Brno and CTPark Bor in the
Czech Republic.
GROWTH
MARKETS
In recent years CTP has di-
versified its portfolio and suc-
cessfully executed its client-led
expansion into the three new
key markets of Serbia, Bulgaria,
and Poland. They are referred
to as “Growth Markets”, where
CTP aims to become a promi-
nent player in the medium term.
Since its launch of operations,
CTP has become market leader
in both Bulgaria and Serbia.
WESTERN EUROPEAN
MARKETS
CTP’s access to international
capital markets has facilitated
its market entry in Austria and
the Netherlands, as well its
strategic acquisition to enter
Germany. These Western Eu-
ropean Markets now enable the
Company to service its clients
from the North Sea to the Black
Sea, along all main European
transit routes, and to grow with
them.
The top 20 parks represent the core of the CTPark Network.
They are thriving business communities, with a dynamic mix of clients
from a broad range of industries.
The top 20 parks make up 42% of the GLA in CTP’s portfolio.
The top 20 parks are home to roughly 40% of CTP’s nearly 1,500
clients; and have a development opportunity of more than 2.6 million
sqm GLA.
KEY DATA: TOP 20 PARKS
Category Top 20 Total portfolio
Top 20
as % of total
portfolio
GLA (‘000s sqm) 5,657 13,330 42%
Under construction (‘000s sqm) 362 1,753 21%
Landbank (‘000s sqm) 5,179 26,411 20%
Tenants (#) 572 ~1,500 n/a
WAULT (years) 6.7 6.4 n/a
Occupancy (%) 95% 93% n/a
62
CTP N.V. Annual Report 2024
Business Environment & 2024 Performance
TOP 20 PARKS
Rank Park Country GLA2023 GLA 2024
Share of
GLA Total land
Under
construction
Total
properties Occupancy WAULT Tenants Year start
1 CTPark Bucharest West Romania 833,000 902,000 7% 1,881,000 89,000 18 98% 5.3 25 2015
2 CTPark Bor Czech 642,000 641,000 5% 271,000 - 15 100% 7.7 26 2006
3 CTPark Bucharest Romania 571,000 572,000 4% 371,000 - 40 94% 3.7 108 2015
4 CTPark Brno Czech 540,000 540,000 4% 287,000 85,000 28 93% 6.8 58 2005
5 CTPark Ostrava Czech 390,000 390,000 3% 6,000 - 28 97% 9.2 81 2006
6 CTPark Budapest West Hungary 303,000 313,000 2% 117,000 28,000 17 92% 5.1 45 2016
7 CTPark Bucharest North Romania 210,000 229,000 2% - - 8 73% 5.7 31 2020
8 CTPark Budapest East Hungary 212,000 212,000 2% 3,000 - 7 93% 4.9 17 2015
9 CTPark Modřice Czech 205,000 205,000 2% 28,000 - 19 96% 4.2 28 2002
10 CTPark Trnava Slovakia 177,000 183,000 1% 945,000 46,000 11 92% 7.2 18 2015
11 CTPark Warsaw West Poland 8,000 177,000 1% 285,000 - 3 100% 10.3 2 2024
12 CTPark Brno Líšeň Czech 175,000 175,000 1% 49,000 - 13 95% 10.9 29 2020
13 CTPark Hranice Czech 152,000 160,000 1% 42,000 - 9 97% 5.3 21 2002
14 CTPark Námestovo Slovakia 144,000 148,000 1% 17,000 4,000 11 99% 0.9 23 2021
15 CTPark Timisoara Romania 144,000 145,000 1% 387,000 - 9 93% 5.0 20 2015
16 CTPark Timisoara North Romania - 141,000 1% 260,000 - 6 88% 4.5 10 2024
17 CTPark Warsaw South Poland 79,000 135,000 1% 107,000 12,000 3 79% 4.8 5 2022
18 CTPark Belgrade City Serbia 104,000 132,000 1% 22,000 - 2 100% 12.3 5 2023
19 CTPark Pohořelice Czech 131,000 132,000 1% 20,000 - 6 100% 6.6 12 2007
20 CTPark Žatec Czech 120,000 125,000 1% 81,000 98,000 4 100% 8.1 8 2007
~50%
OF OUR OVER 1,000 CLIENTS
GLA OF PORTFOLIO
42%
DEVELOPMENT
OPPORTUNITY
2.6 million sqm
63
Business Environment & 2024 Performance
CTP N.V. Annual Report 2024
TOP 20 PARKS
1. CTPark Bucharest West, RO
GLA 902,000sqm
2. CTPark Bor, CZ
GLA641,000sqm
3. CTPark Bucharest, RO
GLA572,000sqm
4. CTPark Brno, CZ
GLA540,000 sqm
5. CTPark Ostrava, CZ
GLA390,000sqm
>500,000
6. CTPark Budapest West, HU
GLA 313,000sqm
7. CTPark Bucharest North, RO
GLA 229,000sqm
8. CTPark Budapest East, HU
GLA212,000sqm
>300,000>200,000
13. CTPark Hranice, CZ
GLA 160,000 sqm
9. CTPark Modřice, CZ
GLA 205,000sqm
12. CTPark Brno Líšeň, CZ
GLA 175,000 sqm
>150,000
17. CTPark CTPark Warsaw South, PL
GLA 135,000 sqm
14. CTPark Námestovo, SK
GLA 148,000 sqm
10. CTPark Trnava, SK
GLA183,000sqm
18. CTPark Belgrade City, RS
GLA 132,000 sqm
15. CTPark Timișoara, RO
GLA 145,000 sqm
19. CTPark Pohořelice, CZ
GLA 132,000 sqm
11. CTPark Warsaw West, PL
GLA177,000 sqm
>100,000
16. CTPark Timișoara North, RO
GLA 141,000 sqm
20. CTPark Žatec, CZ
GLA 125,000 sqm
64
Business Environment & 2024 Performance
CTP N.V. Annual Report 2024
TOP 10 DEALS IN 2024
Rank Tenant
Reported
period
Sqm
signed Park Country Industry
Existing
client
1 LPP Q4'24 65,000 CTPark Bucharest West RO Retail Trade Y
2 H & M Q3'24 63,000 CTPark Warsaw West PL Retail Trade Y
3 NXT Logis Kft. Q2'24 57,000 CTPark Erd HU 3PL Y
4 Hitachi Energy Q4'24 52,000 CTPark Brno CZ Manufacturing Y
5 Douglas Q4'24 46,000 CTPark Warsaw South PL Retail Trade N
6 Aldi Q4'24 43,000 CTPark Emilianów PL Retail Trade Y
7 LPP Q2'24 43,000 CTPark Bucharest West RO Retail Trade Y
8 Gestamp Q3'24 39,000 CTPark Žatec CZ Automotive N
9 Milšped Q4'24 39,000 CTPark Belgrade West RS 3PL Y
10 Dogmates Q2'24 39,000 CTPark Zabrze PL Manufacturing N
65
Business Environment & 2024 Performance
CTP N.V. Annual Report 2024
3.6 Clients
FIG. 3.50 CLIENT OCCUPIED GLA BY INDUSTRY
(in %) (in %)
FIG. 3.51 BUILDINGS BY TOTAL SIZE
SHARE OF BUILDING'S GLA
FIG. 3.52 LEASES SIGNED IN LAST 24 MONTHS
GLA SPLIT BY INDUSTRY
(% of GLA)
Services
4%
Other
2%
<10k
12%
Whosale
Trade
7%
3PL
28%
40k+
32%
Retail
Trade
12%
Automotive
21%
Automotive
16%
Manufacturing
26%
10k–40k
56%
CTP has a wide and diversified international
client base of blue-chip companies with
good credit ratings from a broad range of
industries.
These include manufacturing (high-tech/IT, automotive)
and e-commerce, retail, wholesale, and third-party logis
-
tics. CTP’s client roster of over 1,000 companies repre-
sents a solid balance between diversification and con-
centration for the Group, with no single client accounting
for more than 2.5% of its annual rent roll. A diversity of
clients and industries are critical to build a resilient, fu
-
ture-proof portfolio.
Warehousing & logistics is a key sector for CTP, and
3PLs, who may serve one or more clients at a specific
location. They are in particular focused on strategic lo
-
cations to optimise their operations. Many clients in this
category are international players, which provide oppor
-
tunities to cross-sell across markets and countries.
Retail is a growing segment for CTP, as retailers have
started looking more to CEE markets, driven by an emerg
-
ing middle class, higher growth of disposable income and
faster pace of e-commerce growth in the region.
Manufacturing is strongly represented in CTP’s port
-
folio, particularly high-tech activities, with clients gener-
ally signing longer leases as relocating is costly and cap-
ital intensive. CTP expects strong demand as a result of
the ongoing nearshoring trend.
Automotive is also strongly represented in CTP’s
portfolio due to the large clusters of manufacturers mov
-
ing to the lower-cost but educated workforce that CEE
offers. The growing trend to develop new electric vehicle
("EV") innovations is expected to generate more demand
in markets offering significant available workforce and
technical education, government incentives, and proxim
-
ity to suppliers.
Whosale
Trade
10%
Manufacturing
21%
3PL
30%
Retail
Trade
13%
Services
5%
Other
5%
66
Business Environment & 2024 Performance
CTP N.V. Annual Report 2024
TOP 50 CLIENTS (RENTAL INCOME, BY INDUSTRY, %)
3PL
14%
E-commerce, Retail, Wholesale and Distribution
10%
Automotive
7%
High Tech
4%
Manufacturing
3%
TOP 50 AS A % OF
PORTFOLIO GLA
38.4%
TOP 50 AS A % OF
RENTAL INCOME
35.2%
67
Business Environment & 2024 Performance
CTP N.V. Annual Report 2024
TOP 50 CLIENTS IN 2024 1/2
Credit Ratings
Rank Clients SQM
Of Total
rented GLA Buildings Parks Countries Industry Moodys S&P Fitch
1 Raben 261,000 2.2% 18 15 6 3PL - - -
2 DSV 231,000 2.0% 17 11 4 3PL A3 A- -
3 LPP 196,000 1.7% 2 1 1 E-commerce, Retail, Wholesale and Distribution - - -
4 DHL 188,000 1.6% 21 15 5 3PL A2 - A-
5 Yanfeng 184,000 1.6% 9 3 3 Automotive Baa3 BBB- -
6 Quehenberger 173,000 1.5% 11 7 4 3PL - - -
7 H&M 146,000 1.2% 2 2 2 E-commerce, Retail, Wholesale and Distribution BBB - -
8 Schwarz Group 140,000 1.2% 9 7 5 E-commerce, Retail, Wholesale and Distribution - - -
9 Loxxess 119,000 1.0% 3 1 1 3PL - - -
10 FM Logistic 106,000 0.9% 3 3 1 3PL - - -
11 Deli Home 104,000 0.9% 1 1 1 Manufacturing - - -
12 Kühne Nagel 103,000 0.9% 5 4 3 3PL - - -
13 Tesco 99,000 0.8% 1 1 1 E-commerce, Retail, Wholesale and Distribution Baa3 BBB- BBB-
14 Milšped Group 99,000 0.8% 5 4 1 3PL - - -
15 NXT Logis 98,000 0.8% 3 3 1 3PL - - -
16 Primark 94,000 0.8% 1 1 1 E-commerce, Retail, Wholesale and Distribution - - -
17 JV Europe 92,000 0.8% 5 4 1 Manufacturing - - -
18 Forvia 91,000 0.8% 5 5 3 Automotive Ba3 BB BB+
19 Maersk 84,000 0.7% 2 1 1 3PL Baa1 BBB+ -
20 Grammer 80,000 0.7% 4 3 1 Automotive - - -
21 Inventec 78,000 0.7% 3 3 1 High Tech - - -
22 Hitachi 77,000 0.7% 4 2 2 High Tech A3 A -
23 ZETOR Tractors 76,000 0.7% 6 2 1 Manufacturing - - -
24 Ahold 74,000 0.6% 4 3 2 E-commerce, Retail, Wholesale and Distribution Baa1 BBB+ -
25 Honeywell 74,000 0.6% 6 2 1 High Tech A2 A A
68
Business Environment & 2024 Performance
CTP N.V. Annual Report 2024
TOP 50 CLIENTS IN 2024 2/2
Credit Ratings
Rank Clients SQM
Of Total
rented GLA Buildings Parks Countries Industry Moodys S&P Fitch
26 GXO 72,000 0.6% 3 1 1 3PL Ba1 BBB- BBB
27 Brembo 69,000 0.6% 3 1 1 Automotive - - -
28 Renault 68,000 0.6% 1 1 1 Automotive Ba1 BB+ -
29 Valeo 68,000 0.6% 4 3 2 Automotive Ba1 BB+ -
30 Kompan Czech Republic 68,000 0.6% 5 1 1 Manufacturing - - -
31 Mercator 67,000 0.6% 1 1 1 E-commerce, Retail, Wholesale and Distribution - - -
32 Network One Distribution 65,000 0.6% 4 1 1 E-commerce, Retail, Wholesale and Distribution - - -
33 Wistron InfoComm 65,000 0.6% 2 1 1 High Tech - - -
34 Bosch 65,000 0.5% 5 5 4 High Tech A A -
35 METRO CASH AND CARRY 63,000 0.5% 3 3 2 E-commerce, Retail, Wholesale and Distribution - - -
36 Continental 60,000 0.5% 3 3 3 Automotive Baa2 BBB BBB
37 Thermo Fisher Scientific 60,000 0.5% 1 1 1 High Tech A3 A - A -
38 International Automotive Components 57,000 0.5% 4 2 2 Automotive - - -
39 TD Synnex 54,000 0.5% 1 1 1 E-commerce, Retail, Wholesale and Distribution Baa3 BBB- BBB-
40 Geis 54,000 0.5% 5 5 3 3PL - - -
41 Fiege 53,000 0.5% 2 2 2 3PL - - -
42 Hyundai 52,000 0.4% 4 3 2 Automotive A3 A- A-
43 Orbico 51,000 0.4% 3 2 2 E-commerce, Retail, Wholesale and Distribution - - -
44 Lenovo 50,000 0.4% 2 1 1 High Tech Baa2 BBB BBB
45 IMI 50,000 0.4% 7 3 1 Automotive - - -
46 Rohlík 49,000 0.4% 6 4 3 E-commerce, Retail, Wholesale and Distribution - - -
47 Adient 49,000 0.4% 2 2 1 Automotive BB - -
48 Dr. Max 48,000 0.4% 3 3 1 E-commerce, Retail, Wholesale and Distribution - - -
49 Mobexpert 47,000 0.4% 2 2 1 Manufacturing - - -
50 Douglas 47,000 0.4% 2 2 2 E-commerce, Retail, Wholesale and Distribution - - -
69
Business Environment & 2024 Performance
CTP N.V. Annual Report 2024
3.7 Country Review
70
CTP N.V. Annual Report 2024
Business Environment & 2024 Performance
E65
E50
E55
E55
D6
D6
D7
D8
D10
D11
D35
D5
D5
E48
E55
E67
E67
E50
E442
E461
E442
E442
E442
D3
D4
E49
E49
E49
E59
D52
D2
D1
D1
E50
E65
D48
E462
E75
E65
D1
PLZEŇ
BRNO
OSTRAVA
OLOMOUC
CHEB
TEPLICE
TÁBOR
ZLÍN
PÍSEK
JIHLAVA
ÚSTÍ
N.LAB
LIBEREC
PARDUBICE
HRADEC
KRÁLOVÉ
KARLOVY
VARY
ČESKÉ
BUDĚJOVICE
OPAVA
PRAGUE
PL
DE
DE
AT
SK
LINZ
SALZBURG
VIENNA
BRATISLAVA
BUDAPEST
BELGRADE
ŽILINA
KATOWICE
WARSAW
KRAKÓW
WROCŁAW
WARSAW
DRESDEN
BERLIN
NÜRNBERG
MUNICH
MACROECONOMIC INDICATORS
Population (in mil., 2024)
1
10.9
Credit rating
2
Aa3
Hourly compensation in manufacturing (net labour costs
including taxes minus subsidies, €/hr, as of 2023)
3
€18.5 €30.5
GDP per capita growth, 2024–2029 (CAGR)
4
2.7% 1.8%
E-commerce revenue growth forecast,
2018-2029 (CAGR)
7.9%
MARKET INDICATORS
Total stock (in mil. sqm)
5
12.3
Annual growth rate of stock (y/y)
6
4.7%
CTP market share
7
27.9%
Net take-up (in mil. sqm
8
0.9
CTP share net take-up
9
33.9%
Market vacancy rate
10
3.1%
Prime rent (sqm/yr)
11
€88.8
Prime yield
12
5.2%
CTP INDICATORS
Locations with standing portfolio
13
59
GLA (in thousand sqm)
4,362
Projects under construction (in thousand sqm)
482
Landbank (in thousand sqm)
8,583
GAV (in mil. EUR)
6,119
LFL rental growth
3.30%
Client retention rate
84%
Annualised rent (in mil. EUR)
294
WAULT
6.8
Notes 1, 3 Eurostat 2 Moody’s 4 IMF 5–7, 11–12 CBRE
8–10 CBRE 13 Locations with at least one
standing property. Locations are indicative only, as they
represent IP, IPuD and selected landbank locations.
Notes 3–4 CTP countries EU-27 (avg. comparation)
COUNTRY DATA
CZ
CORE MARKET
CTParks
>100,000 sqm GLA
CTP locations
<100,000 sqm GLA
Planned
KEY
71
CTP N.V. Annual Report 2024
Business Environment & 2024 Performance
Vitesco Technologies launches new plant
for EV automotive components CTPark
Ostrava Hrušov
Vitesco Technologies—a leading producer of
drivetrains and powertrains for the automotive in-
dustry—expanded its presence within the CTPark
Network in 2024 with the launch of its new,
€190 million electric vehicle (“EV”) parts factory at
CTPark Ostrava Hrušov.
At completion, the new, 40,000 sqm facility will
feature advanced automated assembly lines and
fully automated logistics. In line with the company’s
ESG goals, the new building will also be equipped
with rooftop solar panels and EV charging stations.
Vitesco Technologies expects the new manufactur-
ing site, which includes 1,500 sqm of office space,
to employ over 1,000 people by 2027.
CASE STUDY
CZ
72
CTP N.V. Annual Report 2024
Business Environment & 2024 Performance
COUNTRY DATA
RO
E70
E70
E79
E79
E68
E60
E81
E58
E81
E81
E85
E85
E68 A1
A2
E79
E60
E87
E81
A1
A3
A3
A10
A6
E68
ARAD
DE VA
SIBIU
PLOIEȘTI
TÂRGU MUREȘ
ORADEA
CLUJ
BRAȘOV
CONSȚANTA
BUCHAREST
RUSE
CRAIOVA
TIMIȘOARA
BLAC K SEA
BG
UA
RS
HU MD
LVIV
BELGRADE
BUDAPEST
VIENNA
DEBRECEN
UZHOROD
ODESA
SOFIA
BULGARIA
VARNA
KYIV
R O M A N I A
Notes 1, 3 Eurostat 2 Moody’s 4 IMF 5–7, 11–12 CBRE
8–10 CBRE 13 Locations with at least one
standing property. Locations are indicative only, as they
represent IP, IPuD and selected landbank locations.
Notes 3–4 CTP countries EU-27 (avg. comparation)
MACROECONOMIC INDICATORS
Population (in mil., 2024)
1
19.1
Credit rating
2
Baa3
Hourly compensation in manufacturing (net labour costs
including taxes minus subsidies, €/hr, as of 2023)
3
€9.7 €30.5
GDP per capita growth, 2024-2029 (CAGR)
4
2.9% 1.8%
E-commerce revenue growth forecast,
2018-2029 (CAGR)
16.1%
MARKET INDICATORS
Total stock (in mil. sqm)
5
7.9
Annual growth rate of stock (y/y)
6
9.3%
CTP market share
7
39.7%
Net take-up (in mil. sqm
8
0.7
CTP share net take-up
9
42.3%
Market vacancy rate
10
4.0%
Prime rent (sqm/yr)
11
€57.0
Prime yield
12
7.5%
CTP INDICATORS
Locations with standing portfolio
13
35
GLA (in thousand sqm)
3,119
Projects under construction (in thousand sqm)
99
Landbank (in thousand sqm)
4,188
GAV (in mil. EUR)
1,949
LFL rental growth
4.3%
Client retention rate
88%
Annualised rent (in mil. EUR)
146
WAULT
5.9
CORE MARKET
CTParks
>100,000 sqm GLA
CTP locations
<100,000 sqm GLA
Planned
KEY
73
CTP N.V. Annual Report 2024
Business Environment & 2024 Performance
LPP expands at CTPark Bucharest
West
Polish-based fashion group LPP expanded at
CTPark Bucharest West in 2024 not once, but
twice—bringing its total footprint at the park to
131,000 sqm at the end of the year. The com-
pany signed its initial lease at CTPark Bucha-
rest West in 2023 for 65,000 sqm to establish
its first distribution hub outside of Poland, which
was delivered in January 2024, less than a year
after signing. Soon after, LPP increased its lease
to 90,000 sqm to bolster its e-commerce opera-
tions, followed by a 42,000 sqm expansion signed
in December.
LPP is one of the fastest-growing fashion
retailers in CEE, with nearly 2,500 stores in 40
countries worldwide. LPP’s combined distribu-
tion, e-commerce and office facility at CTPark
Bucharest West includes state-of-the-art con-
veyor systems and workstations with the capac-
ity to store up to 25 million items—enabling the
company to support 450 stores and ship up to
six million items per week to the Romanian, Bul-
garian, Hungarian, Croatian, Macedonian, Serbi-
an, and Greek markets. Sustainability features
include rooftop photovoltaic panels, a rainwater
recovery system, and electric car charging sta-
tions.
RO
CASE STUDY
74
CTP N.V. Annual Report 2024
Business Environment & 2024 Performance
COUNTRY DATA
HU
E75
E71
E60
M15
M1
E79
M3
M3
M30
E71
E71
M4
M5
E68
M43
E73
E77
M6
M7
E73
E661
E653
E65
E66
E60
E60
GYŐR
SZEGED
PÉCS
DEBRECEN
SZOMBATHELY
KOMÁROM
SZEKÉSFEHÉRVÁR
NYÍREGYHÁZA
MISKOLC
KECSKEMÉT
BUDAPEST
VIENNA
MARIBOR
GRAZ
ZAGREB
OSIJEK
BELGRADE
BUCHAREST
ORADEA
CLUJ
BRATISLAVA
BRNO
PRAGUE
KOŠICE
PREŠOV
LVIV
AT
HR
RS
SK
RO
UA
Notes 1, 3 Eurostat 2 Moody’s 4 IMF 5–7, 11–12 CBRE
8–10 CBRE 13 Locations with at least one
standing property. Locations are indicative only, as they
represent IP, IPuD and selected landbank locations.
Notes 3–4 CTP countries EU-27 (avg. comparation)
MACROECONOMIC INDICATORS
Population (in mil., 2024)
1
9.6
Credit rating
2
Baa2
Hourly compensation in manufacturing (net labour costs
including taxes minus subsidies, €/hr, as of 2023)
3
€13.6 €30.5
GDP per capita growth, 2024-2029 (CAGR)
4
2.6% 1.8%
E-commerce revenue growth forecast,
2018-2029 (CAGR)
12.8%
MARKET INDICATORS
Total stock (in mil. sqm)
5
5.6
Annual growth rate of stock (y/y)
6
9.1%
CTP market share
7
21.4%
Net take-up (in mil. sqm
8
0.6
CTP share net take-up
9
43.6%
Market vacancy rate
10
7.6%
Prime rent (sqm/yr)
11
€68.4
Prime yield
12
7.0%
CTP INDICATORS
Locations with standing portfolio
13
16
GLA (in thousand sqm)
1,230
Projects under construction (in thousand sqm)
127
Landbank (in thousand sqm)
2,809
GAV (in mil. EUR)
1,115
LFL rental growth
1.0%
Client retention rate
80%
Annualised rent (in mil. EUR)
73
WAULT
6.0
CORE MARKET
CTParks
>100,000 sqm GLA
CTP locations
<100,000 sqm GLA
Planned
KEY
75
CTP N.V. Annual Report 2024
Business Environment & 2024 Performance
Tesco launches new 100,000 sqm
logistics centre at CTPark Budapest
Szigetszentmiklós
Retail major Tesco launched a new, 100,000 sqm
state-of-the-art logisitics centre outside the
Hungarian capital, Budapest, to support its net-
work of stores and customers nationwide. The
new facility enhances efficiency, optimises trans-
portation logistics, and significantly reduces Tes-
co’s carbon dioxide emissions and environmental
impact.
The nearly one-kilometer-long logistics
complex is powered by renewable energy, with
8,620 solar panels installed, providing a total ca-
pacity of 3.75 MW. The facility includes two cold
storage halls with variable temperature settings,
a dry goods hall, a truck wash equipped with a
water recycling system, vehicle repair and fork-
lift service facilities, a gas station, and electric
vehicle chargers.
HU
CASE STUDY
76
CTP N.V. Annual Report 2024
Business Environment & 2024 Performance
COUNTRY DATA
SK
E60
D1
R1
R1
E75
D1 E50
E50
D1
D2
E65
R7
D2
D4
E75
16
E77
E77
E77
E371
TRNAVA
NITRA
KOMÁRNO
BRATISL AVA
BANSKÁ
BYSTRICA
ŽILINA
TRENČIN
POPRAD
PREŠOV
KOŠICE
CZ
PL
AT
HU
UA
GRAZ
VIENNA
PRAGUE
BRNO
BUDAPEST
BELGRADE
BUCHAREST
BUDAPEST
OSTRAVA
ZLÍN
KATOWICE KRAKÓW
DEBRECEN
UZHHOROD
Notes 1, 3 Eurostat 2 Moody’s 4 IMF 5–7, 11–12 CBRE
8–10 CBRE 13 Locations with at least one
standing property. Locations are indicative only, as they
represent IP, IPuD and selected landbank locations.
Notes 3–4 CTP countries EU-27 (avg. comparation)
MACROECONOMIC INDICATORS
Population (in mil., 2024)
1
5.4
Credit rating
2
A3
Hourly compensation in manufacturing (net labour costs
including taxes minus subsidies, €/hr, as of 2023)
3
€16.8 €30.5
GDP per capita growth, 2024-2029 (CAGR)
4
2.2% 1.8%
E-commerce revenue growth forecast,
2018-2029 (CAGR)
9.0%
MARKET INDICATORS
Total stock (in mil. sqm)
5
4.5
Annual growth rate of stock (y/y)
6
13.4%
CTP market share
7
21.2%
Net take-up (in mil. sqm
8
0.4
CTP share net take-up
9
33.7%
Market vacancy rate
10
5.2%
Prime rent (sqm/yr)
11
€69.6
Prime yield
12
6.3%
CTP INDICATORS
Locations with standing portfolio
13
12
GLA (in thousand sqm)
936
Projects under construction (in thousand sqm)
160
Landbank (in thousand sqm)
2,016
GAV (in mil. EUR)
923
LFL rental growth
13.7%
Client retention rate
100%
Annualised rent (in mil. EUR)
58
WAULT
6.3
CORE MARKET
CTParks
>100,000 sqm GLA
CTP locations
<100,000 sqm GLA
Planned
KEY
77
CTP N.V. Annual Report 2024
Business Environment & 2024 Performance
Chinese automotive components
producer to launch first European
plant at CTPark Prešov South
As part of the ongoing nearshoring trend, Jiangsu
Xinquan Automotive Trim—a Chinese company pro-
ducing exterior and interior trim systems for the au-
tomotive sector—decided to launch its first Europe-
an manufacturing plant at CTPark Prešov South, in
Slovakia’s third-largest city. At completion the com-
pany’s European base will include nearly 18,000 sqm
of manufacturing, warehousing, and office space,
with handover on schedule for 2025.
CTPark Prešov South is strategically located in Slo-
vakia’s third-largest city, with excellent motorway
connection to Košice (40km) and the automotive
cluster in Žilina /Martin (200km), and easy access
to Poland (70km). The Prešov region benefits from
a highly skilled workforce, competitive labour costs,
a diversified local economy with a strong industrial
heritage, and the highest available level of state aid.
The region of Eastern Slovakia has witnessed sub-
stantial foreign direct investment, highlighting the
area’s economic potential.
SK
CASE STUDY
78
CTP N.V. Annual Report 2024
Business Environment & 2024 Performance
COUNTRY DATA
RS
E75
E75
E70
A1
A2
A1
A1
A3
E80
E80
E65
E851
E75
PRISTINA
NIŠ
ČAČAK
NOVI SAD
SOMBOR
JAGODINA
BELGRADE
KRAGUJEVAC
KRUŠEVAC
ŠABAC
BG
RO
MK
HR
BA
ME
AL
HU
ZAGREB
SARAJEVO
PODGORICA
BUDAPEST
BRATISLAVA
VIENNA
TIMIȘOARA
TIRANA
SKOPJE
THESSALONIKI
ATHENS
SOFIA
ISTANBUL
BUCHAREST
Notes 1, 3 Eurostat 2 Moody’s 4 IMF 5–7, 9, 11–12 CBRE
8, 10 IO Partners 13 Locations with at least one
standing property. Locations are indicative only, as they
represent IP, IPuD and selected landbank locations.
Notes 3–4 CTP countries EU-27 (avg. comparation)
MACROECONOMIC INDICATORS
Population (in mil., 2024)
1
6.6
Credit rating
2
Ba2
Hourly compensation in manufacturing (net labour costs
including taxes minus subsidies, €/hr, as of 2023)
3
€9.1 €30.5
GDP per capita growth, 2024-2029 (CAGR)
4
2.9% 1.8%
E-commerce revenue growth forecast,
2018-2029 (CAGR)
8.9%
MARKET INDICATORS
Total stock (in mil. sqm)
5
1.2
Annual growth rate of stock (y/y)
6
45.8%
CTP market share
7
45.0%
Net take-up (in mil. sqm)
8
N/A
CTP share net take-up
9
70.0%
Market vacancy rate
10
6.5%
Prime rent (sqm/yr)
11
€57.0
Prime yield
12
8.5%
CTP INDICATORS
Locations with standing portfolio
13
8
GLA (in thousand sqm)
596
Projects under construction (in thousand sqm)
114
Landbank (in thousand sqm)
1,993
GAV (in mil. EUR)
458
LFL rental growth
1.8%
Client retention rate
92%
Annualised rent (in mil. EUR)
35
WAULT
10.5
GROWTH MARKET
CTParks
>100,000 sqm GLA
CTP locations
<100,000 sqm GLA
Planned
KEY
79
CTP N.V. Annual Report 2024
Business Environment & 2024 Performance
Mercata VT expands with new distribu-
tion centre at CTPark Belgrade City
Mercata VT, the leading tobacco and FMCG distrib-
utor in Serbia, consolidated and expanded its opera-
tions in 2024 with the launch of its new, 20,000 sqm
distribution centre at CTPark Belgrade City, in the
New Belgrade district of the Serbian capital.
Previously occupying 14,000 sqm at CTPark Bel-
grade North, Mercata VT signed a new ten-year
lease to relocate and expand at CTPark Belgrade
City with nearly 18,000 sqm of warehousing and
around 1,600 sqm of office space. The new facility
greatly enhances the efficiency of Mercata VT’s dis-
tribution network. Located less than 10 km from the
city centre and Belgrade Airport, CTPark Belgrade
City is ideally located for last-mile and city logistics.
CASE STUDY
RS
80
CTP N.V. Annual Report 2024
Business Environment & 2024 Performance
E67
E77
E75
E261
E30
E28
E30
E65
E28
E40
A4
E36
E67
E75
E65
E77
WARSAW
ŁÓDŹ
CZĘSTOCHOWA
SZCZECIN
GDAŃSK
KATOWICE
POZNAN
WROCŁAW
IŁOWA
LEGNICA
ZABRZE
GORZYCE
RZESZÓW
LUBLIN
OLSZTYN
KRAKÓW
BYDGOSZCZ
GORZÓW
BA LTIC SEA
CZ
DE
SK
UA
BY
LT
OSTRAVA
OLOMOUC
BRNO
PREŠOV
LVIV
MINSK
VILNIUS
MINSK
BERLIN
HAMBURG
KALININGRAD
KLAIPÉDA
KAUNAS
DRESDEN
PRAGUE
Notes 1, 3 Eurostat 2 Moody’s 4 IMF 5–7, 11–12 CBRE
8–10 CBRE 13 Locations with at least one
standing property. Locations are indicative only, as they
represent IP, IPuD and selected landbank locations.
Notes 3–4 CTP countries EU-27 (avg. comparation)
COUNTRY DATA
PL
MACROECONOMIC INDICATORS
Population (in mil., 2024)
1
36.6
Credit rating
2
A2
Hourly compensation in manufacturing (net labour costs
including taxes minus subsidies, €/hr, as of 2023)
3
€13.2 €30.5
GDP per capita growth, 2024-2029 (CAGR)
4
2.7% 1.8%
E-commerce revenue growth forecast,
2018-2029 (CAGR)
9.2%
MARKET INDICATORS
Total stock (in mil. sqm)
5
33.8
Annual growth rate of stock (y/y)
6
8.9%
CTP market share
7
2.9%
Net take-up (in mil. sqm
8
3.6
CTP share net take-up
9
8.0%
Market vacancy rate
10
7.1%
Prime rent (sqm/yr)
11
€66.0
Prime yield
12
6.3%
CTP INDICATORS
Locations with standing portfolio
13
11
GLA (in thousand sqm)
780
Projects under construction (in thousand sqm)
283
Landbank (in thousand sqm)
3,183
GAV (in mil. EUR)
908
LFL rental growth
12.7%
Client retention rate
100%
Annualised rent (in mil. EUR)
37
WAULT
7.0
GROWTH MARKET
CTParks
>100,000 sqm GLA
CTP locations
<100,000 sqm GLA
Planned
KEY
81
CTP N.V. Annual Report 2024
Business Environment & 2024 Performance
Raben Group launches 110,000 sqm
distribution hub at CTPark Warsaw
West with Europe’s largest heat
pump installation
Netherlands-based Raben Group—one of the world’s
largest logistics operators—launched activities at its
new distribution hub at CTPark Warsaw West with
the lease of two buildings totalling 110,000 sqm. In-
tegral to the project was the installation of Europe’s
largest (and the world’s second largest) integrated
heat pump system, with 87 Mitsubishi Electric units
producing a total capacity of 12.4 MW, which will
heat and cool the company’s two leased buildings.
Warsaw West is one of CTP’s zero-emission indus-
trial and logistics parks, with no fossil fuels used
to heat the buildings and rooftop photovoltaic in-
stallations powering the Mitsubishi Electric heat
pumps, in addition to the park’s existing extensive
sustainability features. In 2023 Raben Group signed
an agreement with CTP to lease 110,000 sqm at CT-
Park Warsaw West, comprising two of the five build-
ings being built, in Poland’s largest logistics deal of
that year. The buildings feature automated climate
control through the heat pump system and sophisti-
cated underfloor heating that reduce carbon dioxide
emissions by 700–750 MgCO
2
e/year compared to
an equivalent warehouse space heated with gas.
PL
CASE STUDY
82
CTP N.V. Annual Report 2024
Business Environment & 2024 Performance
A6
E80
E80
E80
E85
A1
A1
A2 E70
E772
E70
E83
A4
A2
A3
E79
E87
E871
PLOVDIV
EDIRNE
BURGAS
VARNA
SOFIA
PLEVEN
RUSE
BLACK SEA
NIŠ
BELGRADE
BUDAPEST
BUCHAREST
THESSALONIKI
ATHENS
SKOPJE
TIRANA
ISTANBUL
ANKARA
CONSTANŢA
RS
RO
RO
TR
GR
MK
Notes 1, 3 Eurostat 2 Moody’s 4 IMF 5–7, 11–12 CBRE
8–10 CBRE/Cushman & Wakefield 13 Locations with at
least one standing property. Locations are indicative only,
as they represent IP, IPuD and selected landbank locations.
Notes 3–4 CTP countries EU-27 (avg. comparation)
COUNTRY DATA
BG
MACROECONOMIC INDICATORS
Population (in mil., 2024)
1
6.4
Credit rating
2
Baa1
Hourly compensation in manufacturing (net labour costs
including taxes minus subsidies, €/hr, as of 2023)
3
€8.0 €30.5
GDP per capita growth, 2024-2029(CAGR)
4
2.6% 1.8%
E-commerce revenue growth forecast,
2018-2029 (CAGR)
11.7%
MARKET INDICATORS
Total stock (in mil. sqm)
5
0.8
Annual growth rate of stock (y/y)
6
8.2%
CTP market share
7
28.3%
Net take-up (in mil. sqm
8
0.2
CTP share net take-up
9
6.7%
Market vacancy rate
10
1.6%
Prime rent (sqm/yr)
11
€69.0
Prime yield
12
8.0%
CTP INDICATORS
Locations with standing portfolio
13
7
GLA (in thousand sqm)
240
Projects under construction (in thousand sqm)
135
Landbank (in thousand sqm)
230
GAV (in mil. EUR)
241
LFL rental growth
5.9%
Client retention rate
96.0%
Annualised rent (in mil. EUR)
16
WAULT
6.9
GROWTH MARKET
CTParks
>100,000 sqm GLA
CTP locations
<100,000 sqm GLA
Planned
KEY
83
CTP N.V. Annual Report 2024
Business Environment & 2024 Performance
Regional courier service Sameday
expands at CTPark Sofia East
Sameday is a courier service active in the SEE re-
gion that is growing fast. The company was look-
ing to expand its operational capacity in Bulgaria,
and CTP Sofia East provided an ideal solution due
to its proximity to the capital and major high-
ways—and CTP’s flexible solutions and ability to
work fast. In October 2023, the company started
leasing a 4,000 sqm facility and in April expanded
with an additional 4,000 sqm of space. CTP cus-
tomised the space, which includes a warehouse,
offices and mezzanine, to meet Sameday's needs.
An addoitoinal benefit is the park's strategic lo-
cation near Bucharest and motorway connections
to Serbia and Romania.
BG
CASE STUDY
84
CTP N.V. Annual Report 2024
Business Environment & 2024 Performance
E45
E45
E22
E26
A24
E22
E28
E30
E55
E40
E40
A44
A40
E34
E30
A30
A31
A20
A1
A11
A12
A13
A2
A14
A14
A4
A4
A38
A4
E35
E40
A7
A2
E34
A7
E45
E43
E43
E45
E48
E50
E50
E45
A7
A5
A5
A5
E35
A81
E41
A6
A6
A7
A9
A9
A9
A8
A8
A8
A60
A1
A1
E52
A3
A3
A3
A3
A1
A1
E37
A7
OSNABRÜCK
WÜRZBURG
SAARBRÜ CKEN
STUTTGART
ULM
MANNHEIM
MAINZ
BONN
COLOGNE
AACHEN
FRANKFURT
REGENSBURG
MUNICH
NÜRNBURG
DÜSSELDORF
DORTMUND
MÜNSTER
KASSEL
ERFURT
MAGDEBURG
DRESDEN
LEIPZIG
CHEMNITZ
HANNOVER
LÜBECK
BERLIN
ROSTOCK
BREMEN
EMDEN
WIHELMSHAVEN
HAMBURG
KIEL
NORTH SEA
BALTIC SEA
PL
CZ
AT
CH
FR
BE
NL
DK
MULHOUSE
DIJON
STRASBOURG
METZ
LUXEMBOURG
LIÈGE
BRUSSELS
MAASTRICHT
ANTWERP
EINDHOVEN
ARNHEM
ROTTERDAM
AMSTERDAM
BASEL
MILAN
VADUZ INNSBRUCK
SALZBURG
VIENNA
PLZEŇ
PRAGUE
PRAGUE
WROCŁAW
KATOWICE
POZNAŃ
WARSAW
SZCZECIN
GDAŃSK
Notes 1, 3 Eurostat 2 Moody’s 4 IMF 5–7, 11–12 CBRE
8–10 CBRE 13 Locations with at least one
standing property. Locations are indicative only, as they
represent IP, IPuD and selected landbank locations.
Notes 3–4 CTP countries EU-27 (avg. comparation)
COUNTRY DATA
DE
MACROECONOMIC INDICATORS
Population (in mil., 2024)
1
83.4
Credit rating
2
Aaa
Hourly compensation in manufacturing (net labour costs
including taxes minus subsidies, €/hr, as of 2023)
3
€46.0 €30.5
GDP per capita growth, 2024-2029 (CAGR)
4
1.0% 1.8%
E-commerce revenue growth forecast,
2018-2029 (CAGR)
8.6%
MARKET INDICATORS
Total stock (in mil. sqm)
5
105.7
Annual growth rate of stock (y/y)
6
3.6%
CTP market share
7
1.6%
Net take-up (in mil. sqm
8
4.9
CTP share net take-up
9
3.0%
Market vacancy rate
10
3.2%
Prime rent (sqm/yr)
11
€122.4
Prime yield
12
4.4%
CTP INDICATORS
Locations with standing portfolio
13
103
GLA (in thousand sqm)
1,674
Projects under construction (in thousand sqm)
171
Landbank (in thousand sqm)
1,452
GAV (in mil. EUR)
1,220
LFL rental growth
2.3%
Client retention rate
100%
Annualised rent (in mil. EUR)
68
WAULT
3.9
WESTERN EUROPEAN MARKET
CTParks
>100,000 sqm GLA
CTP locations
<100,000 sqm GLA
Planned
KEY
85
CTP N.V. Annual Report 2024
Business Environment & 2024 Performance
CTP acquires 830,000 sqm brownfield
site in Düsseldorf
In December, CTP agreed a €155 million deal to ac-
quire an 830,000 sqm brownfield industrial site in
Düsseldorf, North Rhine-Westphalia—CTP’s larg-
est single-plot land acquisition to date—with plans
to invest €700 million to transform the inner-city
location into a best-in-class business park servicing
diverse industries, including manufacturing, R&D,
and logistics.
The project is aligned with CTP’s strategy to develop
as sustainably and resource-efficiently as possible
by prioritising brownfield areas for redevelopment.
The German market is experiencing strong demand
for high quality, sustainable, and amenity-rich in-
dustrial and logistics parks. CTPark Düsseldorf will
offer a range of building types and sizes, from 1,000
sqm–to 30,000 sqm, and will be developed to at-
tract the next-generation businesses that are pow-
ering the transformation of the German economy,
including semiconductors and clean-tech.
DE
CASE STUDY
86
CTP N.V. Annual Report 2024
Business Environment & 2024 Performance
A4
A4
A16
E19
E34
A59
A58
E31
A15
A27
A2
A2
A2
A12
A50
A28
A1
A6
E22
A7
A7
A32
E30
E35
A37
ROTTERDAM
AMSTERDAM
DEN HAAG
MIDDELBURG
UTRECHT
ARNHEM
ZWOLLE
GRONINGEN
EINDHOVEN
MAASTRICHT
ENSCHEDE
NORTH SE A
DE
BE
ANTWERP
BRUSSELS
LIÈGE
AACHEN
KÖLN
DUISBURG
DÜSSELDORF
OSNABRÜCK
BREMEN
HAMBURG
Notes 1, 3 Eurostat 2 Moody’s 4 IMF 5–7, 11–12 CBRE
8–10 CBRE 13 Locations with at least one
standing property. Locations are indicative only, as they
represent IP, IPuD and selected landbank locations.
Notes 3–4 CTP countries EU-27 (avg. comparation)
COUNTRY DATA
NL
MACROECONOMIC INDICATORS
Population (in mil., 2024)
1
17.9
Credit rating
2
Aaa
Hourly compensation in manufacturing (net labour costs
including taxes minus subsidies, €/hr, as of 2023)
3
€40.9 €30.5
GDP per capita growth, 2024-2029(CAGR)
4
1.0% 1.8%
E-commerce revenue growth forecast,
2018-2029 (CAGR)
9.2%
MARKET INDICATORS
Total stock (in mil. sqm)
5
52.0
Annual growth rate of stock (y/y)
6
2.7%
CTP market share
7
1.0%
Net take-up (in mil. sqm
8
1.2
CTP share net take-up
9
1.8%
Market vacancy rate
10
4.3%
Prime rent (sqm/yr)
11
€110.0
Prime yield
12
4.8%
CTP INDICATORS
Locations with standing portfolio
13
3
GLA (in thousand sqm)
247
Projects under construction (in thousand sqm)
-
Landbank (in thousand sqm)
1,618
GAV (in mil. EUR)
488
LFL rental growth
0.2%
Client retention rate
100%
Annualised rent (in mil. EUR)
10
WAULT
9.0
WESTERN EUROPEAN MARKET
CTParks
>100,000 sqm GLA
CTP locations
<100,000 sqm GLA
Planned
KEY
87
CTP N.V. Annual Report 2024
Business Environment & 2024 Performance
Vertical farm innovator Growy launches
HQ at CTPark Amsterdam City
CTPark Amsterdam City is now home to Dutch ver-
tical farming innovator Growy. The company’s 4,750
sqm custom-built, multi-story space includes a full-
scale vertical urban farm and offices for Growy’s
international headquarters. The company chose to
locate its HQ at CTPark Amsterdam City for several
reasons, including support for its last-mile distribu-
tion to urban customers, multimodal emission-free
transport (by water and road), and proximity to
Schiphol Airport for international operations.
CTPark Amsterdam City—a pioneering, multimod-
al 120,000 sqm distribution hub located in the Port
of Amsterdam—is CTP’s flagship development for
sustainable, energy self-sufficient parks. Certified
BREEAM Excellent, the multi-story XXL facility
supports zero-emission last-mile logistics and aligns
with Amsterdam’s future emission-free zones.
CASE STUDY
NL
88
CTP N.V. Annual Report 2024
Business Environment & 2024 Performance
E57
E56
E55
E57
A2
A5
A9
A1
A8
A7
A2
A10
A12
A12
E60
E45
E60
E55
E61
E55
E59
E59
E60
E60
LINZ
INNSBRUCK
SALZBURG
GRAZ
KLAGENFURT
VIENNA
DE
CH
IT
SI
CZ
HU
SK
BUDAPEST
BELGRADE
BUCHAREST
PRAGUE
BRNO
OSTRAVA
PRAGUE
MUNICH
FRANKFURT
BRATISLAVA
MARIBOR
LJUBLJANA
ZAGREB
UDINE
VENICE
NUREMBERG
VERONA
MILAN
ZÜRICH
FRANKFURT
Notes 1, 3 Eurostat 2 Moody’s 4 IMF 5–7, 11–12 CBRE
8–10 CBRE 13 Locations with at least one
standing property. Locations are indicative only, as they
represent IP, IPuD and selected landbank locations.
Notes 3–4 CTP countries EU-27 (avg. comparation)
COUNTRY DATA
AT
MACROECONOMIC INDICATORS
Population (in mil., 2024)
1
9.2
Credit rating
2
Aa1
Hourly compensation in manufacturing (net labour costs
including taxes minus subsidies, €/hr, as of 2023)
3
€46.1 €30.5
GDP per capita growth, 2024-2029 (CAGR)
4
1.0% 1.8%
E-commerce revenue growth forecast,
2018-2029 (CAGR)
9.3%
MARKET INDICATORS
Total stock (in mil. sqm)
5
4.0
Annual growth rate of stock (y/y)
6
23.0%
CTP market share
7
2.0%
Net take-up (in mil. sqm
8
0.0
CTP share net take-up
9
0.0%
Market vacancy rate
10
6.9%
Prime rent (sqm/yr)
11
€80.6
Prime yield
12
5.0%
CTP INDICATORS
Locations with standing portfolio
13
3
GLA (in thousand sqm)
77
Projects under construction (in thousand sqm)
116
Landbank (in thousand sqm)
339
GAV (in mil. EUR)
211
LFL rental growth
1.0%
Client retention rate
100%
Annualised rent (in mil. EUR)
6
WAULT
8.5
WESTERN EUROPEAN MARKET
CTParks
>100,000 sqm GLA
CTP locations
<100,000 sqm GLA
Planned
KEY
89
CTP N.V. Annual Report 2024
Business Environment & 2024 Performance
Quick Service Logistics expands with
new headquarters at CTPark Vienna
East
German-based Quick Service Logistics (“QSL”)—a
leading provider to the system-catering industry—
expanded its operations within the CTPark Network
with the launch of its new Austrian headquarters at
CTPark Vienna East. The 8,000 sqm of state-of-
the-art warehouse is divided into three temperature
zones, enabling the company to store fresh, dry, or
frozen goods, depending on their customers’ needs.
QSL has been operating in Austria since 2011 and
supplies fast-food brands such as Burger King,
KFC, and Subway, among others. By consolidating
and modernising their operations at CTPark Vienna
East, the company benefits from strategic location
directly on the A4 motorway, close to Vienna Air-
port. Proximity to the border with both Hungary and
Slovakia was an advantage in attracting employees.
QSL is a long-term client and also leases space with-
in the CTPark Network in Prague and Budapest.
CASE STUDY
AT
CTP N.V. Annual Report 2024
90
4
Sustainability
CTP N.V. Annual Report 2024
Sustainability
91
4.1 Highlights 2024 94
4.2 Scope and Basis for Preparation 95
4.2.1 Basis for preparation 95
4.2.2 Additional notifications 96
4.2.2.1 Specific circumstances 96
4.2.2.2 Assumptions and estimates 96
4.2.2.3 Changes compared to 2023 96
4.2.2.4 Restatements 96
4.2.2.5 Other applicable legislation 97
4.2.2.6 Incorporation by reference 97
4.3 ESG Oversight 98
4.3.1 Risk management and internal controls
over sustainability reporting 99
4.4 CTP’s Strategy, Business Model
and Value Chain 100
4.5 Stakeholder Engagement 102
4.6 Materiality 104
4.6.1 Impact of material IROs on
business strategy 104
4.6.2 The Process of Identifying IROs 104
4.7 ESG: Material Disclosures and Strategy 106
4.7.1 Pillar 1: Striving to Be Climate Positive 109
4.7.1.1 ESRS E1 – Climate change 109
4.7.1.2 ESRS E5 – Material Resource Use
and Circular Economy 124
4.7.2 Pillar 2: Stimulating Social
Impact & Well-being 128
4.7.2.1 ESRS S1 – Own workforce 128
4.7.2.2 ESRS S2 – Workers in the value chain 137
4.7.3 Pillar 3: Conducting Business with Integrity 141
4.7.3.1 ESRS G1 – Business conduct 141
4.7.4 Pillar 4: Embedding Parks in Communities 149
4.7.4.1 Providing community space 149
4.7.4.2 Accessibility and clean mobility 150
4.7.4.3 Green spaces and biodiversity 150
4.8 EU Taxonomy 151
4.8.1 KPIs (methodology of calculation) 151
4.8.2 Eligibility 152
4.8.3 Alignment 153
Section 4
CTP N.V. Annual Report 2024
92
Sustainability
The accounting and reporting of sustainability impacts is the new business paradigm for
companies in the European Union.
As part of the European Green Deal—which targets net-zero greenhouse gas emissions
throughout the EU by 2050—the European Commission has adopted the Corporate
Sustainability Reporting Directive
1
(“CSRD”) as the legislation governing non-financial
accounting and reporting requirements for companies subject to disclosure.
CTP is reporting in line with sustainability reporting requirements under the CSRD and
presents its 2024 audited sustainability reporting as part of this Annual Report.
1 Delegated regulation - EU - 2023/2772 - EN - EUR-Lex (europa.eu)
CTP N.V. Annual Report 2024
Sustainability
93
The Corporate Sustainability Reporting Directive (“CSRD”) requires large and publicly listed companies in the European Union to publish
regular reports on the environmental and social risks that they face and how their business activities impact people and the natural environ-
ment. To this end, the CSRD has introduced a new matrix of sustainability related, non-financial accounting and reporting requirements. This
includes detailed compliance guidance for data collection, reporting, and impact assessment as well as newly defined terms in the legislation,
which are outlined below.
ESRS Companies subject to the CSRD must report according to the European Sustainability Reporting Standards
(“ESRS”). The ESRS contains a detailed list of statutory non-financial disclosure requirements covering the
full range of sustainability topics relating to the business activity of the reporting entity and their govern-
ance within the organisation. The standards provide information for investors to understand the sustaina-
bility impact of the companies in which they invest.
Double materiality The double materiality assessment (“DMA”) process is a major component of CSRD reporting and is the
primary tool used to determine the scope and boundaries of reporting. The DMA process requires reporting
entities to identify 1) their impacts on people and the environment (impact materiality), and 2) sustainability
matters that financially impact the undertaking. See Section 4.6.
Introduction of IROs The CSRD introduces the term “IROs”—impacts, risks and opportunities—and requires organisations to
report on the issues defined as material in their DMA.
Target setting Reporting entities must disclose targets for mitigating negative impacts and report progress toward meet-
ing these targets, in addition to disclosing information on the relevant policies and initiatives.
Mandatory assurance Reporting entities must engage limited third-party assurance for all non-financial disclosures.
EU taxonomy The CSRD requires reporting entities to align their sustainability reporting with the EU taxonomy—a clas-
sification system that defines criteria for economic activities that are aligned with the EU’s 2050 net-zero
target and other environmental goals. See Section 4.8.
Compliance with the CSRD and ESRS is multifaceted and involves adherence to other global sustainability frameworks to ensure a high level of
interoperability between EU and global standards and prevent double reporting. Besides the CSRD, CTP reports according to the frameworks
mentioned below.
GHG Protocol The ESRS requires reporting entities to categorise their emissions inventory in line with the Greenhouse
Gas Protocol (“GHG Protocol”). See page 123.
TCFD The Taskforce on Climate-related Financial Disclosures (“TCFD”) is a framework used to inform investors
about a company’s efforts to mitigate climate-related risks.
GRI The Global Reporting Initiative (“GRI”) Standards are the world’s most widely used sustainability reporting
framework.
EPRA sBPR The European Public Real Estate Sustainability Best Practice Recommendations (“EPRA sBPR”) provide a
consistent method for measuring the sustainability performance of real estate companies in Europe.
IIRC The International Integrated Reporting Council (“IIRC”) is a multistakeholder global coalition that develops
recommendations to help companies meet the reporting requirements of the International Sustainability
Standards Board.
Sustainability Reporting:
Overview of compliance
CTP N.V. Annual Report 2024
Sustainability
94
4.1 Highlights 2024
Based on the results of CTP’s 2024 double
materiality process, which was carried
out in accordance with the Corporate
Sustainability Reporting Directive, the
Company has identified as material and
discloses information on the following ESRS
categories:
E1 Climate change
E5 Resource use and circular economy
S1 Own workforce
S2 Workers in the value chain
G1 Business conduct
CTP installs 38MWp of PV capacity, reaching 138MWp
installed
CTP added 38MWp of photovoltaic capacity to its exist
-
ing 100MWp installed. CTP’s solar systems can reduce
CO
2
emissions by 18 tonnes annually.
CTP receives EPRA sBPR most improved award
In September, CTP received a silver medal from the Euro
-
pean Real Estate Association (“EPRA”) for its improved
disclosure quality in line with EPRA’s sustainability Best
Practice Recommendations.
Sustainalytics names CTP “Top-Rated”
CTP has been recognised by Sustainalytics to be Regional
Top-Rated and Industry Top-Rated for its low ESG risk
profile. CTP continuously works to improve the manage
-
ment of ESG risks, decreasing its risk profile.
First CSRD report
CTP’s 2024 Annual Report is prepared in compliance with
CSRD requirements, prior to its promulgation into Dutch
law.
Negligible
Risk
9.3
CTP N.V. Annual Report 2024
Sustainability
95
4.2 Scope and Basis for Preparation
CTP discloses its sustainability impacts
in this Annual Report as mandated by the
CSRD and in accordance with ESRS reporting
requirements.
As required by the CSRD, the scope of reporting is based
on the boundaries and definitions established by the
Greenhouse Gas Protocol (“GHG Protocol”).
As part of sustainability reporting, the CSRD intro
-
duces the term impact, risk and opportunities (“IROs”)
and requires companies to report on both positive and
negative impacts of sustainability-related matters, as
well as the opportunities that such impacts may bring,
as identified in the Company’s double materiality assess
-
ment.
See Section 4.6 for an overview of CTP’s 2024 material
disclosures.
See Section 4.7 for details of CTP’s 2024 material dis-
closures.
4.2.1 Basis for preparation
ESRS 2 BP-1-5 GRI 2-5
Although the CSRD has not been officially transposed
into Dutch law at the time of publication of this Annual
Report, CTP has elected to comply with the CSRD vol
-
untarily. CTP is aware that the presentation of its sus-
tainability statements is subject to Company-specific
and temporary interpretations associated with this early
compliance. These sustainability statements fall under
KPMG’s limited assurance. Disclosures are presented
more granularly, for example by country, where required
by other related sustainability frameworks, i.e., the
International Integrated Reporting Council (“IIRC”),
European Public Real Estate Sustainability Best Prac-
tice Recommendations (“EPRA sBPR”), the Task Force on
Climate-related Financial Disclosures (“TCFD”), and
Global Reporting Initiative (“GRI”). No separation was
prepared based on different entities within the Group,
which is in line with the Group’s consolidated financial
statements. In doing so, CTP fulfils the applicable re
-
quirements of the CSRD.
CTP’s non-financial disclosure boundaries relate to
the Group and its value chain and are based on the fi
-
nancial control consolidation approach. As the Company
does not own any properties in joint ventures, the finan
-
cial control approach provides a comprehensive view of
impacts and aligns with the consolidated financial state
-
ments.
Depending on the topic, CTP’s sustainability disclo
-
sures also cover its value chain.
ESRS E1 For greenhouse gas (“GHG”) emissions,
reporting also includes upstream pur
-
chased goods and services for CTP’s
construction activities, business travel,
and downstream leased assets. While
disclosing GHG emissions, CTP presents
the financial and operational control ap
-
proaches.
ESRS E5 For waste management, CTP reports
on its own operations, including its
corporate offices, common areas at its
parks, and corporate transportation, as
well as on its clients’ operations at the
buildings in CTP’s portfolio.
ESRS S1 For the workforce, CTP discloses
data on employees on the payroll and
non-employees (self-employed
workers).
ESRS S2 For workers in the value chain, CTP re-
ports on the employees of contractors
and subcontractors, primarily in the
construction industry.
ESRS G1 For topics related to business conduct,
CTP reports on its activities and the
value chain where data is available.
Environmental data, including relating to energy, water,
waste, carbon emissions, photovoltaic (“PV”) capacity,
and green lease coverage have been verified and con
-
firmed by an independent third party (Arcadis) in accord-
ance with ISO 14064-3 (guidance for the verification and
validation of greenhouse gas statements).
CTP N.V. Annual Report 2024
Sustainability
96
4.2.2 Additional notifications
4.2.2.1 Specific circumstances
ESRS 2 BP-2-9
CTP deviates from the time horizons suggested within
the ESRS, as the dynamics of its business horizon require
a different view. A one-year, short-term horizon, which is
aligned with the suggested timeline, leads to difficulties
in verifications of consistency and comparability of per
-
formance. However, due to the sector in which CTP oper-
ates, the execution of measures requires consideration
over a longer period. Therefore, medium-term goals are
set for 2030 instead of within five years, and long-term
goals for 2050, which is aligned.
4.2.2.2 Assumptions and estimates
ESRS 2 BP-2-10, ESRS 2 BP-2-11
For the preparation of its 2024 sustainability disclosures,
CTP has calculated estimates for the following metrics:
• Energy consumption and refrigerant losses (Q4 2024,
and unreported floor area in the portfolio) and the re
-
lated GHG emissions
• Embodied carbon emissions (Scope 3 category 1)
• Resource inflows
• Resource outflows
CTP did not collect energy data for Q4 for its buildings,
parks, and corporate offices for its 2024 reporting. The
size of the portfolio and the time of receiving invoices
causes difficulty in calculating Q4 data based on actual
data. To complete 2024 reporting, CTP estimates the en
-
ergy cosnumption, and therefore GHG emissions, for Q4
based on collected data from the first three quarters of
the year.
The calculation of total energy consumption in 2024,
which includes actual and estimated values, was com
-
pared to 2023 results. CTP expects limited discprepan-
cies. If the final 2024 results materially differ from the
estimates, corrected 2024 figures will be presented in
the 2025 Annual Report.
In addition, using collected data, CTP estimates en
-
ergy consumption for part of its portfolio as a basis for
its Scope 3 category 13 emissions.
For estimated embodied carbon emissions (Scope 3,
category 1), CTP uses Life Cycle Assessments (“LCAs”)
conducted in 2023 and before. The emission intensity (kg
of CO2 equivalent) was calculated using these LCAs, and
this figure was extrapolated to estimate emissions from
buildings completed in 2024. CTP intends to conduct
more LCAs for newly constructed buildings.
For estimated resource inflows and outflows in its
construction activities, CTP used available data for 2024
for a select number of buildings completed in 2024. Av
-
erages per sqm were calculated and extrapolated to es-
timate inflows and outflows for all buildings completed in
2024.
4.2.2.3 Changes compared to 2023
ESRS 2 BP-2-13
The latest DMA,
which was conducted in line with CSRD
requirements—whereas the first materiality assessment
was done in line with the GRI
1
—identified resource use
and circular economy (ESRS E5) as material in the cur
-
rent reporting period for construction activities.
Newly identified entity-specific disclosures are relat
-
ed to ESRS S1 Own workforce (recruitment) and ESRS
G1 Business conduct (sustainable design and green cer
-
tification).
Two sub-topics of CTP’s own workforce (employees with
disabilities, and political influence and lobbying activities)
were not found to be material in the 2024 DMA.
4.2.2.4 Restatements
ESRS 2 BP-2-14
After the publication of its 2023 Annual Report, CTP iden-
tified inaccuracies in its reported market-based emis-
sions: energy consumption related to outdoor spaces was
inadvertently omitted from the calculations. In its 2023
Annual Report, CTP disclosed total energy consumption
of 3,461.36 tCO
2
e. The corrected figure, which can also be
found in Section 4.7.1.1.7 of this report, is 3,934.92 tCO
2
e.
2
1 The first materiality assessment conducted in 2022 was not
assured by KPMG.
2 2023 data was not assured by KPMG. Therefore, restatements
are not assured.
CTP N.V. Annual Report 2024
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97
4.2.2.5 Other applicable legislation
ESRS 2 BP-2-15
Beyond the CSRD, on which CTP’s 2024 sustainability
disclosures are based, CTP discloses information in com
-
pliance with the following legislation:
• the relevant provisions of the Dutch Civil Code
(Burgerlijk Wetboek) and the Dutch Financial
Markets Supervision Act;
• the Dutch Corporate Governance Code;
• the Implementation Decree for the CSRD;
• the EU Women on Boards Directive 2022/2381;
• the EU taxonomy, Regulation (EU) 2020/852,
Articles 1, 2.
4.2.2.6 Incorporation by reference
ESRS 2 BP-2-16
Disclosure Section/Page
GOV-1-21 4.7.2.1.11, 5.1.1, 5.1.2.1, 5.5.1/ 135, 164, 172, 195
GOV-1-22 5.2.2.1/175, 176
GOV-2-26 4.3, 5.2.1/98, 173, 174
GOV-3-29 5.2.2.2/177
ESRS 2 GOV-5-36 5.7/203-209
ESRS 2 IRO-2-56 7.4/371-374
ESRS E1-GOV-3-13 5.2.2.2/177
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98
4.3 ESG Oversight
ESRS 2 GOV-1-23, ESRS 2 GOV-2-26
GRI 2-5, GRI 2-12, GRI 2-13, GRI 2-14
CTP’s Board of Directors established
the Sustainability Committee in 2022 to
strengthen and formalise ESG oversight at
the Group level. The committee meets at
least quarterly and prepares the Board for
decision making on sustainability-related
issues, including the skills required in the
Company. The topics identified by CTP’s
2024 DMA provide input for the committee’s
agenda.
Through the Group Head of ESG Management, the Group
Head of Risk Management and Modelling, the Group AML
Compliance Officer, and the Group HR Director, CTP
possesses the sustainability-related expertise required
to oversee its material ESG-related IROs and inform
the senior management as part of their decision-making
process. Through the Sustainability Committee Chair,
CTP can leverage sustainability-related expertise at the
Non-Executive level. See Section 5.1.1 for Ms. Eicker
-
mann-Riepe’s biography.
The Group Heads of the ESG Management and Risk
Management and Modelling departments meet with the
Group CFO and COO weekly to inform them of sustaina
-
bility matters and concerns that require the Board’s at-
tention. The Group Head of ESG is also a regular guest
of the Sustainability Committee to inform them on ESG-
related issues, including physical and transition climate
risks.
For all major transactions—including acquisitions,
land purchases, financing, and lease agreements—CTP
ensures that ESG-related considerations are assessed
as part of the approval process. In their decision making,
the senior management consider, among others, the legal,
technical, and environmental matters included in sustain
-
ability-related due diligence processes.
During the year, the Group Head of ESG reports period
-
ically on the findings of ESG-related risk assessments
and internal controls to CTP’s Board of Directors via
the Sustainability Committee. Based on this reporting,
the Sustainability Committee advises and recommends
actions and targets, which the Board approves. Climate-
related considerations are factored into the remunera-
tion of the Executive Directors. See Section 5.3.2.2 for
more information.
The identified material IROs addressed by the board
during the reporting period, are presented in Section 7.3.1.
Since 2023, CTP publishes the results of its risk
assessments and internal controls in an integrated report,
as in this Annual Report.
CTP N.V. Annual Report 2024
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99
4.3.1 Risk management and internal controls
over sustainability reporting
ESRS 2 GOV-5-36
CTP deploys a multi-layered structure for identifying and
managing risks throughout the Group’s activities, includ
-
ing ESG-related risks.
CTP’s ESG department supports the Risk Manage
-
ment department in identifying and managing ESG-
related risks facing the Group, including those related to
the construction of new buildings, acquisitions, and prop
-
erty management.
The ESG department also interacts with other de
-
partments as well as external stakeholders, coordinates
the collection and management of internal, property-
level data (e.g., relating to emissions, energy consumption,
HR statistics, etc.) and prepares reporting in accordance
with multiple standards, often using external partners for
certification.
As part of the data collected is done manually, human
error is possible. The delivered data is reviewed and ap
-
proved on the country level. These roles are segregated
within CTP’s data collection system, where reporters and
approvers do not have overlapping rights. CTP has inter
-
nal controls in place. During these controls, approved data
is randomly checked against evidence. These controls are
executed at the Group level. Additional internal control
processes require that the collected data is compared
against different periods and that outliers are verified.
Where errors or inconsistencies are identified, correc
-
tions are mandated. Lastly, once a year, as part of report-
ing preparation, CTP invites an external party, different
from the statutory assurer, to review the collected data
as described in Section 4.2.1.
Within the taxonomy of risks established by CTP’s Risk
Management department, which can be found in Section
5.7 of this Annual Report, 49 unique risks, actual and po
-
tential (Level 3), were identified and organised into 19 Risk
Groups (Level 2) based on their similarity and ownership
by different functions, and ultimately into four risk areas
(Level 1).
See Section 5.7 for a detailed description of CTP’s Group-
wide approach to risk management.
See Section 5.2.2 for details on CTP’s Sustainability
Committee and its activities in 2024.
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4.4 CTP’s Strategy, Business Model
and Value Chain
ESRS 2 SBM-1-40, ESRS 2 SBM-1-41, ESRS 2 SBM-1-42
GRI 2-GRI 2-6, GRI 204-1, GRI 308-1, GRI 308-2, GRI 412-3,
GRI 414-1, GRI 414-2
CTP’s business strategy is based on the
development and long-term ownership and
operation of sustainable properties.
CTP pursues its strategy with a business
model consisting of two interconnected
core units that encompass the Group’s main
activities:
Developer where CTP invests in developing
cost-efficient, future-proof buildings,
leveraging its strategically located
landbank; and
Operator where CTP manages and operates its
properties to service its international
client base while maximising value.
CTP is the developer, long-term owner, and operator of a
network of business parks and premium office and mixed-
use projects at over 250 locations in ten European coun
-
tries, from the North Sea to the Black Sea. The Group’s
diverse client roster is comprised of leading international
and domestic companies active across a broad range of
industries and sectors, including e-commerce and logis
-
tics, high-tech manufacturing, and advanced R&D.
CTP’s unique business model is supported by in-
house teams that manage each stage of the Company’s
activities. This includes land acquisition, permitting, legal
support, business development, design and construction,
park and property management, and client aftercare.
At each phase of operations, CTP’s in-house teams
implement the Group’s ESG strategy, which is set to
achieve its sustainability-related targets independent
of specific products, customer groups, or geographical
areas. The Group’s sustainability-related ambitions in
-
clude decarbonising construction activities and the oper-
ations of its standing portfolio. Initiatives in these areas
include reducing the energy consumption of its buildings;
increasing the supply of renewable energy for client and
park operations; procuring construction materials with
low amounts of embedded GHG emissions; following cir
-
cular economy principles, including the use of recyclable
construction materials, recycling onsite, and water reuse
and retention; and providing onsite public transportation
where possible and charging stations for electric vehicles
and bicycles at select park locations.
Client benefits include the ability to lease energy-effi
-
cient space with low-carbon intensity, which helps sup-
port their ESG agendas while driving the growth of their
businesses. Investors and other stakeholders benefit
from CTP’s stable, long-term and sustainability-driven
approach to property development, which is focused on
limiting negative impacts while enhancing the positive
impacts of economic and community growth.
The current volatility of EU legislation and inter
-
pretations thereof, together with different paces of in-
troducing sustainability targets by stakeholders are the
main challenges in implementing actions.
CTP’s upstream value chain consists of multiple sup
-
pliers, providers, and contractors that supply the con-
struction materials required in construction and the con-
tractors who provide construction services.
The main players in CTP’s downstream value chain
are the companies that lease the space that CTP devel
-
ops, owns and operates.
At end-2024, CTP employed 889 people, with the ma
-
jority working in the Czech Republic. See Section 4.7.2.1.8
for an overview per country.
For a breakdown of revenue per country, please re
-
fer to the consolidated financial statements (Section 6).
The Group has applied IFRS 8 “Operating Segments” to
determine the number and type of operating segments.
CTP derives no revenue from activities related to fossil
fuels, chemical production, controversial weapons, or to
-
bacco cultivation.
CTP N.V. Annual Report 2024
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101
Processes
Stakeholders
involved
Processes
All activities
Stakeholders
involved
Primary
activities
Banks, investment funds,
financial authorities, shareholders
CTP employees
Land
acquisition
Design and
permitting
Construction Leasing
Asset/
Property/
Community
management
Building
improvements/
refurbishment
Landowners
(private, compa-
nies, public)
Designers/Local
authorities
General
contractors/
Subcotractors/
Building
materials
suppliers
Clients,
agents
Clients, facility
management,
technical
companies, local
communities
Clients,
construction
companies,
designers,
consultants,
solutions
providers
Financing
Secondary
activities
Value
Value Chain
CTP N.V. Annual Report 2024
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102
4.5 Stakeholder Engagement
ESRS 2 SBM-2-45
Stakeholder engagement is important
for CTP, not solely as part of the DMA
process but as an integral part of the
Company’s business strategy. During an
internal workshop as part of its 2024
DMA, the Company reassessed its relevant
stakeholders and established different
engagement methods for each type to ensure
efficient and appropriate engagement
management. This process provided
input to CTP’s Sustainability Stakeholder
Engagement and Materiality Assessment
Policy, which is available on CTP’s website.
The table on the following page provides an overview of
the stakeholder groups that CTP has identified as part
of the DMA, the purpose of the engagement with each
group, and the methods and frequency of engagement.
Stakeholder feedback is critical to CTP’s DMA pro
-
cess, as the perspectives of the different groups on envi-
ronmental, social, and governance issues help inform the
topics that are material to CTP. In addition to the DMA,
stakeholder feedback is reviewed during strategic plan
-
ning sessions to ensure that their views are reflected in
policies on material topics.
The 2024 DMA shows that stakeholder views are
generally in line with the Company’s strategy and busi
-
ness model. Therefore, no short-term changes are ex-
pected as a result of stakeholder feedback.
CTP’s Board of Directors is informed of stakehold
-
er feedback. The Board is responsible for approving the
material topics informed by stakeholder feedback and
the aforementioned strategic planning sessions, during
which this feedback is discussed.
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103
STAKEHOLDER GROUPS
Stakeholder groups Group interest and purpose of engagement Method of engagement Frequency of engagement
Shareholders, Bondholders Interest in current performance and outlook. Inform. Reporting (in-person) meetings and asset visits. Quarterly/annually.
Banks, Other Financing Institutions Interest in risk related to CTP’s operations and per-
formance. Inform.
Meetings, reporting. On demand.
Rating Agencies Interest in performance metrics. Inform. Reporting and (in-person) meetings. Regular disclosure and on-demand meetings.
Clients and their employees Leasing space, reliability of lesser. Safe working
conditions, career development opportunities, and fair
labour practices. Inform, offer, and manage cooper-
ation.
Direct meetings. On demand, at least annually.
Suppliers and Vendors Stable cooperation. Manage cooperation. Contractual agreements and in-person meetings. Continuous, depending on needs.
Local Authorities Sustainable development and economic growth of
governed areas. Manage cooperation.
In-person meetings. Continuous, depending on needs.
Local Communities Ensuring that development projects benefit the
community, addressing potential disruptions. Inform,
engage.
In-person meetings. Continuous, depending on needs.
Construction-site Neighbours Interest in potential impacts and inconveniences
related to construction sites. Inform and address
concerns.
Information boards at sites, in-person meetings. Depending on needs.
Employees and Contractors Safe working conditions, career development opportu-
nities, and fair labour practices. Manage cooperation.
Inform.
In-person group meetings, country team meetings,
one-on-one meetings.
At least annually.
NGOs, Industry Bodies Best-practice sharing, agenda support. Inform. Membership, financial support, in-kind support, meet-
ings, and event participation.
Continuous, depending on needs.
Regulators Compliance with laws and regulations and contribu-
tion to public policy objectives.
Annual reporting, on demand meetings. Depending on regulatory timelines.
CTP N.V. Annual Report 2024
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104
4.6 Materiality
CTP first carried out a double materiality
assessment of its sustainability impacts,
risks, and opportunities in 2022. In 2024,
CTP updated its material topics through
a new DMA process, integrating CSRD
requirements. As with the 2022 DMA
process, it was led by a third party. Potential
material topics were identified through
desktop research, consisting of ESRS
material topic screening and reviews of peers
and validated through interviews and surveys
with selected CTP stakeholders. The results
were gathered to confirm, and where needed,
adjust the Company’s ESG strategy.
See Section 4.5 for a description of the stakeholder en-
gagement process and a complete list of CTP’s stake-
holders.
4.6.1 Impact of material IROs on business strategy
ESRS 2 SBM-3-48
Material impacts, risks, and opportunities are related to
CTP’s own operations, the construction of its buildings,
including suppliers and providers (upstream), and the use
of buildings by its clients (downstream). Beyond that, the
material IROs have been identified independent of the
location, types of assets, inputs, outputs, or distribution
channels.
Material impacts identified in the 2024 DMA
Based on the results of the 2024 DMA, the following
ESRS topics are material for CTP, either through im
-
pacts, risks, or opportunities (“IRO”), or a combination
thereof:
E1 Climate change
E5 Resource use and circular economy
S1 Own workforce
S2 Workers in the value chain
G1 Business conduct
CTP’s strategy and business model are frequently re-
viewed and material topics are discussed and addressed
to ensure that operations and Company growth are sup
-
ported through incorporation into decision-making pro-
cesses. Currently, CTP does not foresee material effects
on its value chain.
See Section 7.3.1 for a complete overview of the ma
-
terial IROs, including whether they are positive or nega-
tive, actual or potential, and their time horizon.
For more information on how CTP manages its mate
-
rial IROs, see Section 4.7. For financial information relat-
ed to financial effects of the undertaking’s material risks
and opportunities, see Section 4.7.1.1.8.
See Section 7.4 for the full ESRS content index.
The outcome of the 2024 DMA is an important input
for CTP’s strategy and informs its implementation. The
2024 DMA identified material topics, including environ
-
ment, social, and governance-related matters, which are
reflected in CTP’s strategy and business model.
4.6.2 The Process of Identifying IROs
ESRS 2 IRO-1-51, ESRS 2 IRO-1-53, ESRS 2 IRO-2-56, ESRS 2 IRO-2-59
The method applied for the identification of impacts,
risks, and opportunities (“IROs”) during the 2024 DMA
is based on the principles in the ESRS and the availa
-
ble implementation guideline on materiality assessment
published by the European Financial Advisory Reporting
Group (“EFRAG”) in May 2024.
1
1 https://www.efrag.org/Assets/Download?assetUrl=/sites/
webpublishing/SiteAssets/IG+1+Materiality+Assessment_
final.pdf
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105
THE DOUBLE MATERIALITY ASSESSMENT WAS CONDUCTED IN
THREE STEPS:
Step 1 Understanding of the business context
• mapping business activities, value chain,
and stakeholders
• prioritising stakeholders and developing
engagement plans
Step 2 Identification of potential and actual IROs and
assessment of the impact and financial
materiality (long list)
• defining assessment criteria and
thresholds
• reviewing existing process for IROs;
• identifying actual and potential IROs by
dedicated workgroups
• conducting impact and financial
assessment for identified IROs by
dedicated workgroups
Step 3 Determination of material sustainability
matters and IROs (short-list)
• conducting stakeholder engagement
• analysing stakeholder engagement
results and prioritising material topics
• validating results by dedicated workgroup
• aggregating the outcome of the impact
and financial materiality
During the DMA process, no focus was placed on any spe-
cific activities, geographies, etc., that give rise to height-
ened risk of adverse impacts.
For individual ESRS topics, working groups were
formed to identify and assess IROs. These groups consist
of individuals with roles and expertise within the business
units relevant to the topic. Internal and external stake
-
holders were engaged to provide insights into the IRO
identification and assessment outcome, including, among
others, employees, clients, investors, and suppliers. This
process was led by external experts.
The working groups validated the long list of IROs af
-
ter considering the views of the different stakeholders.
This validation led to a scoring mechanism for the follow
-
ing criteria for impacts: scale, scope, irremediable char-
acter (for negative impacts), and likelihood of occurrence;
and for risks and opportunities: likelihood of occurrence,
and potential magnitude of financial effects. The scores
assisted in the creation of the overview of topics mate
-
rial for CTP (the short-list). The classification proposed
in the Materiality Assessment Implementation Guidance
(MAIG) published by EFRAG was used to determine mate
-
rial IROs. The material topics were verified and approved
by the Board of Directors, according to CTP procedure.
SCORING OF IROs
Impacts A score from 1 to 4 was applied for each impact,
where 1 indicates “insignificant impact”, and 4
indicates “extreme impact”.
1 Insignificant impact
2 Mild impact
3 Significant impact
4 Extreme impact
For actual and potential positive impacts, the materiality assess-
ment was based on its severity, consisting of its scale and scope
multiplied by the likelihood. For actual and potential negative
impacts, the materiality assessment was based on its severity,
including scale, scope and irremediable character multiplied by the
likelihood.
All impacts have been analysed for potential conversion into risks
and opportunities, and vice versa.
Risks and
opportunities
Criteria for risks and opportunities were scored
from 1 to 5 based on likelihood of occurrence and
potential financial impact..
Likelihood of
occurrence
Potential financial
magnitude
1 “not applicable” impact below
€1 million
5 “occurred/may oc-
cur within one year”
(reporting period
applicable for actu-
al impacts).
impact above
€40 million
Financial thresholds, as stated above, are consist-
ent with thresholds used in CTP’s risk management.
See Section 5.7 for more information about CTP's risk
management.
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106
4.7 ESG: Material Disclosures
and Strategy
CTP structures its material ESRS
disclosures—including impacts, risks,
opportunities and targets—in line
with its ESG strategy, which systemises
the Company’s approach towards
sustainability-related topics within four
conceptual pillars.
CTP’s ESG strategy informs and aligns with the Group’s
overall long-term business strategy. It includes areas
identified in the 2024 DMA as material and non-material
under the ESRS.
The 2024 DMA identified material topics that are
part of and disclosed under ESG strategy pillars 1, 2 and
3 and presented as material in Section 4.6.
Pillar 4, while not containing material ESRS topics in
2024, is presented as an integral part CTP’s ESG strate
-
gy and overall long-term business strategy.
See Section 7.3.1 for the list of other non-material
disclosures.
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107
ERS MATERIALITY
CTP’S ESG STRATEGY
Pillar 1: Striving to Be Climate Positive E1, E5
Pillar 2: Stimulating Social Impact & Well-being S1, S2
Pillar 3: Conducting Business with Integrity G1
Pillar 4: Embedding Parks in Communities
ESG: Material Disclosures and Strategy
Voluntary
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108
Pillar 1:
Striving to Be Climate Positive
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109
4.7.1 Pillar 1: Striving to Be Climate Positive
CTP’s ESG strategy pillar “Striving to Be Climate Posi
-
tive” contains all environmentally related ESRS material
disclosures identified in the Group’s 2024 DMA process—
including positive and negative impacts, risks, opportuni
-
ties, targets, related Group policies and potential financial
impacts of environmental risks. CTP discloses material
impacts in 2024 under the following ESRS categories:
E1 Climate change
E5 Resource use and circular economy
These categories include areas such as energy efficiency,
renewable energy, the reduction of operational and em
-
bedded GHG emissions, and climate adaptation and re-
silience.
4.7.1.1 ESRS E1 – Climate change
CTP’s ESG-related ambition is to become climate-posi
-
tive in all its activities, including development, property
management, and corporate operations by 2050. CTP is
committed to having a positive, long-term impact on the
environment, including the climate.
4.7.1.1.1 Transition plan for climate change
mitigation
E1-1-14, E1-1-16
In its climate change mitigation targets, CTP shares the
ambition to be compatible with the Paris Agreement. The
degree to which the Group is successful in realising this
ambition is dependent on developments related to the
decarbonisation of construction materials, country ener
-
gy mix, and developments in the renewable energy space.
CTP’s decarbonisation levers include decarbonising the
energy mix by producing solar energy and purchasing re
-
newable energy, green leases, and decarbonising build-
ings by using greener materials in construction and in-
creasing building energy efficiency (EPC levels). For more
information, refer to Section 4.7.1.1.4 of this report.
CTP develops photovoltaic systems on its build
-
ings. On average, CTP spends €750,000 to develop one
MWp of photovoltaic energy. Each MWp is expected to
produce 1,000MWh of energy, leading to a reduction of
473kgCO2e1 for each MWh.2 The development of pho
-
tovoltaic systems is subject to a business-case analysis
and required CapEx is considered investment CapEx. CTP
is using a dedicated loan from the European Investment
Bank to support the development of renewable energy
systems.
1 Emission calculation specific to CTP
2 re.jrc.ec.europa.eu/pvg_tools/en/
Improvements to existing buildings are based on business
needs and current EPC levels. CTP aims to maintain an
EPC C rating or higher for at least 90% of buildings kept
in the portfolio by 2030. As at end-2024, an analysis of
CTP’s portfolio indicated 13 buildings (approximately
170,000 sqm) requiring ESG CapEx to improve energy
performance. Current required CapEx is estimated, based
on several representative case studies, to be approxi
-
mately €7 million. The German portfolio was not covered
by a performance analysis, which will occur in 2025, due to
its structure. CTP monitors the EPC expiry schedule in its
portfolio and analyses case by case for investment needs.
CTP’s business strategy is to maintain a high-quality,
energy-efficient portfolio, and capital is allocated to en-
sure a positive outcome.
Locked-in emissions are related emissions embodied
in building materials. CTP intends to reduce these emis
-
sions through the procurement of low-carbon materials
and design optimisation. Locked-in emissions are vital to
the transition plan, and a target is set to reduce these
emissions.
CTP’s ambition is to develop new buildings in align
-
ment with EU taxonomy activity 7.1 Construction of New
Buildings, and through this increase the share of CapEx.
At the same time, CTP improves its standing portfolio to
align these buildings with EU taxonomy activity 7.7 Ac
-
quisition and ownership of buildings, thereby increasing
the aligned revenue and OpEx related to these properties.
See Section 4.8 for more details on the EU taxonomy.
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CTP is not excluded from EU Paris-aligned Benchmarks
in accordance with the criteria stated in Articles 12.1 (d)
to (g) and 12.2 of the Climate Benchmark Standards Reg
-
ulation.
CTP is a long-term owner. Buildings developed by
CTP are designed to serve the current needs of its clients,
provide them opportunities to grow, and where needed
can also be adjusted to adapt if clients’ needs change.
It is in CTP’s interest to develop high-quality and ener
-
gy-efficient buildings that will require limited capital ex-
penditure during their lifetime. That implies the use of
high-quality materials and solutions. Improvement of the
standing portfolio is also part of day-to-day business to
ensure offering attractive spaces for clients. In addition
to these activities, CTP develops rooftop photovoltaic
systems to provide renewable energy to its clients as a
source of revenue.
CTP’s Transition Plan for Climate Change Mitigation
is approved by the Board of Directors. The Sustainability
Committee monitors progress on its execution, while GHG
emissions, EPCs, and other targets are reported annually
through the Annual Report.
4.7.1.1.2 Material IROs relating to climate and their
impact on strategy and business model
E1-SBM-3-18, E1-SBM-3-19, E1-IRO-1-20, E1-IRO-1-21
GRI 3-3, GRI 201-2
CTP’s 2024 DMA process identified three climate-
related ESRS sub-topics as material for CTP’s business
strategy and business model:
E1 – Climate change
Climate change adaption
Climate change mitigation
Energy
As part of its 2024 DMA process, CTP identified physi-
cal and transition risks relating to the above-mentioned
sub-topics of climate change. Physical risk is the poten
-
tial for climate-related negative impacts to people, prop-
erty and productivity. Transition risk is the potential for
negative impacts for businesses arising from the transi
-
tion from carbon-based fuels to renewable energy. While
analysing risks, different climate change scenarios were
taken into account. The focus of the analysis was on the
aspects that can affect CTP’s business operations, such
as extreme weather conditions, chronic climate change,
upcoming legal requirements, etc. As input, CTP used
MCSI climate models and the European legal landscape.
CTP N.V. Annual Report 2024
Sustainability
111
The EU’s Corporate Sustainability Reporting Directive (“CSRD”) introduces the term impacts, risks and opportunities (“IROs”) and requires
companies to report on both positive and negative impacts of climate-related risks, as well as the opportunities that such impacts may bring,
as identified in the company’s double materiality assessment.
In general, climate change includes a range of threats, from extreme weather events to long-term changes to climate patterns. For compa-
nies, climate risk is the potential negative influence of climate change on financial performance. This can materialise in numerous ways and
affect supply chains and infrastructure as well as an organisation’s own assets.
As defined by the Taskforce on Climate-related Financial Disclosures (“TCFD”), for reporting purposes there are two types of climate risk:
physical and transition.
Physical risk Physical risk is the potential for climate-related negative impacts to people, property and productivity.
Risks are acute (extreme weather events) or chronic (long-term changes to climate patterns). Negative
impacts include direct costs for repair/replacement of damaged assets and indirect costs related to supply
chain disruptions and other business interruptions.
Transition risk Transition risk is the potential for negative impacts for businesses arising from the transition from car-
bon-based fuels to renewable energy. In addition to costs related to decarbonisation, there are several types
of transition risk, including changes to regulatory rules, carbon pricing and litigation.
Physical and transition risks are closely linked: an increase in a physical risk implies an increase transition risk, whether or not the reporting
entity mitigates physical risks by decarbonising its operations. Considering both physical and transition climate risks across different time
periods and scenarios enables companies to make informed decisions to mitigate negative climate-related impacts, identify opportunities, and
strengthen resiliency.
Opportunity Efforts by organisations to mitigate and adapt to negative climate-related impacts create new business
opportunities, including through the increase of resource efficiency, the procurement and use of renewable
sources of energy and low-emission supplies, the development of new products or services, access to new
markets, and the strengthening of supply chains.
Resiliency The concept of climate resilience involves an organisation’s adaptive capacity to respond to climate change
to better manage the associated risks and seize opportunities. Resilience is especially relevant for entities
with long-lived fixed assets or extensive supply or distribution networks; those that depend critically on
utility and infrastructure networks or natural resources; and those that may require longer-term financing
and investment.
Climate Change: Impacts, risks,
and opportunities (“IROs”)
CTP N.V. Annual Report 2024
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112
Physical risks relating
to climate
CTP’s 2024 DMA identified physical
climate risks relating to an increase
in frequency and intensity of extreme
weather events, such as flooding, high
temperatures, or inclement weather,
impacting CTP’s owned and managed
buildings, as such events could lead to
a potential increase of costs relating to
physical damage to the Group’s assets
and the surrounding infrastructure.
To evaluate the likelihood and severity
of such events, CTP uses third-party
platforms to analyse its entire portfolio,
including all locations in the countries
where CTP operates. This platform uses
different Representative Concentration
Pathway (“RCP”) models made available
by the Intergovernmental Panel on Climate
Change (“IPCC”). In its analysis, CTP con-
sidered the results of the least and most
extreme scenarios (RCP 2.6 with a 1.5°C
limit and RCP 8.5 with a 4.3°C limit) with
a time span up to the year 2050.
See Section 4.7.1.1.1 for more informa-
tion related to CTP’s Transition Plan for
Climate Change Mitigation. See Section
4.7.1.1.5 for more information related to
CTP’s targets.
Transition risks relating
to climate
The 2024 DMA identified two transition
climate risks: new taxation on GHG emis-
sions, and market pressure for low-emis-
sion buildings.
See Section 4.7.1.1.1 for more informa-
tion related to CTP’s Transition Plan for
Climate Change Mitigation.
1) New taxation on GHG emissions
The first potential material transition
risk relates to the introduction of new
taxes on GHG emissions through the Eu-
ropean Union Emissions Trading System
2 (“EU ETS2”) and the Cross-Border
Adjustment Mechanism (“CBAM”).
EU ETS2 expands the European emis-
sions trading system to purchased fuels
used in buildings, road transport, and
other sectors. The added cost of emission
rights is expected to increase fuel costs,
affecting heating and construction mate-
rial costs.
CBAM, which will go into full effect in
2026, introduces a carbon tax on car-
bon-intensive materials imported into
the EU based on their embodied carbon
footprint. This is expected to affect the
construction industry in Europe.
There is uncertainty whether and how the
mentioned legislation will be implemented
by the European Union. CTP is monitoring
the status.
No material impacts on the strategy and
business model are expected.
2) Market pressure increasing for
low-emission buildings
The second potential material transi-
tion risk relates to growing regulatory
pressure and requirements from clients
and financial institutions for buildings to
be less emission intense. This can lead
to increased upfront investments to
ensure that CTP continues to meet the
requirements of its clients and financial
institutions.
See Section 7.3.1 for a complete overview of CTP’s mate-
rial IROs, including physical and transition risks.
CTP assess impacts related to direct and indirect
GHG emissions throughout its value chain in accordance
with the GHG Protocol (Scopes 1, 2 and 3).
The resilience of CTP’s business model and strategy
is assessed through the monitoring of climate risks and
ongoing conversations with clients, which leads to the
identification of new business opportunities with existing
clients that affects the short-, medium- and long-term
strategy. CTP serves a group of nearly 1,500 clients oper
-
ating in different industries, with a portfolio of over 250
parks in 10 countries across Europe. This diversification
makes CTP resilient, and therefore the Company sees
no major risks that could affect its value or profitability.
The assumption for CTP’s strategy is that the trend of
transitioning towards a low-carbon economy by increas
-
ing renewable energy in the energy mix will remain. CTP
deploys existing technologies to execute its strategy, as
-
sumes gradual improvements in efficiency, and does not
consider unproven technologies. This applies to the ex
-
isting portfolio through continuous improvement and new
developments through the incorporation of requirements
that go beyond legal requirements.
CTP primarily uses green and sustainable financ
-
ing through green bonds and sustainability-linked loans,
which incorporate multiple sustainability-related re
-
quirements, to finance its existing portfolio and new de-
velopments.
CTP N.V. Annual Report 2024
Sustainability
113
4.7.1.1.3 Policies related to climate
E1-2-22, E1-2-24, E1-2-25
CTP’s Environmental Policy objective is to create a sys-
temised approach towards environmental matters and
propose relevant actions. The policy covers the mate
-
rial topics related to climate change mitigation, climate
change adaptation, energy efficiency, and renewable
energy.
The policy, which was updated in 2024, covers all op
-
erations and activities of the Group and environmental
aspects in its value chain, including materials and build
-
ings in the portfolio, thereby addressing suppliers, inde-
pendent of the geographical area. CTP’s clients are also
addressed through cooperation on the improvement of
energy efficiency. The Board of Directors is responsible
and accountable for implementing the policy.
Through the implementation of ESG project require
-
ments as well as collecting feedback from clients, CTP
monitors the progress of its actions.
The ISO 14001 and 50001 management systems are
part of the policy, and key stakeholders are considered in
the policy.
CTP’s Environmental Policy can be found on the Com
-
pany’s website.
4.7.1.1.4 Actions taken by CTP related to climate
E1-3-26, E1-3-28, E1-3-29 GRI 3-3
As part of its long-term business strategy, in 2024 CTP
continued and strengthened its commitment to the fol
-
lowing decarbonisation levers as part of its ESG strategy
to reduce its climate impact. Due to the nature of CTP’s
climate impacts through CO
2
emissions, the ability to re-
mediate these impacts is limited. Therefore, CTP focus-
es on the reduction of emissions to reduce the impact of
these emissions. The following table describes the decar
-
bonisation levers identified, and the actions taken in 2024
and to be taken in the future, with a detailed description
of remedies for these impacts. For time horizons related
to these actions, see Section 4.7.1.1.5.
CTP considers the financial resources required for
the execution of the actions described in the following
table as part of its business-as-usual expenses, unless
specified in the table.
CTP N.V. Annual Report 2024
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114
Increasing the volume of renewable energy consumed within its
portfolio is an important decarbonisation lever for CTP. This is sup-
ported by client demand through increasing requests for 1) rooftop
solar power installations on leased buildings, and 2) the procure-
ment of renewable energy.
Solar energy
installation
CTP continued expanding its existing rooftop
photovoltaic (“PV”) installations on its buildings
in 2024 to deliver renewable energy to its clients
and the grid, with 38 MWp of new PV generating
capacity installed during the year, for a total of
138 MWp installed. The expansion of CTP’s PV
installations, which remains ongoing until its
targets are met, takes place across the Group’s
portfolio independent of geographical location.
Depending on the applicable local regulations,
clients can be directly supplied with the solar en-
ergy produced onsite, leading to lower emissions
in their operations, or the produced solar energy
is fed into the grid, which reduces the emission
factor. The operation of all installed solar sys-
tems is expected to bring an annual reduction of
65,253 tCO
2
e.
1
CTP spends €750,000 to develop one MWp of
photovoltaic energy. The pace of new instal-
lations depends on the positive evaluation of
individual business cases. To finance these ac-
tions, CTP secured a €200 million loan from the
European Investment Bank. The OpEx related to
solar systems is incorporated into the calcula-
tion of each individual business case.
1 Based on the average emission of CTP buildings.
2 Contracts controlled by CTP
3 Calculations based on emissions intensities at CTP buildings.
Renewable
energy
procurement
As part of its business, CTP is responsible for
maintaining a portion of the energy contracts
for its clients, in addition to its energy needs for
corporate operations. Where electricity energy
needs are not met with production by its onsite
PV installations, CTP increases the volume of
purchased renewable energy. The efforts taken
in 2024 enabled CTP to achieve 62% renewable
electricity consumption2 at year end. These
efforts will continue over the coming years
until CTP’s targets are met. Renewable energy
procurement occurs across CTP’s portfolio inde-
pendent of geographical location. The expected
outcome is a reduction of the Group’s Scope
2 and Scope 3 category 13 emissions, thereby
positively impacting CTP’s own operations as
well as those of its clients. The procurement of
renewable energy is expected
to bring an annual reduction of 147,722 tCO
2
e
3
This action does not require any CapEx. CTP
does not see an impact on OpEx. The volatility
in energy prices is not dependant on whether
energy is renewable or not, rather it is affected
by other aspects.
Another critical lever for CTP in its efforts to reduce the energy
consumption and GHG emissions relating to its standing portfo-
lio is increasing the Energy Performance Certificates (“EPCs”) of
its buildings. The importance of EPCs increased in 2024, as CTP
expanded its GHG emission reduction targets to cover Scopes 1 and
2 and Scope 3 category 1 (see Section 4.7.1.1.4). As at end-2024,
72% of CTP’s GLA was covered by EPCs with a level C rating or
higher. This includes standing buildings that are certifiable and not
earmarked for demolition or major refurbishments. Estimation of
annual GHG emission reductions stemming from this lever would be
highly inaccurate due to the nature of the certification and the type
of buildings in CTP’s portfolio. CapEx related to EPC improvement
is considered, to a great extent, as business as usual through the
continuous technical improvement of the portfolio. The dedicated
CapEx and more details can be found in Section 4.7.1.1.1.
CTP also considers green leases to be an effective lever, as these
lead to collaboration with clients and, among others, enables CTP to
create a better overview of its Scope 3 category 13 emissions, based
on which it can make improvements to its portfolio. It is considered
to be an enabler of emissions reductions; CTP does not see direct
GHG emissions reductions stemming from green lease clauses. No
CapEx or OpEx is required.
See Section 4.7.3.1.10 for details relating to green leases.
CTP works on an ongoing basis with its suppliers to increase the
amount of construction materials procured with low embedded
GHG emissions as another important decarbonisation lever. Ad-
vancement of calculations and data collection will give insight into
emission reductions in the coming years. CTP’s developments are
to a great extend financed by green bonds and sustainability-linked
loans. The introduction of green materials is priced into new devel-
opment CapEx. Therefore, CTP does not foresee CapEx dedicated
to this action.
CTP N.V. Annual Report 2024
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115
4.7.1.1.5 Climate targets
E1-4-30, E1-4-33, E1-4-34
The table on this page shows the climate-related tar-
gets defined by CTP for 2030, considered its critical in-
terim targets. In 2024, CTP adjusted its GHG emission
reduction targets to cover emissions that the Company
has direct control over as well as to emissions where the
Company can influence outcomes, i.e., Scopes 1 and 2 and
Scope 3 categories 1 and 13. Levels set for GHG reduction
targets are based on the estimated capacity to progress
in these areas and are designed to meet CTP’s ESG ambi
-
tion of achieving carbon neutrality by 2050 in line with the
Paris Agreement. To achieve these targets, CTP makes
limited use of new technologies, and the focus lies with
existing technologies. Emission reduction requires close,
long-term cooperation with the value chain, subject to
economic volatility. This involves cooperation with con
-
struction material suppliers, the evolution of client expec-
tations, and the impact of the energy production mix in
each country.
Compared to its 2023 report, CTP has changed sev
-
eral targets. The emissions targets are set to support the
reduction of CO
2
emissions from CTP’s operations, supply
chain (e.g., building materials), and client operations (e.g.,
energy-efficient buildings).
Input for setting the targets was collected from ex
-
ternal stakeholders. In setting its targets, CTP involved
internal and external stakeholders. CTP has set its tar
-
gets based on current technology available and an ap-
proach based on current trends and possibilities.
CTP tracks the effectiveness of policies through year-
on-year comparisons of emission data for the Group.
CLIMATE TARGETS
Base Year (2023) 2024 2030 Target
Scope 1&2 emissions revenue intensity reduction [kgCO
2
e/EUR] (market-based
intensity by gross rental income)
0.000014 -30%
Embodied carbon intensity (kgCO₂e/m2) 476 476 -20%
% of renewable electric energy of CTP’s and tenants’ electric energy mix 64 62 90
Installed Capacity PV (MWp) 100 138 400
Share of GLA covered by EPC C or higher 51% 72% 90%
CTP’s combined Scope 1 and 2 emissions targets are ex-
pressed in intensity (kgCO
2
e/EUR), where Scope 2 is mar-
ket-based. For targets related to Scope 3, CTP limits it-
self to embodied emissions in category 1, applicable to the
upstream value chain (building material suppliers), and
in category 13, applicable to the downstream value chain
(clients), through EPC energy efficiency levels, to the ex
-
tent that CTP can influence them. Current cover is 100%
of Scope 1 and 2 emissions, and all embodied emissions in
Scope 3 category 1. The targets are formulated in a way
that they directly or indirectly impact all of CTP’s emis
-
sions. These targets are a result of all decarbonisation le-
vers mentioned in Section 4.7.1.1.4. The results for 2024
can be found in Section 4.7.1.1.6 of this report.
CTP chose 2023 as the base year for its 2024–2030
emission reduction targets due to significant changes
and improvements made that year in data collection. For
emissions in Scope 3 category 1, data was available for the
first time in 2023. The figures for the baseline are shown
in the table above.
Lever-related targets, i.e., decarbonisation through re
-
newables, installed PV capacity, and EPCs, are absolute
and not relative to a starting point. The progress on these
targets can be found in Section 4.7.1.1.6 and 4.7.1.1.7 of
this report.
CTP tracks the effectiveness of policies through
year-on-year comparisons of emission data for the
Group.
CTP N.V. Annual Report 2024
Sustainability
116
ENERGY CONSUMPTION
Energy consumption and mix (operational control)
Comparative
(2023) 2024
(1) Fuel consumption from coal and coal products (MWh) - -
(2) Fuel consumption from crude oil and petroleum products (MWh) 15,819 13,589
(3) Fuel consumption from natural gas (MWh) 727 2,033
(4) Fuel consumption from other fossil sources (MWh) - -
(5) Consumption of purchased or acquired electricity, heat, steam,
and cooling from fossil sources (MWh) 8,072 9,402
(6) Total fossil energy consumption (MWh) (Calculated as the sum of lines 1-5) 24,618 25,024
Share of fossil sources in total energy consumption (%) 89% 83%
(7) Consumption from nuclear sources (MWh) - -
Share of consumption from nuclear sources in total energy consumption (%) 0% 0%
(8) Fuel consumption from renewable sources, including biomass (also comprising industrial and
municipal waste of biologic origin, biogas, renewable hydrogen, etc.) (MWh)
- -
(9) Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable
energy (MWh)
2,909 5,271
(10) The consumption of self-generated non-fuel energy (MWh) 60 29
(11) Total renewable energy consumption (MWh) (calculated as the sum of lines 8-10) 2,969 5,300
Share of renewable sources in total energy consumption (%) 11% 17%
Total energy consumption (MWh) (Calculated as the sum of lines 6, and 11) 27,587 30,323
4.7.1.1.6 Energy consumption
E1-5-35, E1-5-37, E1-5-38, E1-5-39, E1-5-40, E1-5-41, E1-5-42,
E1-5-43
CTP’s energy consumption reported in this section
relates to:
• corporate offices;
• common areas at parks;
• buildings in the portfolio, limited to the areas under
CTP’s control;
• corporate vehicles;
• corporate airplanes.
Fuel consumption data for CTP’s vehicles and airplanes
was collected in litres and kilograms, respectively. For
each, the caloric value is recalculated into kWh. In some
countries, fuels other than for cars and airplanes are col
-
lected in GJ and cubic metres, which are also converted
into MWh.
Data for Q4 2024 was estimated by extrapolating
actual data for the first three quarters of the year. In
addition, CTP collects consumption data during the year
from across its portfolio as a source for the calculation
of GHG emissions. By end-2024, approximately 80% of
the consumption data from the portfolio was delivered,
requiring extrapolation to cover the floor area for which
no data was made available.
In 2024, CTP produced 36,785 MWh
1
of renewable
energy through the PV panels installed on its buildings.
CTP presents energy consumption as per operational
control.
Q1-Q3.1
CTP N.V. Annual Report 2024
Sustainability
117
CTP derives more than 99% of its revenue from sections
F (construction) and L (real estate activities) as men
-
tioned in Regulation (EC) No 1893/2006.
1
These sections are considered high climate impact
sectors. As the remaining part of the revenue is statis
-
tically negligible, it has been included in the Company’s
energy intensity calculations.
The denominator for energy intensity is total revenue.
In addition to the assurance provider, reported data in
this section (energy consumption, refrigerant losses, and
respective GHG emissions excluding intensities) is vali
-
dated by Arcadis in accordance with ISO 14064-3:2019.
The process includes review of a sample and review
against underlying evidence, verifying the correctness of
the calculations and results.
The 16% reduction from 2023 to 2024 is driven most
-
ly by an increase in net revenue.
ENERGY INTENSITY
Energy intensity per net revenue (operational control) 2023 2024 % N / N-1
Total energy consumption from activities in high climate impact sectors per net
revenue from activities in high climate impact sectors (MWh/€)
0.000041 0.000035 −16%
NET REVENUE
Net revenue from activities in high climate impact sectors used to calculate energy intensity €870,800,000.00
Net revenue (other) €-
Total net revenue (Financial statements) €870,800,000.00
1 eur-lex.europa.eu/legal-content/EN/TXT/
PDF/?uri=CELEX:32006R1893
CTP N.V. Annual Report 2024
Sustainability
118
The CSRD requires companies to report on greenhouse gas emissions using data points established by the Greenhouse Gas Protocol (“GHG
Protocol”)—a multi-stakeholder initiative to assist countries and companies to account for, report and mitigate greenhouse gas emissions
with a set of global standards. The GHG Protocol “Corporate Accounting and Reporting Standard” provides a step-by-step guide to quantify
and report GHG emissions across a company’s value chain and classifies emissions under three distinct categories, or Scopes, which define the
boundaries for the accounting of inventories of GHG emissions.
Scope inventory and boundaries Overview of CTP reporting
Direct Emissions Scope 1 Direct emissions from owned or
controlled sources. These relate
mainly to the energy consumed
at the reporting entity’s build-
ings and fuel use for company
vehicles.
• energy consumption at CTP’s corporate offices
• energy consumption at buildings leased to clients
• fuel consumption of CTP’s corporate vehicles
and aircraft
Indirect Emissions Scope 2 Indirect emissions related to
purchased energy for buildings
and vehicles. Emissions are
accounted for in the reporting
entity’s Scope 2 inventory as
they result from the organisa-
tion’s energy use.
• emissions relating to energy for corporate offices
• emissions relating to energy for buildings leased to
clients
• emissions relating to fuel consumption of CTP’s vehicles
and aircraft
Scope 3 Value chain emissions. These are
indirect emissions (not covered
in Scope 2) that occur in the val-
ue chain of the reporting compa-
ny, including both upstream and
downstream emissions. Scope 3
is broad but in general includes
emissions relating to purchased
goods and services, transpor-
tation costs, and related waste
disposal.
• emissions relating to the production of materials
procured for construction activities
• emissions relating to transportation costs of materials
• emissions relating to waste disposal in connection with
the production of construction materials
The Greenhouse Gas Protocol
and the three Scopes
CTP N.V. Annual Report 2024
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119
What is a value chain? For sustainability reporting, a company’s value chain includes all goods and services in its upstream (suppli-
er) and downstream (customer) activities. Under the GHG Protocol, Scope 3 value chain emissions encom-
pass the product lifecycle emissions associated with the production and use of a specific product from
cradle to grave, including emissions from raw materials, manufacturing, transport, storage, sale, use and
disposal.
Upstream Downstream
Indirect GHG emissions relating mainly to
interactions with suppliers
Indirect GHG emissions relating mainly to interactions with
customers.
• Purchased goods and services • Transportation and distribution of products/materials
• Capital goods • Processing of sold products/materials
• Fuel and energy-related activities • Use of sold products/materials
• Transportation and distribution • End-of-life treatment of sold products/materials
• Waste generated in operations • Leased assets
• Business travel • Franchises
• Employee commuting • Investments
• Leased assets
Main impact areas of CTP’s
value chain
• Production, waste disposal, and transport of
construction materials
• Energy consumption at buildings leased to clients
See Section 4.4 for more information on CTP’s value chain.
See Section 4.7.1.1.3 for more information on CTP’s Environmental Policy.
CTP N.V. Annual Report 2024
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120
4.7.1.1.7 Greenhouse gases
E1-6-44, E1-6-46, E1-6-47, E1-6-48, E1-6-49, E1-6-50, E1-6-51,
E1-6-52, E1-6-53, E1-6-54, E1-6-55
CTP’s GHG emissions have been calculated in accordance
with the GHG Protocol. CTP presents GHG emission data
using the financial control approach as required by the
ESRS and the operational control approach commonly
used in the real estate industry.
The GHG emissions disclosed in this Annual Re
-
port relate to the Group and its value chain in relation
to purchased goods and services, which are focused on
the materials CTP uses for construction activities; and
to downstream leased assets, which focus on emissions
as a result of client operations. See Section 4.4 for more
information on CTP’s structure.
Using publicly available emission factors, CTP converted
all energy consumption to tCO
2
e. Emission factors were
obtained from carbonfootprint.com (for electricity) and
the United Kingdom Department for Environment, Food
& Rural Affairs (“DEFRA”) (for fuels). For district heat
-
ing, CTP uses data from relevant ministries of the Czech
Republic, Germany, and Poland. For refrigerant losses,
the Company uses the GHG Protocol list. These sources
were applied across Scopes 1, 2, and 3 and were chosen as
they are reputable and publicly available.
Data for Q4 2024 was estimated by extrapolating
actual data for the first three quarters of the year. Q4
was calculated as the mathematical average of Q1–Q3
and added to Q1–Q3 to calculate full-year data.
CTP obtained energy consumption data from 80%
of its portfolio. Therefore, estimates have been made
to ensure 100% portfolio representation. Data was
extrapolated by calculating the energy intensity for each
country using obtained data and multiplying this with the
floor area for which no data was obtained. The extrapola
-
tion together with an increase in emission factors are the
main drivers of the increase in reported emissions.
GHG EMISSIONS FINANCIAL CONTROL (CSRD/ESRS)
Retrospective
Base year
(2023) N (2024) % 2024 / 2023
Scope 1 GHG emissions
Gross Scope 1 GHG emissions (tCO
₂
e) 101,075 95,686 −5%
Percentage of scope 1 GHG emissions from regulated emission trading schemes (%) 0% 0% -
Scope 2 GHG emissions
Gross location-based Scope 2 emissions (tCO₂e) 277,434 507,702 83%
Gross market-based Scope 2 GHG emissions (tCO₂e) 217,617 299,575 38%
Significant Scope 3 GHG emissions
Total Gross indirect (Scope 3) GHG emissions (tCO₂e) 213,492 371,550 74%
1 Purchased goods and services 213,308 370,525 74%
6 Business travel 184 1,024 455%
13 Downstream leased assets N/A N/A
Total GHG Emissions
Total GHG emissions (location- based) (tCO₂eq) 592,002 974,938 65%
Total GHG emissions (market- based) (tCO₂eq) 532,184 766,811 44%
CTP N.V. Annual Report 2024
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121
GHG EMISSIONS OPERATIONAL CONTROL
Retrospective
Base year (2023) N (2024) % 2024 / 2023
Scope 1 GHG emissions
Gross Scope 1 GHG emissions (tCO
2
e) 6,782 6,488 −4%
Percentage of scope 1 GHG emissions from regulated emission trading schemes (%) - - -
Scope 2 GHG emissions
Gross location-based Scope 2 emissions (tCO
2
e) 4,218 5,216 24%
Gross market-based Scope 2 GHG emissions (tCO
2
e) 3,935 2,889 −27%
Significant Scope 3 GHG emissions
Total Gross indirect (Scope 3) GHG emissions (tCO
2
e) 581,002 963,234 66%
1 Purchased goods and services 213,308 370,525 74%
6 Business travel 184 1,024 455%
13 Downstream leased assets 367,510 591,684 61%
Total GHG Emissions
Total GHG emissions (location- based) (tCO
2
eq) 592,002 974,938 65%
Total GHG emissions (market- based) (tCO
2
eq) 591,718 972,610 64%
CTP N.V. Annual Report 2024
Sustainability
122
GHG INTENSITY
GHG intensity per net revenue (Financial control) Base year (2023) N (2024) % 2024 / 2023
Total GHG emissions (location-based) per net revenue (tCO₂e/e) 0.000879 0.001120 27%
Total GHG emissions (Market-based) per net revenue (tCO₂e/€) 0.000790 0.000881 11%
GHG intensity per net revenue (Operational control) Base year (2023) N (2024) % 2024 / 2023
Total GHG emissions (location-based) per net revenue (tCO₂e/e) 0.000879 0.001120 27%
Total GHG emissions (Market-based) per net revenue (tCO₂e/€) 0.000878 0.001117 27%
Categories 1 and 13 have significant impact on CTP, as
the emissions in each category are more than 20% of to
-
tal emissions. For category 6 data is available within the
organisation, and therefore it is reported.
Scope 3 categories 2, 3, 4, 5, 7, 8, 9, 10, 11, 12, 14,
and 15, are not significant to CTP’s business operations
based on the size of the emission.
CTP’s GHG intensity is calculated using the emis
-
sions of Scope 1 and 2, divided by the net revenue of 2024.
A negligible percentage of net revenue was obtained from
non-high-climate impact sectors; therefore, this revenue
is included in the calculation.
The denominator for GHG intensity is total revenue.
In addition to the assurance provider, reported data in
this section (energy consumption, refrigerant losses, and
respective GHG emissions excluding intensities) is vali
-
dated by Arcadis in accordance with ISO 14064-3:2019.
The process includes review of a sample and review
against underlying evidence, verifying the correctness of
the calculations and results.
The GHG intensity reduction from 2023 to 2024 is
driven mostly by an increase in net revenue
Scope 3 category 1 was calculated using available data
for completed buildings. The emission intensities have
been determined on the country level. These intensities
were used as the basis on which to calculate the reported
figures for 2024 multiplying the intensities by the GLA
(sqm) of completed buildings in each country in 2024.
CTP’s emissions are not regulated under the Europe
-
an Union Emissions Trading System.
There were no significant changes in 2024 to the
definition of what constitutes CTP and its upstream and
downstream value chain.
Within its Scope 3 emissions, CTP has included the
following categories:
Category 1 Purchased goods and services
Category 6 Business travel
Category 13 Downstream leased assets
CTP N.V. Annual Report 2024
Sustainability
123
4.7.1.1.8 Financial effects of climate IROs
E1-9-66, E1-9-67, E1-9-68, E1-9-69, SBM-3-48, E1-IRO-1-20
In 2022, as a part of overall risk management, CTP con-
ducted its first physical climate risk assessment to evalu-
ate the exposure of its properties to acute and chronic cli-
mate-related risks using a third-party climate modelling
tool. The assessment was expanded in 2023 and 2024 to
cover properties acquired and developed since 2022.
In this assessment, the Company used different RCP
models made available by the IPCC, considering items
such as, but not limited to, coastal flooding, extreme
heat, and water stress.
See Section 4.7.1.1.2 for more information related to
CTP’s climate risk modelling.
The climate-related risks identified as potentially
the most impactful to CTP are coastal flooding and rising
sea levels. These have been categorised into short-, mid-,
and long-term risks. Even in the least severe scenarios
(SSP2, medium challenges to mitigation and adaptation),
projections indicate that sea levels will rise significantly
enough that, in the long term, the Company’s portfolio in
the Netherlands could be affected, with some assets po
-
tentially falling below sea level. This is similarly true for a
limited number of properties along the German Wadden
Sea coast. However, CTP regards these risks as policy
risks, given that both Dutch and German governments
are implementing measures to mitigate them. Based on
its analysis, CTP concludes that five of its properties1
are at risk, representing, at most, 1.2% of the portfolio’s
value.
As part of the climate risk assessment mentioned above,
transition climate risks were also examined. CTP utilised
the CRREM tool developed by the Carbon Risk Real Es
-
tate Monitor to evaluate which buildings might need ad-
ditional investment to increase energy efficiency in order
to meet anticipated regulatory requirements.
However, given that CTP buildings support a variety
of uses, even within a CRREM category, the Company ac
-
knowledges limitations to the applicability of the CRREM
tool on its portfolio. Client energy consumption is includ
-
ed in the analysis and can vary significantly depending
on the client’s industry. For instance, the size of the cold
storage area within a warehouse is not considered as an
input, although it significantly influences the building’s
energy consumption and thus affects the outcome of the
assessment. With the expected impacts of the EU’s En
-
ergy Performance Buildings Directive (“EPBD”), which
was revised in 2024, CTP considers other aspects such
as the Energy Performance Certificate (“EPC”) to be
more accurate indicators of the energy efficiency of its
buildings.
CRREM was used as a testing and indication tool,
while EPCs were used for a more precise assessment of
transition climate risks. CTP continuously upgrades its
portfolio to ensure that it retains its high energy clas
-
sifications. Construction of new buildings follows up-to-
date requirements and CTP’s internal ESG requirements,
which in many cases go beyond local building code re
-
quirements. Expected costs related to material and tran-
sition climate risks have been calculated for a sample of
properties, the outcome of which is presented in Section
4.7.1.1.1.
The impact of the both physical and transition related cli
-
mate risks is expressed in the property values, as these
go through a bi-annual evaluation process. CTP uses re
-
nowned valuators to ensure all climate-related aspects
are taking into account. Additionally, properties are in
-
sured. Therefore, CTP considers expected costs as part
of business as usual. CTP has not identified transition
risks that are financially material to the portfolio over
the short and medium term.
Additionally, the long-term impact of physical cli
-
mate risks is presented in the paragraphs above, while
the long-term impact of transition risks is considered as
too volatile to be reliable. The volatility of energy prices
in Europe in recent years have made CTP’s clients more
aware of the short- and long-term costs of energy. There
was a visible increase in client demand for energy from
renewable sources during 2024. CTP expects its abili
-
ty to provide clients with renewable energy generated
onsite at its parks, as well as other energy-efficiency
measures that the Company takes, to attract more com
-
panies that consider total cost of occupancy as a main
driver.
See Section 4.7.1.1.2 for more information related to
CTP’s climate risk modelling.
CTP is a dynamic company with continuous growth
through construction and acquisitions. The consistent
arrival of new clients and ongoing changes to their oper
-
ations affect the consumption of utilities within the port-
folio. This makes the creation of metrics difficult and re-
quires more detailed analysis. Despite these limitations,
CTP carried out an analysis of its clients, which confirms
that none of its clients operate in the coal, oil, or gas-
related sectors.
1 Properties located in NUTS Code areas NL3, DE8, and DE9.
CTP N.V. Annual Report 2024
Sustainability
124
4.7.1.2 ESRS E5 – Material Resource Use
and Circular Economy
4.7.1.2.1 Material IROs relating to material
resource use and circular economy
E5-IRO-1-11
As part of the 2024 DMA, material resource use and cir-
cular economy (ESRS E5) was identified as a material top-
ic, applicable to all business units and assets considering
the development, construction, and operational phases of
these assets. The IROs mentioned in this section of the
report are based on a business-as-usual scenario. If CTP
does not act on these IROs, there is a potential increase in
construction cost.
CTP’s 2024 DMA process identified the following cir
-
cular economy ESRS sub-topics as material:
E5 – Resource use and circular economy
Waste
Resource inflows, including resource use
Summary
• Only actual negative impacts, and no risks or oppor-
tunities, have been identified. Resource inflows and
outflows are resources related to CTP’s construction
activities.
• No related risks and opportunities were identified.
• The following materials are used by CTP as part of
its business activities and prioritised in this order:
1) steel/iron; 2) concrete and related products; and
3) asphalt.
• Affected communities were not identified for this
topic.
• CTP has not identified any operations or geographies
at significant risk of incidents of forced, child, or
compulsory labour.
• No types of employees who could be negatively af
-
fected by the Group’s strategy or business model
have been identified.
See Section 7.3.1 for a complete overview of material top-
ics, including impacts of doing business as usual.
4.7.1.2.2 Policies related to resource use
and circular economy
E5-1-12, E5-1-14, E5-ESRS-2-62
Waste management is part of CTP’s Environmental Pol-
icy. The policy’s objective is to create a systemised ap-
proach towards environmental matters and propose rel-
evant actions. The policy applies to CTP’s own operations
and activities, including incorporating waste manage
-
ment practices into its construction activities, and cli-
ents are not required to comply. The waste hierarchy is
not addressed in the current version of the policy, nor are
other material matters such as transitioning away from
use of virgin resources or sustainable sourcing. CTP plans
to revise Environmental Policy in 2025 to develop section
concerning waste and materials inflow. The Board of Di
-
rectors is responsible and accountable for implementing
the policy.
The ISO 14001 and 50001 management systems are
part of the policy, and key stakeholders are considered in
the policy.
CTP’s Environmental Policy can be found on the Com
-
pany’s website.
CTP also has internal waste management require
-
ments, which include requirements for new construction
and refurbishments.
CTP has yet to develop policies related to resource
inflows.
CTP N.V. Annual Report 2024
Sustainability
125
4.7.1.2.4 Targets related to resource use
and circular economy
E5-3-21, E5-3-23, E5-ESRS-2-72
CTP generates a significant amount of waste during its
construction activities. The Company has set a voluntary
target related to waste management: increase the im
-
plementation of selective waste collection to 95% of all
its construction activities by 2030, compared to 45% in
2023. This target applies to its own projects, independ
-
ent of location, size, or building type. The progress on this
target is measured on an annual basis, through external
reporting. This target promotes the reduction of the
amount of waste going to landfill and has been formu
-
lated this way taking into account the maturity of waste
handling systems in different countries and locations
where CTP operates (stakeholders, such as suppliers and
local teams, have been taken into account).
For this reason, bearing in mind the limitations stem
-
ming from it, CTP decided to first focus on the promo-
tion of waste-handling practices that allow for the re-
use and recycling of materials. It is expected to support
progress in waste management, allowing CTP to set up
further targets in the future.
CTP indirectly addresses the increase of circular materi-
al use rate and the minimisation of primary raw materi-
als. This is done through the embodied emissions reduc-
tion target.
CTP has not yet developed targets related to re
-
source inflows and circular economy. CTP is considering
the development of targets, but has set no timeline. CTP
tracks the effectiveness of its policies through internal
processes, in which management and senior manage
-
ment are involved.
4.7.1.2.3 Actions and recourses
E5-2-17, E5-2-19, E5-ESRS-2-62
Selective waste collection, which includes recycling, is an
integral part of the BREEAM New Construction certi
-
fication process for CTP’s buildings. These actions are
ongoing. Through their implementation, CTP expects to
increase waste diverted from landfills, i.e., increasing re
-
cycling and reuse rates. This action is planned to assist
CTP in achieving its 2030 target, as explained in Section
4.7.1.2.4. Actions will be further developed in the future.
Additionally, CTP implements requirements for its con
-
struction and refurbishment activities to obtain EU tax-
onomy alignment that include waste management.
CTP considers CapEx and OpEx related to these ac
-
tions as part of business as usual.
The resources allocated to managing material im
-
pacts are considered part of normal business operations.
CTP is currently collecting data on the inflow of ma
-
terials, which will enable the creation of informed actions.
CIRCULAR ECONOMY TARGETS
Base Year (2023) 2024 2030 Target
Selective waste collection construction activities (share of projects) 21% 56% 95%
CTP N.V. Annual Report 2024
Sustainability
126
MATERIAL INFLOWS
Material Material inflow (t) Material inflow (t) (%)
Steel/iron 433,914 10%
Concrete and related products 3,547,333 86%
Asphalt 153,878 4%
Total 4,135,125 100%
Biological materials N/A
MATERIAL OUTFLOWS
Total Amount of Waste generated during
construction/sqm Waste diverted from landfill (recycled)
Percenage of waste diverted from landfill
(recycled)
8,416.97 3,103.19 37%
4.7.1.2.5 Resource inflows and outflows
E5-4-28, E5-4-30, E5-4-31, E5-4-32, E5-5-33, E5-5-35, E5-5-36,
E5-5-37, E5-5-38, E5-5-39, E5-5-40
The data in the table “Material Inflows” is based on es-
timates obtained from data that CTP collected from
completed buildings and extrapolated to cover 100% of
the gross floor area (“GFA”) completed in 2024. The base
sample includes GFA of 485,277 sqm, whereas CTP com
-
pleted 1,283,570 sqm of GFA in 2024.
As part of the BREEAM certification process, CTP
received data on materials used in its buildings. As data
is delivered in different metrics (cubic metre, sqm, or kg),
CTP has made use of the information received in kg to cal
-
culate the reported numbers.
CTP’s material inflow is related to building materials
used in the construction process. Among others, impor
-
tant materials are steel, concrete, asphalt, and the water
used in the process. CTP uses these materials as provid
-
ed by suppliers to construct its buildings. Some materi-
als, such as steel and concrete, include recycled content.
After completing the building lifecycle, a share of materi-
als used in buildings can be reused or recycled.
CTP has no available data related to biological materi
-
als or the weight in both absolute value and percentage
of secondary reused or recycled components, secondary
intermediary products, and secondary materials used to
manufacture the undertaking’s products and services (in
-
cluding packaging).
The data in the table “Material Outflows” is based on
estimates obtained from data that CTP collected on pre
-
viously completed buildings and extrapolated to cover the
GFA completed in 2024. For these estimates, CTP cre
-
ated a sample of reports related to waste-related data
under BREEAM certification.
The base sample includes GFA of 489,291 sqm, where
-
as CTP completed 1,283,570 sqm of GFA in 2024. The
sample data does not include a breakdown of hazardous
and non-hazardous waste, and only information on waste
diverted from landfills can be shared. Due to the limit
-
ed data availability, extrapolation of the sample leads to
inaccuracies in the reported figures. Considering the na
-
ture of CTP’s buildings, no radioactive waste can be ex-
pected.
The waste streams relevant to the sector in which
CTP operates is related to construction materials, such
as gypsum, plastics, packaging, and insulation. The na
-
ture of waste in the construction sector makes it recy-
clable to a great extent. The 37% of waste diverted from
landfill is underestimated due to limited data availability;
improvement of this numbers is possible through better
onsite waste management and improved data quality.
Currently, the available data informs the percentage of
waste diverted from landfill. Due to the nature of the
waste, this can be considered as recycled, with the rest
being non-recycled. The available data does not inform on
whether waste is hazardous or non-hazardous.
The type of buildings CTP constructs, mostly light indus
-
trial and logistics buildings, have an expected average du-
rability of 50–60 years, in line with the industry average.
Beyond CTP’s assurance provider, no other validation
took place.
4.7.1.2.6 Financial effects of IROs relating to
resource use and circular economy
E5-6-41, E5-6-43
CTP’s 2024 DMA process did not identify any risks or op-
portunities related to circular economy; therefore, CTP
does not foresee a financial impact.
See Section 7.3.1 for a complete overview of material
topics, including impacts of doing business as usual.
CTP N.V. Annual Report 2024
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127
Pillar 2:
Stimulating Social Impact & Well-being
CTP N.V. Annual Report 2024
Sustainability
128
4.7.2 Pillar 2: Stimulating Social
Impact & Well-being
CTP’s ESG strategy pillar “Stimulating Social Impact &
Well-being” contains all social-related material disclo
-
sures as identified in the Group’s 2024 DMA process,
which indicate the following ESRS categories as material
for the Company:
S1 Own workforce
S2 Workers in the value chain
As confirmed by the 2024 DMA, CTP’s impact goes be-
yond the parks and buildings that it develops, owns and
operates. For more information on the results of the
DMA, please refer to Section 4.7.4.
CTP employs close to 900 of its own employees, with
nearly 1,500 clients. Both within the Company and in the
communities where it operates, CTP, in collaboration with
its clients, local municipalities and NGOs, introduces and/
or supports activities that promote well-being, includ
-
ing charity donations targeting disadvantaged youth and
other vulnerable members of society, support for educa
-
tion, and job retraining programs. See Section 4.7.2.1.13
for more details.
4.7.2.1 ESRS S1 – Own workforce
4.7.2.1.1 Interests and views of own employees
S1 SBM-2-12
Employees were included as a main stakeholder group
in CTP’s 2024 DMA, and their views and feedback were
taken into consideration in the process of identifying ma
-
terial topics. CTP’s Employee Engagement Survey, which
was launched in 2024 as a yearly process, is another
mechanism for Group leadership to gain insight into the
interests and views of its employees. Through these two
processes, information that informs CTP’s strategy and
business model is collected.
CTP’s strategy and goal are to increase the GLA and
thereby the business. This increases opportunities for
and expansion of the workforce, strengthening the identi
-
fied positive impacts.
See Section 7.3.1 for the complete overview of mate
-
rial ESRS S1 topics.
4.7.2.1.2 Impact of material IROs on strategy
and business model
S1 SBM-3-13, S1 SBM-3-14, S1 SBM-3-15, S1 SBM-3-16
The Company’s IROs relating to its workforce are con-
sidered in strategic decisions and ideas related to CTP’s
business model. The identified positive impacts are based
on the current strategy of growth within the existing
business model. The employee-related IROs described in
Section 7.3.1 include all types of employees at CTP.
The DMA did not identify negative impacts, risks, or
opportunities.
The majority of CTP employees are white collar em
-
ployees, working in project management, business devel-
opment, permitting, and different support functions such
as finance, HR, legal, and others. While analysing IROs
for employees and non-employees are taken into account,
these employees are considered to be impacted similarly.
Employee recruitment and development risks and
opportunities, secure employment, adequate wag
-
es, social dialogue, work-life balance, training and de-
velopment, gender equality and equal pay for work of
equal value, diversity, and measures against violence
and harassment apply to all CTP employees, includ
-
ing non-employees, independent of position, age, or
gender. More details about employee demographics can
be found in Section 4.7.2.1.8. Health and safety aspects
apply mainly to employees working on construction
sites. At CTP, non-employees are self-employed people.
Self-employed is defined as someone pursuing a gainful
activity for their own account, under the conditions laid
down by national law. This excludes those employees of
other companies providing services to CTP.
CTP N.V. Annual Report 2024
Sustainability
129
Summary
• CTP’s 2024 DMA identified positive impacts on CTP’s
own workforce. CTP’s focus on personal health and
well-being is demonstrated by providing regular
Group-wide events and managing health and safety
at the workplace.
• For actions leading to positive impacts, see Section
4.7.2.1.6.
• No risks or opportunities were identified in relation to
dependencies on the workforce.
• The growth of CTP’s business creates employment
opportunities for new candidates and offers opportu
-
nities for existing staff.
• CTP has not identified any operations or geographies
at significant risk of incidents of forced, child, or com
-
pulsory labour.
• No types of employees who could be negatively af
-
fected by the Group’s strategy or business model
have been identified.
• CTP does not see impacts on its employees stemming
from material topics E1, E5, S2, and G1.
CTP does not see any impact on the IROs arising from the
execution of its Transition Plan for Climate Change Mit
-
igation.
4.7.2.1.3 Policies related to CTP’s workforce
S1-1-17, S1-1-19, S1-1-20, S1-1-21, S1-1-22, S1-1-23,
S1-1-24, S1-ESRS-2-62 GRI 3-3, GRI 403-1
Multiple CTP policies cover workforce-related material
topics. CTP respects human rights and embraces major
human rights-related documents and conventions, such
as the UN Guiding Principles on Business and Human
Rights, the ILO Declaration on Fundamental Principles
and Rights at Work, and the OECD Guidelines for Multi
-
national Enterprises, through its policies. These are out-
lined below.
Code of Conduct CTP’s Code of Conduct covers IROs
related to health and safety. This code
sets out the expected behaviour of, and
therefore applying to, CTP’s Execu-
tive Directors and Company staff. The
specific topics mentioned in the Code of
Conduct are working relationships and
workplace safety. CTP’s Executive Direc-
tors are accountable for the implementa-
tion of the code. CTP’s Code of Conduct
has been established in accordance with
the Dutch Corporate Governance Code
and references multiple internation-
al conventions as applicable, including
the OECD Guidelines for Multinational
Enterprises, the UN Guiding Principles on
Business and Human Rights, the ILO core
conventions, and the International Bill
of Human Rights. The Code of Conduct
explicitly prohibits human trafficking,
forced labour, and child labour. CTP’s
Code of Conduct describes the process in
detail and is available on the Company’s
website.
Diversity and Inclusion
Policy
CTP’s Diversity and Inclusion Policy cov-
ers IROs related to diversity and inclusion
within the Company. This policy sets
out the rules for diversity and inclusion
regarding the composition of the Board
and senior management, policy imple-
mentation, and annual reporting on its
implementation during the year. CTP’s
Executive Directors are accountable for
implementing the policy. The policy was
developed in line with provision 2.1.5 of
the Dutch Corporate Governance Code.
The policy applies to the Board of Direc-
tors and senior management.
See Section 5.5 for more details on CTP’s
Diversity and Inclusion Policy.
Anti-discrimination and
Harassment Policy
The goal of CTP’s Anti-discrimination
and Harassment Policy is to foster safe,
equal and inclusive working environments
for CTP’s own employees as well as for
workers in CTP’s value chain. CTP’s
Anti-discrimination and Harassment Pol-
icy covers the topic of measures against
violence and harassment, including known
grounds of discrimination, at the work-
place and applies to all CTP employees
with an employment contract and to
individuals associated with CTP, e.g.,
agents, guests, customers, vendors, and
other third parties. In this way, the policy
covers material impacts related to “equal
treatment and opportunities for all”. The
policy is structured in such a manner that
it prevents discrimination and harass-
ment, mitigates the risk of occurrence,
and has methods of remediation in place.
The Executive Directors are accountable
for the implementation of the policy. The
policy is implemented in accordance with
local labour and anti-discrimination leg-
islation and other respective regulations,
including but not limited to International
Labour Organisation (“ILO”) conventions.
CTP N.V. Annual Report 2024
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130
All above-mentioned policies are available on CTP’s web-
site and cover all employees without being directed at
specific groups; there are no specific policy commitments
directed towards positive action or for people from
groups at risk of vulnarability. Policy commitments relat
-
ed to inclusion are part of CTP’s Diverstity and Inclusion
Policy. Internal and external stakeholders were involved
in the setting of these policies.
CTP has yet to develop policies that cover social dia
-
logue, work-life balance, training and development skills,
recruitment, and workplace accident prevention.
4.7.2.1.4 Employee engagement
S1-2-25, S1-2-27, S1-2-28
To gain better insight into actual or potential impacts,
both positive and negative, that may affect CTP’s work
-
force, the Company includes its own employees as a
stakeholder group in the DMA process, which takes place
every two years. The Group Head of ESG Management is
responsible for this process.
Additionally, CTP launched an annual Employee En
-
gagement Survey in 2024 to gain further understanding
of and insights into the level of engagement and satis
-
faction of its employees. See Section 4.7.2.1.6 for further
details.
4.7.2.1.5 Remediation of negative impacts
and channels to raise concerns
S1-3-30, S1-3-32, S1-3-33, S1-3-34 GRI-2-26
CTP offers its employees multiple, layered channels that
enable them to raise concerns about negative impacts.
The access to these channels is communicated and made
available through CTP’s policies. See Section 4.7.2.1.3 for
more information on these policies. These include:
• the appropriate supervisor;
• a designated Company contact;
• the Group AML Compliance Officer
(compliance@ctp.eu);
• an anonymous grievance channel.
Both the reporter and the receiver of the report must fol-
low the procedures set out in the Group Grievance Inves-
tigation Procedure and the Group Anti-discrimination and
Harassment Policy.
At CTP, the tracking and monitoring of issues raised
through the Company’s grievance channels are managed
using the FaceUp website application, which provides re
-
al-time oversight and detailed reporting capabilities. This
system, overseen by the Group AML Compliance Officer,
ensures that all concerns are promptly addressed and al
-
lows for the active involvement of stakeholders in verifying
the effectiveness of the grievance mechanisms. Further
-
more, to ensure continuous improvement and accountabil-
ity, a comprehensive report on the handling and resolution
of these issues is regularly presented to the Audit Com
-
mittee/Board, demonstrating the Company’s commit-
ment to transparency and effective issue resolution.
The grievance channel can be used for all non-compli
-
ance concerns, including ESG matters.
Currently, CTP assess the effectiveness of remediation
of negative impacts on a case-by-case basis.
An external provider manages the grievance channel
to ensure anonymity. CTP’s Whistleblower Policy ensures
non-retaliation. The mechanisms CTP uses to ensure
familiarity with these channels are described in Section
4.7.3.1.4 as part of CTP’s governance policies. The fact
that cases stem from internal reporters shows that em
-
ployees are aware of and trust the process.
4.7.2.1.6 Actions and resources
S1-4-35, S1-4-37, S1-4-38, S1-4-39, S1-4-40, S1-4-41, S1-4-42,
S1-4-43
As CTP’s 2024 DMA did not identify negative impacts, no
mitigating actions were taken and no actions are planned.
The resources allocated to managing material impacts
are considered part of normal business operations. The
employee Engagement Survey and Employee Share Pur
-
chase Plan are managed and financed at the Group level.
Other actions have budgets available; these are managed
locally as part of the business process.
The actions executed in 2024 address selected topics
and are directed towards collecting data to develop tar
-
gets, and with those, actions. CTP has also developed the
HR function to plan actions to address other IROs.
In 2024, CTP initiated two new actions to strengthen
employee engagement, and bolster all positive impacts:
CTP N.V. Annual Report 2024
Sustainability
131
Employee Engagement
Survey
In addition to the inclusion of its own
employees as stakeholders in its 2024
DMA process, CTP launched an Employee
Engagement Survey in 2024 to better
understand the overall engagement
levels of employees and gather valuable
insights into their experiences, attitudes,
and satisfaction with various aspects of
their roles and with the organisation. All
CTP full-time employees were asked to
complete the survey, which will be con-
ducted each year. Through its Employee
Engagement Survey, CTP takes steps to
mitigate the risk of causing material neg-
ative impacts. The Group HR Director is
responsible for executing the survey and
communicating its results. As the survey
was conducted for the first time, no pro-
cedure exists to assess the engagement’s
effectiveness. The Employee Engage-
ment Survey does not currently enable
the Company to gain insight into the
perspectives of its particularly vulnerable
employees.
The results are reported at the country
level and communicated to representa-
tives in each country. These representa-
tives are responsible for the implementa-
tion of needs as communicated.
CTP has undertaken this action to im-
prove insight into the needs for training
and skill development within the Com-
pany.
Employee Share
Purchase Plan
CTP introduced its Employee Share Pur-
chase Plan (“ESPP”) in 2024 to enable its
own employees to purchase CTP shares
effortlessly and free of commission. CTP
launched the ESPP by granting shares
to employees in an amount equal to one
monthly salary at the date of issue. The
ESPP is designed to motivate perfor-
mance and to strengthen long-term
employee engagement by facilitating
equity ownership for employees. CTP has
undertaking this action to strenghten
positive impacts on secure employment,
adequate wages, and recruitment.
SOCIAL TARGETS
Category Outcome 2024 Target 2030
Framework for employee satisfaction monitoring in place In place In Place
Framework for client satisfaction monitoring in place In place In place
Gender split 55%/45% No larger than 45-55%
4.7.2.1.7 Targets
S1-5-44, S1-5-45, S1-ESRS-2-72
To define the targets, no specific methodologies or as-
sumptions were used. CTP’s gender-split target is
aligned with the intention of the Diversity and Inclusion
Policy. Progress on the targets is reported annually; for
2024, the results are visualised in the table below.
The 2024 DMA did not identify any negative impacts
relating to own employees. A positive impact for which
CTP has developed a target is diversity. Targets are in
place to have a framework for employee satisfaction and
to keep the gender split at CTP between 45%–55%, with
each gender represented by at least 45% of employees.
As part of stakeholder engagement CTP engages with its
workforce in setting and tracking performance against
these targets through senior management.
In the 2024 DMA, no related risks or opportunities
were identified, and therefore no risk-related targets
have been created.
CTP has not yet developed targets for the following
topics: secure employment; adequate wages; social dia
-
logue / the existence of works councils and the informa-
tion, consultation, and participation rights of workers;
work-life balance; health and safety; gender equality
and equal pay for work of equal value; training and skills
development; entity-specific recruitment; measures
against violence and harassment in the workplace.
CTP is currently collecting data to enable the devel
-
opment of targets that will positively affect the business.
CTP considers the development of targets, but has set
no timeline. CTP tracks the effectiveness of its policies
through internal processes, in which management and
senior management are involved.
CTP tracks the effectiveness of the policies related to
topics for which no targets have been set through the
employee engagement survey. Additionally, training for
selected policies is standard for those joining CTP and
continuous training takes place.
CTP expects improvements to come once the
above-mentioned targets have been developed.
CTP N.V. Annual Report 2024
Sustainability
132
4.7.2.1.8 CTP people
S1-6-48, S1-6-50, EPRA-Diversity-Emp, EPRA-Emp-Turnover
As in previous years, the number of CTP’s own employees
grew significantly in 2024. Germany experienced consid
-
erable growth due to increased construction activities. As
of 31 December 2024, CTP had 889
1
persons employed,
totalling 873.6 Full-Time Equivalents.
2
Please refer to the
tables below for a complete breakdown of these numbers
by gender, country, contract type, etc.
EMPLOYEES BY HEADCOUNT
Gender
Number of employees
(headcount)
Male 485
Female 404
Total 889
HEADCOUNT IN COUNTRIES WITH MORE THAN 50 EMPLOYEES
3
Country
Number of employees
(headcount)
Czechia 359
Romania 101
Poland 95
Germany 92
Hungary 83
Slovakia 83
1 Note 12 of the Financial Statements.
2 CTP defines full-time as a 40-hour workweek.
3 No CTP employee identified as a gender other
than male or female.
FTE Female Male Other Not reported Total
Number of employees 394.1 479.5 0.0 0.0 873.6
Number of permanent employees 325.0 414.5 0.0 0.0 739.5
Number of temporary employees 69.1 65.0 0.0 0.0 134.1
Number of non-guaranteed hour employees 22 12 0 0 34
Number of full-time employees 375.0 476.0 0.0 0.0 851.0
Number of part-time employees 19.1 3.5 0.0 0.0 22.6
FTE PER CONTRACT TYPE
CTP N.V. Annual Report 2024
Sustainability
133
2024
FTE AT BG CZ DE HK HU NL PL RO RS SK UK Total
Number of employees 11.5 21.0 351.5 86.2 1.0 82.4 10.7 94.4 101.0 30.0 83.0 1.0 873.6
Number of permanent employees 11.5 21.0 271.4 85.2 1.0 82.4 8.7 85.4 93.0 23.0 56.0 1.0 739.5
Number of temporary employees 0.0 0.0 80.1 1.0 0.0 0.0 2.0 9.0 8.0 7.0 27.0 0.0 134.1
Number of non-guaranteed hour employees (headcount) 0.0 0.0 28.0 2.0 0.0 0.0 0.0 0.0 0.0 0.0 4.0 34.0
Number of full-time employees 11.0 21.0 340.0 82.0 1.0 79.0 9.0 93.0 101.0 30.0 83.0 1.0 851.0
Number of part-time employees 0.5 0.0 11.5 4.2 0.0 3.4 1.7 1.4 0.0 0.0 0.0 0.0 22.6
CONTRACT TYPE PER COUNTRY
CTP N.V. Annual Report 2024
Sustainability
134
Data is collected and calculated through internal HR
Workday, with calculations based on formulas given in
the ESRS. For temporary
1
and part-time employees
2
CTP follows local definitions.
During the year, 174 own employees left the organ
-
isation, either through voluntary leave, dismissal, or re-
tirement, which brought CTP’s turnover rate
3
to 21.2%
at end-2024, compared to 33% at end-2023. This signif
-
icant decrease is a result of CTP’s approach to HR and
the following factors:
Talent acquisition CTP made considerable effort during
2024 to further develop and profession-
alise its recruitment process and hiring
practices, to ensure that the Company
attracts the right people who not only
possess the skills and competencies
needed for their roles but also fit CTP’s
organisational culture. By continuing
to develop recruitment strategies, CTP
has successfully reduced mismatches
between job expectations and employee
experience, which has had a direct impact
on employee satisfaction and retention.
Team stability CTP fosters more informed decision
making by ensuring that managers are
more actively engaged in the recruitment
process and have a deeper understand-
ing of the needs of their teams. This has
not only helped attract better-suited can-
didates but has also ensured that those
who join are set up for success from day
one.
Market positioning CTP’s strong position in the market plays
a pivotal role in reducing turnover. While
some peers struggled to maintain growth,
CTP continued to expand in 2024,
offering employees the stability and
opportunity for advancement that comes
with working for a growing, successful
company.
CTP uses the Workday software platform for HR-related
calculations, making estimates unnecessary. The figures
mentioned above only include people with a direct em
-
ployment contract with CTP.
Beyond CTP’s assurance provider, no other validation
took place.
4.7.2.1.9 Non-employee workers
S1-7-53, S1-7-55
On 31 December 2024, a total of 51 people were active as
non-employee workers at CTP. These only include self-em
-
ployed people, defined as an individual pursuing a gainful
activity for their own account, under the conditions laid
down by national law. This is an increase from 46 in 2023.
There are no specific metrics related to non-employee
workers. Neither were any estimates made.
Data on non-employee workers is centrally main
-
tained through software. Limitations are related to hu-
man error.
CTP reports non-employee numbers in headcount,
as it is not possible to calculate full time equivalents
(“FTEs”) due to the nature of their relationship with CTP.
Beyond CTP’s assurance provider, no other validation
took place.
4.7.2.1.10 Collective bargaining and social dialogue
S1-8-58, S1-8-60, S1-8-63
CTP allows the appointment of employee representatives
and their participation in social dialogue between the
Company and employees in accordance with local legisla
-
tion. However, CTP does not have employee representa-
tives operating within the Company, therefore no employ-
ees are covered by worker representatives. No collective
bargaining process or collective agreement has been im
-
plemented, so no employees are covered by this process or
agreement. CTP follows local legislation.
There are no specific metrics related to collective
bargaining and social dialogue against which CTP meas
-
ures its performance.
1 CTP defines a temporary employee as a person with a contract
of employment due to end when a specified date is reached.
2 CTP defines a part-time employee as someone scheduled to work
fewer weekly hours than the default in his / her work location.
3 Calculated as number of leavers during the reported period
divided by the headcount as per the last day of the reporting year.
CTP N.V. Annual Report 2024
Sustainability
135
4.7.2.1.11 Diversity and inclusion
S1-9-64, S1-9-66, ESRS 2 GOV-1-21
For diversity and inclusion, CTP measures the percent-
age of men and women among the Board of Directors,
senior management, and staff.
For CTP, senior management includes:
• the Executive Director positions–CEO, CFO;
• COO; and
• Country MDs and CFOs of CTP’s 10 countries.
TOP-LEVEL MANAGEMENT GENDER DISTRIBUTION
1
Male
(abs/%)
Female
(abs/%)
Other
(abs/%)
Not recorded
(abs/%)
13 5 0 0
72.2% 27.8% 0.0% 0.0%
EMPLOYEE AGE DISTRIBUTION (FTE)
Category
Average hours
of training
Under 30 years old 117.3
30-50 years old 645.2
Over 50 years old 111.2
The reported figures are extracted from CTP’s HR soft-
ware. No assumptions have been made. Beyond CTP’s
assurance provider, no other validation has taken place.
See Section 5.5 for details on diversity and inclusion.
4.7.2.1.12 Adequate wages, Social protection
S1-10-67, S1-10-69, S1-11-72, S1-11-74
As CTP operates in a highly competitive environment, it
provides an attractive compensation package to current
and new employees. The wages included in this package
are competitive and adequate to market standards. Addi
-
tionally, CTP is active in countries where there is a mini-
mum salary indication. Due to this, all salaries paid by CTP
are adequate, independent of country. Additionally, due to
operating in countries with minimum salary requirements,
use of the adequate wages benchmark was not required.
All CTP employees’ social protections are covered by
local regulations, including but not limited to injury, ac
-
quired disability, unemployment, parental leave, and re-
tirement. The Company offers no additional protections
beyond the local legal requirements. There are no specific
metrics related to social protection that CTP measures
its performance against.
Beyond CTP’s assurance provider, no other validation
has taken place.
4.7.2.1.13 Training and development
S1-13-81, S1-13-83, EPRA EMP-TRAINING EPRA-EMP-DEV
GRI 3-3, GRI 404-1, GRI 404-2, GRI 404-3
CTP enabled employees to participate in a total of 9,310
hours of training in 2024, which leads to the following
averages:
AVERAGE TRAINING HOURS
Male (Hours) Female (Hours)
Under 30 8 13
30-50 9 12
Over 50 5 23
Total 8 13
Figures are reported internally based on hours of training
reported; no assumptions were made. The reported data
is collected internally through HR-related software for
one country and information collected by HR representa
-
tives in other countries.
There is no formalised system in place at CTP. CTP
collected data on performance reviews based on local
processes. 16% of CTP employees have participated in
career performance reviews.
The metric CTP follows is the average hours of train
-
ing received annually by its employees. No targets have
been set; however, training and developing staff is im
-
proving the Company’s structure and performance over
the long term.
Beyond CTP’s assurance provider, no other validation
took place.
4.7.2.1.14 Keeping CTP people healthy and safe
S1-14-86, S1-14-88, EPRA H&S-EMP, EPRA-H&S-COMP
GRI 403-3, GRI 403-6, GRI 403-7, GRI 403-8, GRI 403-9, GRI 403-10
No Group health and safety management systems are in
place. Health and safety are managed based on local reg
-
ulations covering all employees.
In 2024, CTP had one fatality within its operations.
Two cases of a work-related accident were recorded and
one cases of work-related ill-health, with an accident
rate of 1.4. This led to 28 days lost. Figures are collected
based on reported incidents within the organisation; no
assumptions have been made.
1 Several local positions were covered by group CEO or COO.
CTP N.V. Annual Report 2024
Sustainability
136
These numbers cover only current CTP employees. No
additional metrics were prepared. These figures are tak
-
en from internal data based on definitions used locally
and have not been externally verified.
Beyond CTP’s assurance provider, no other validation
took place.
4.7.2.1.15 Work-life balance
S1-15-91, S1-15-93 GRI 401-3
These numbers cover only current CTP employees. No
additional metrics were prepared. These figures are tak
-
en from internal data based on definitions used locally
and have not been externally verified.
Beyond CTP’s assurance provider, no other validation
took place.
WORK-LIFE BALANCE
Percentage of entitled employees that took
family-related leave (male/female)
5%/6%
Percentage of employees entitled to family-
related leave (all)
35%
CTP does not measure specific metrics related to work-
life balance. These figures are taken from internal data
based on local definitions and have not been externally
verified.
4.7.2.1.16 Remuneration (pay gap and total
remuneration)
S1-16-95, S1-16-97, EPRA DIVERSITY-PAY GRI 2-21, GRI 405-2
CTP provides appropriate compensation without discrim-
ination. For jobs at the lower end of the pay scale, the
Company uses fixed-salary structures. More senior posi
-
tions consist of fixed and variable compensation compo-
nents. This ensures people are paid fairly and equally.
Despite differences, CTP ensures that men and women
are compensated equally for the same job. The pay gap
calculation has been made using the methodology pro
-
vided by the ESRS, including all CTP employees and their
total compensation, including base salary and cash allow
-
ances, bonuses, commissions, cash profit-sharing, and
other forms of variable cash payments. CTP has identi
-
fied seven employee categories, considering seniority and
job position. The gap is calculated for each category, af
-
ter which the number of employees weighs the difference.
Additionally, as CTP operates in ten countries with widely
different purchase-power levels, adjustments for Pur
-
chase Power Parity (“PPP”) have also been made. Based
on these factors, the pay gap at CTP is 3.35%.
1
This is a
decrease from 4.2% in 2023. The pay gap not taking into
account the above-mentioned variables is 31.8%
For the calculation of these figures, no assumptions
were made, and CTP used the requirements set by the
ESRS.
The table below shows the compensation ratio for the
highest-paid individual at CTP. The compensation calcu
-
lations include base salaries, cash benefits, and long-term
incentive plans.
PAY RATIO HIGHEST-PAID INDIVIDUAL
Position Times the median
compensation
Highest Paid Individual 19
To report on the above-mentioned metric, CTP collects
data from its payroll systems.
Beyond CTP’s assurance provider, no other validation
took place.
4.7.2.1.17 Incidents, complaints, and severe
human rights impacts
S1-17-100, S1-17-102, S1-17-103, S1-17-104
INCIDENTS, COMPLAINTS, AND FINES
Number of incidents of discrimination, including
harassment
10
Number of complaints filed by own workforce 11
Total amount of fines, penalties, and compensa-
tion for damages, in €
0
GRIEVANCE CHANNEL CASES
Country Grievances
Whistle-
blowing Total Cases
Czech Republic 9 4 13
Hungary 3 1 4
Netherlands 0 2 2
Poland 0 1 1
Country Unknown 0 1 1
Totals 12 9 21
In 2024, ten work-related or non-work-related incidents
of discrimination were reported. 21 complaints in total
were filed through CTP’s internal channels to raise con
-
cerns, none of which were submitted through National
Contact Points for OECD Multinational Enterprises or
other relevant bodies. Five of these concerns were raised
by third parties. CTP incurred no fines or penalties and
was not required to compensate for damages resulting
from any of these incidents or complaints. CTP identified
no cases of severe human rights incidents.
1 The pay gap, unadjusted for PPP, is 6.0%, a decrease from 6.3%
in 2023. The paygap, not taking into account the mentioned
variables, is 36.8%
CTP N.V. Annual Report 2024
Sustainability
137
CTP’s first line of defense against such issues is the
Anti-Discrimination and Harassment Policy, the Whis
-
tleblower Policy, the Group Anti-Bribery and Corruption
Policy, and the Group Anti-Fraud Policy.
In terms of remedial actions taken in 2024, decisive
measures were implemented, including the dismissal of
an individual. The grievances were addressed through
guidance provided to employees, responses delivered to
complainants, discussions with the respective employees
or individuals involved, corrective measures submitted to
top management, or personal and organisational restruc
-
turing facilitated by the Group AML Compliance Officer.
No incidents involving severe or other breaches of human
rights were identified during the year.
CTP tracks the metrics outlined in this section in re
-
lation to existing legislation and the material topic of eth-
ical business conduct.
Beyond CTP’s Assurance Provider, no additional ex
-
ternal validation of these metrics has been conducted.
4.7.2.1.18 CTP as a corporate citizen
CTP has a long-standing commitment to good corporate
citizenship. The Company’s ESG strategy and targets
embrace UN Sustainable Development Goals and pro
-
mote socially responsible behaviour where CTP operates.
Initiatives include charitable support for a wide range
of community-based organisations and institutions in
-
cluding children’s homes, universities, sport clubs, and
NGOs focused mainly on the development of children and
adolescents (e.g., training for professional skills, study
grants, and equipment support), social well-being, and
local infrastructure development. Most support is for
ongoing or long-running initiatives in areas where the
Group’s parks are located, as these are considered more
impactful.
All activities of CTP as a corporate citizen (e.g.,
charitable donations, educational, and infrastructure
support) must follow CTP’s Code of Conduct and Group
Anti-Bribery and Corruption Policy. CTP staff are pro
-
hibited from making any political contributions on behalf
of a CTP Group entity.
4.7.2.2 ESRS S2 – Workers in the value chain
4.7.2.2.1 Interests and views workers
in the value chain
S2 SBM-2-9
Due to its extensive construction activities, CTP con-
tracts many workers in the construction industry. Though
the health and safety of these workers can be influenced,
CTP does not have direct control over the health and
safety of working conditions at many of its construction
sites, and therefore the Company’s impact is limited.
Interests and views are taken into account through
the DMA process, where workers in the value chain are
represented. CTP procures services and services mostly
from and within the European Union.
4.7.2.2.2 Material IROs and their impact
S2 SBM-3-10, S2 SBM-3-11, S2 SBM-3-12, S2 SBM-3-13
Material IROs related to workers in the value chain have
been identified on the basis of the 2024 DMA. The ma
-
jority of workers in the value chain work for general con-
tractors, subcontractors, and construction companies.
As these stakeholders took part in the DMA, their views
are part of the results of the DMA. The IROs have not
led to changes in CTP’s strategy or business model. As
the DMA processes become more common, CTP expects
to have more information sources available that can be
taken into account in the continued development of its
strategy and business model.
CTP N.V. Annual Report 2024
Sustainability
138
Summary
• The workers in CTP’s value chain that are materi-
ally impacted by the Company are limited. The most
significant category of upstream workers is involved
in the construction phase, considering the inherent
health and safety risks involved.
• Most upstream value-chain workers involved in the
production of construction materials procured by
CTP are located in the EU. Within the value chain, no
geographies or commodities with a significant risk of
child, forced, or compulsory labour have been identi
-
fied among workers in the value chain, nor have neg-
ative impacts been identified.
• With regards to downstream workers, the people
working at the buildings owned and operated by CTP
are the most significant group. Protection of their
health and safety is a key material impact, where only
positive impacts have been identified.
• Positive impacts are established through standard
agreements with suppliers including high Operation
-
al Health and Safety standards and regular audits.
Similarly, the availability of channels for reporting
violations, which are open to all in the value chain,
contribute to positive impacts on workers in the value
chain.
• In the 2024 DMA, no negative impacts were identi
-
fied related to value chain workers.
• Secure employment for value chain workers has been
identified as an opportunity for all tier-1 suppliers.
4.7.2.2.3 Policies related to workers in the value chain
S2-1-14, S2-1-16, S2-1-17, S2-1-18, S2-1-19, S1-ESRS-2-62
All IROs identified during the DMA, as mentioned in Sec-
tion 7.3, are covered through the policies mentioned be-
low. The policies are monitored by the Group AML Com-
pliance Officer.
In 2024, no cases of non-respect of the UN Guiding
Principles on Business and Human Rights, the ILO Decla
-
ration on Fundamental Principles and Rights at Work, or
the OECD Guidelines for Multinational Enterprises that
involve value chain workers were reported in its upstream
and downstream value chain.
Stakeholders in the value chain were involved in set
-
ting policies through interviews with supplier and client
representatives.
The following CTP policies relate to workers in the
value chain:
Suppliers’ Code of
Conduct
CTP covers the human rights and health
and safety of the workers in its value
chain via its Suppliers’ Code of Con-
duct (“SCOC”). The SCOC addresses, in
particular, the impacts and opportunities
related to “working conditions” including
precarious work and “equal treatment
and opportunities for all” and covers all
suppliers within the Company’s supply
chain. The purpose of the SCOC is to
define a minimum standard of conduct
for all CTP Group suppliers with respect
to ESG. The Group AML Compliance
Officer is ultimately responsible for en-
suring compliance with the SCOC by CTP
suppliers. CTP’s SCOC is related to con-
ventions such as the OECD Guidelines for
Multinational Enterprises, the UN Guiding
Principles on Business and Human Rights,
ILO core conventions, and the Interna-
tional Bill of Human Rights. The SCOC
explicitly prohibits human trafficking,
forced labour, and child labour. The SCOC
is available on CTP’s website.
Anti-discrimination and
Harassment Policy
The goal of CTP’s Anti-discrimination and
Harassment Policy is to foster safe, equal
and inclusive working environments for
workers in CTP’s value chain as well as
for CTP’s own employees. The Executive
Directors are accountable the implemen-
tation of the policy.
See Section 4.7.2.1.3 for more details
about CTP’s Anti-discrimination and
Harassment Policy.
CTP N.V. Annual Report 2024
Sustainability
139
4.7.2.2.4 Engagement with value-chain workers
S2-2-20, S2-2-22, S2-2-23
Human rights are addressed in key Company policies and
codes that relate to the value chain. Together with the
process of due diligence of business partners, it consti
-
tutes CTP’s mechanism to ensure that human rights are
respected in the value chain.
CTP engages with representatives of workers in its
value chain through the DMA. The Group Head of ESG is
responsible for the DMA, and therefore also for engage
-
ment with workers in the value chain.
CTP has no specific agreements that enable the Com
-
pany to gain insight into the perspectives of the workers
in its value chain (including vulnerable to impacts and/or
marginalised). The effectiveness of the engagement is as
-
sessed through the results of the DMA.
CTP has no agreements with global union federa
-
tions; however, CTP’s Supplier Code of Conduct and var-
ious other policies mentioned in Section 4.7.2.2.3 expect
suppliers to comply with standards involving, among oth
-
er issues, the freedom of collective bargaining.
4.7.2.2.5 Impact remediation and raising concerns
S2-3-25, S2-3-27, S2-3-28
CTP acknowledges its responsibility towards the welfare
of workers in its value chain. CTP is committed to identi
-
fying, preventing, and remediating any negative impacts
its operations may cause or contribute to. The Compa
-
ny’s approach is built on effective communication, trans-
parent processes, and a strong emphasis on corrective
actions.
CTP has multiple channels (including a dedicat
-
ed email, third-party managed hotline, and third-party
managed web app) for workers in its value chain to raise
concerns anonymously. These mechanisms are designed
to be accessible, confidential, and effective, ensuring
that each concern is heard and addressed. Channels are
publicly available through CTP’s website, and channels
are communicated through the Supplier Code of Con
-
duct. The fact that CTP is receiving complaints through
its channels, shows that workers in the value chain are
aware of and struct the structure in place.
Upon receiving a complaint, CTP ensures a thorough
investigation and follow-up. The Company maintains
transparency in its processes while respecting the confi
-
dentiality of the individuals involved. Regular updates are
provided to the concerned stakeholders, and outcomes of
the investigations are shared to the extent possible while
maintaining confidentiality.
4.7.2.2.6 Actions and resources relating
to workers in the value chain
S2-4-30, S2-4-31, S2-4-32, S2-4-33, S2-4-34, S2-4-35, S2-4-36,
S2-4-37, S2-4-38
The main initiative through which CTP prevents and re-
mediates negative impacts on value-chain workers is the
SCOC, which includes an explanation of the Company’s
grievance channels. CTP reacts to reports communicat
-
ed through grievance channels. As part of new legal re-
quirements under the EU’s Corporate Sustainability Due
Diligence Directive, CTP will develop further actions.
CTP ensures that all suppliers sign the Supplier Code
of Conduct as part of their engagement.
In its SCOC, CTP’s process for the identification of
the required or appropriate responses to negative im
-
pacts is explained. For more information, please refer to
Section 4.7.2.2.3.
No severe human rights issues or incidents were re
-
ported in 2024.
As CTP has not set any targets, the effectiveness of
actions cannot be tracked; this will be developed. Allocat
-
ed resources are related to the management of grievance
channels and the SCOC.
4.7.2.2.7 Targets
S2-ESRS-2-72
CTP considers the development of targets but has set
no timeline. CTP tracks the effectiveness of its policies
through internal processes, in which management and
senior management are involved.
CTP N.V. Annual Report 2024
Sustainability
140
Pillar 3:
Conducting Business with Integrity
CTP N.V. Annual Report 2024
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141
4.7.3 Pillar 3: Conducting Business with Integrity
CTP’s ESG strategy pillar “Conducting Business with
Integrity” contains all governance-related material dis
-
closures as identified in the Group’s 2024 DMA process,
which indicate the following ESRS Category as material
for the Company:
G1 Business conduct
See Section 5 for a detailed description of CTP’s Group-
wide corporate governance.
4.7.3.1 ESRS G1 – Business conduct
4.7.3.1.1 General disclosures relating to due diligence
ESRS 2 GOV-4-32
CTP takes a comprehensive approach to due diligence
with respect to vendor selection. Potential suppliers are
evaluated based on a set of sustainability-related cri
-
teria, including their market reputation, past collabora-
tions, and contractual reliability. Suppliers are expected
to have a robust operational history and the capability to
manage projects sustainably. The selection process fa
-
cilitates an understanding of how well aligned potential
suppliers are with CTP’s sustainability objectives.
After supplier selection, CTP’s commitment to sus
-
tainability extends to routine monitoring. This involves
ensuring adherence to occupational health and safety
standards and other ESG requirements. The Compliance
department’s role in assessing various factors, from me
-
dia perception to human rights, is pivotal to ensure that
CTP’s partners remain in alignment with the Company’s
sustainability goals.
The Group AML Compliance Officer is central to the
due diligence process. This officer ensures that suppli
-
ers comply with the suppliers Code of Conduct (“SCOC”)
standards and that they adhere to the Company’s core
values of sustainability and ethics. The involvement of
suppliers is essential to maintain integrity throughout
the Company’s value chain. Tools used in the due diligence
are described below.
Overall, CTP’s sustainability due diligence processes
aim to provide transparency and facilitate an understand
-
ing among all stakeholders of the Company’s commit-
ment to and practices in sustainable business operations.
These processes are integral to maintaining the integrity
and ethical standards that CTP upholds in its industry.
CTP N.V. Annual Report 2024
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142
CTP’s sustainability due diligence
CTP’s sustainability due diligence is a systematic process designed
to ensure responsible corporate behaviour and adherence to ESG
standards.
Integration of sustain-
ability in corporate
policies
The Company’s commitment to sus-
tainability is embedded within its Code
of Conduct, Supplier Code of Conduct,
and Anti-Bribery and Corruption Policy,
ensuring a foundational adherence to
sustainable practices.
Vendor selection and
risk assessment
CTP employs a detailed vendor selection
process that evaluates suppliers against
sustainability criteria, addressing the
ESRS requirement for risk identification
and mitigation in the supply chain.
Compliance monitoring
and enforcement
Continuous oversight of ESG require-
ments and partner alignment with all
requirements reflects CTP’s commitment
to monitor and enforce sustainability
practices.
Transparency and whis-
tleblowing mechanisms
The establishment of an anonymous
whistleblowing channel meets the ESRS’s
emphasis on transparency and provides
a means for stakeholders to report
non-compliance.
Role of compliance
officers
The Group AML Compliance Officer’s
role in maintaining ethical standards
and conducting due diligence aligns with
the ESRS’s focus on accountability and
governance.
Use of external re-
sources
Leveraging external tools for suppli-
er vetting corresponds to the ESRS’s
requirement for due diligence in external
validation and compliance checks.
Continuous improve-
ment and innovation
The implementation of fraud detection
analytics and the commitment to con-
tinual process refinement align with the
ESRS’s principle of continuous improve-
ment in due diligence practices.
Technological integra-
tion
Utilising automated tools for compre-
hensive screening processes reflects the
efficient and systematic approach to due
diligence advocated by the ESRS.
ESG requirements Environmental due diligence is a part of
CTP’s new acquisition process.
Utilisation of external
tools
To support sustainability due diligence,
CTP uses external tools and databases
for solvency checks and customer identity
validation, which are part of ensuring
that partners are compliant with legal
frameworks against money laundering or
terrorist financing.
Voluntary compliance
checks and innovations
CTP’s proactive stance includes voluntary
compliance checks and the introduction
of innovations such as fraud detection
analytics. These measures exemplify the
Company’s ongoing commitment to refine
its sustainability due diligence processes.
Automated tools for
thorough screening
The Company leverages the relevant
technologies to facilitate thorough
screening processes that assess vendor
risk factors and analyse counterparty
indicators. This technological integration
contributes to the efficiency and compre-
hensiveness of the due diligence process.
4.7.3.1.2 The role of the administrative, management
and supervisory bodies
G1 GOV-1-5
CTP’s Board and senior management play a pivotal role
in ensuring responsible business conduct, as they oversee
the implementation of and adherence to all protocols and
guidelines related to business ethics, compliance, and oth
-
er matters. These bodies establish the strategic frame-
work for business conduct, ensuring that it aligns with the
Company’s vision, mission, and long-term objectives. See
Section 4.3 for more information on ESG oversight.
Members of the Board and senior management are
experts with relevant academic qualifications and years
of experience overseeing ethical and compliant business
operations. Regular training sessions, workshops, and
seminars are organised to help keep them updated on the
latest trends, challenges, and best practices in business
conduct. This continuous learning approach ensures that
they remain equipped to guide the Company.
CTP N.V. Annual Report 2024
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143
4.7.3.1.3 Material IROs and their impact relating
to business conduct
G1-IRO-1-6
Material impacts, risks, and opportunities relating to
business conduct were identified during the 2024 DMA,
which is further explained in Section 4.6. This process in
-
cludes all areas of operation and all business activities.
During the 2024 DMA, CTP identified the following
sub-topics relating to business conduct as material:
G1 – Business conduct
Corporate culture
Whistleblower
Corruption and bribery
Sustainable design
See Section 7.3.1 for an overview of CTP’s material IROs.
4.7.3.1.4 Policies and corporate culture
G1-1-7, G1-1-9, G1-1-10
At the heart of CTP’s identity lies an embedded corporate
culture based on core values that encompass sustaina
-
bility, environmental protection, and ethical practices.
Open communication, continuous learning, team-building
activities, and celebrating employee achievements form
the foundation of CTP’s strategy to promote its entre
-
preneurial corporate culture. Through these initiatives,
the Company helps to ensure that its workforce is unified
in its values and goals.
The Executive Directors oversee the formulation of
strategies and policies, such as the Group Code of Con
-
duct, and ensure their implementation. This includes reg-
ular monitoring and assessment of results through peri-
odic reviews and evaluations.
CTP’s policies related to governance and corporate
culture, which are publicly available on CTP’s website, are
set out below:
Code of Conduct &
Suppliers’ Code of
Conduct
CTP’s Group Code of Conduct and Supplier
Code of Conduct provide clear guidelines
for the Company’s senior management and
staff and companies in CTP’s value chain.
They cover the identified IROs related to
ethical business conduct and supply chain
management and detail the values and
principles that should guide all profession-
al interactions and decisions. The Code
of Conduct applies to CTP’s Executive
Officers and staff, while the value chain is
covered by the Supplier Code of Conduct.
The Group AML Compliance Officer is
accountable for the implementation.
CTP has comprehensive mechanisms
in place for identifying, reporting, and
investigating concerns about unlawful
behaviour or behaviour contradictory to
the Company’s Code of Conduct. These
are available to both internal and external
stakeholders. Concerns can be reported
anonymously through a secure reporting
system, ensuring confidentiality and pro-
tection. CTP’s dedicated team promptly
investigates all reported concerns to
ensure compliance and integrity.
CTP N.V. Annual Report 2024
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144
Whistleblower policy The Whistleblower Policy is intended to
encourage everyone within the Company
to report any suspected misconduct or
irregularity and covers the opportunities
and risks identified for whistleblow-
er protection. The policy applies to all
employees of CTP, and the Group AML
Compliance Officer is accountable for the
implementation. The policy is prepared
with due observance of the Dutch “House
for Whistleblowers Act” and best-practice
provision 2.6.1 of the Dutch Corporate
Governance Code.
CTP maintains solid safeguards to protect
those who report irregularities, including
whistleblowing protection. This policy en-
sures 1) protection of Company employees
who refuse to act unethically, even if such
refusal may result in a loss of business;
and 2) non-retaliation against workers
who have been granted whistleblower
status in accordance with applicable law,
and those who report any non-ethical
behaviour incidents.
Training on this policy is mandatory annual
training for all CTP employees.
For information on how reports are man-
aged, please refer to the CTP Whistle-
blower Policy, which is available on CTP’s
website.
Anti-Corruption and
Bribery policy
The Anti-Corruption and Bribery Policy
applies to CTP’s executives and staff,
as well as to CTP N.V. and its subsidiar-
ies. The policy covers all identified IROs
related to corruption and bribery, i.e., pre-
vention and detection, including training
and incidents. CTP’s executives and staff
are also required to confirm compliance on
a yearly basis and to follow training. The
Group AML Compliance Officer is account-
able for the implementation.
The Company’s policies on anti-corruption
and anti-bribery are consistent with the
United Nations Convention against Cor-
ruption. CTP has a zero-tolerance policy
towards any form of corruption or bribery.
These policies are regularly reviewed and
updated to align with international stand-
ards and best practices.
CTP promptly, independently, and objectively investigates
any incidents related to business conduct, including cor
-
ruption or bribery. Investigative processes are designed to
ensure a thorough and unbiased examination of all cases.
CTP recognises its construction department to be
most at risk in respect of corruption and bribery. To cov
-
er this risk, CTP has a dedicated anti-fraud policy for the
construction department.
Training on business conduct is comprehensive and
targets all employees. Training is conducted annually
and covers various aspects of business conduct, includ
-
ing ethical decision-making, compliance with laws, and
reporting mechanisms. CTP continually assesses the ef
-
fectiveness of training programs to ensure they meet the
standards for integrity and compliance.
The Company is firmly committed to upholding and
continually improving its policies on business conduct
matters. CTP strives to foster a culture of integri
-
ty, transparency, and ethical behaviour throughout the
Company. CTP has no policies related to animal welfare.
CTP has set targets for Pillar 3, which can be found
in the following table.
CTP N.V. Annual Report 2024
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145
BUSINESS INTEGRITY TARGETS
2024 2030
Green leases 45% 70%
Rate of people trained in Code of Conduct 70% 100%
4.7.3.1.5 Relationships with suppliers
G1-2-12, G1-2-14, G1-2-15
As a general business practice, CTP has weekly payment
runs for each country. CTP does not distinguish between
SMEs and other companies. There are no internal policies
governing late payments, including SMEs.
CTP’s approach to supplier relationships and pro
-
curement is focused on two priorities: mitigating supply
chain risks and promoting sustainability. The Group’s
comprehensive verification process for potential suppli
-
ers extends beyond financial metrics to assess ethical
practices, environmental impacts, adherence to labour
rights, and overall business conduct. This approach en
-
sures alignment with CTP’s values.
To streamline procurement and enhance communi
-
cation, CTP is working on the introduction of a two-way
platform. This platform will facilitate open dialogue and
feedback with suppliers, promoting transparency, under
-
standing and cooperation. The Company’s commitment
extends to ensuring clear, equitable contracts and timely
payments to suppliers, emphasising mutual benefit and
trust.
The rigorous standards, especially for high-risk areas
like solar system components procurement or engage
-
ment in the arms industry, reflect CTP’s dedication to
responsible and ethical procurement. The Company man
-
dates that suppliers adhere to guidelines ensuring ethi-
cal sourcing, sustainable production processes, and fair
labour practices.
4.7.3.1.6 Prevention and detection of corruption
and bribery
G1-3-16, G1-3-18, G1-3-20, G1-3-21 GRI 205-1, GRI 205-2, GRI 205-3
To prevent and detect allegations or incidents of corrup-
tion and bribery, CTP has implemented specific grievance
procedures. Investigations into allegations are conducted
by the Group AML Compliance Officer to ensure impar
-
tiality in addressing these issues and that they are han-
dled by a designated, neutral entity, separate from the
management chain. Outcomes are systematically report
-
ed. This structured approach ensures that CTP’s senior
management and Non-Executive Directors are kept in
-
formed and can act decisively based on the findings.
Policies are communicated by e-mail, through the Com
-
pany’s intranet, and on CTP’s website. The Suppliers’
Code of Conduct is included in all Purchase Orders and in
agreements where applicable.
CTP requires all its employees, including all functions-
at-risk, to participate in an annual Ethics and Compliance
training session, which is designed to explain CTP’s ethi
-
cal corporate environment and the key values and internal
rules and procedures covering Group policies.
The Non-Executive Directors receive additional
and specific training from the Group AML Compliance
Officer.
4.7.3.1.7 Incidents of corruption and bribery
G1-4-22, G1-4-24, G1-4-26
During the 2024 reporting period there were no con-
firmed cases of corruption and/or bribery at CTP and
therefore no convictions of CTP employees, nor were any
fines imposed on the Company. As a result, no actions
were required. No incidents in the value chain involving
CTP employees took place. All local entities report filed
cases and updates on pending cases to the Group AML
and Compliance Officer through internal channels. The
Group AML and Compliance Officer reports all cases to
the Audit Committee. Annually, a Compliance Report Is
filed with the board of Directors. No assumptions are
made.
Data is collected through CTP’s official channels
with the Group AML and Compliance Officer.
Beyond CTP’s assurance provider, no other validation
took place.
CTP N.V. Annual Report 2024
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146
4.7.3.1.8 Payment practices
G1-6-31, G1-6-33
On average, CTP requires 22.2 days to pay an invoice
from when the contractual or statutory term of payment
starts. This is based on the process described below:
1. All invoices received by CTP in its countries have been
collected and entered in CTP’s financial reporting
system.
2. Payment time (time from the date an invoice was re
-
ceived until paid) was calculated for all invoices.
3. Invoices related to inter-Company transfers and re
-
tentions have been filtered out.
4. Average time of payment has been calculated by di
-
viding the total number of days until payment for all
invoices by the number of invoices. Numbers have
been calculated for each country as well as consoli
-
dated at the Group level.
CTP’s standard payment terms are 30 days for most
countries. Standard terms apply in the same manner to
all its suppliers and vendors, independent of company
size.
Currently, CTP has one1 outstanding proceeding for
late payments.
Next to CTP’s assurance provider, no other validation
took place.
4.7.3.1.9 Sustainable design and green certification
ESRS 2-75, ESRS 2-76, ESRS 2-77
CTP’s 2024 DMA identified sustainable design and green
certification as entity-specific material topics.
Sustainable design The impact of sustainable design is in-
terconnected with energy efficiency and
GHG emissions, as it helps CTP meet its
sustainability-related targets.
Certification CTP certifies its standing portfolio
according to the Buildings Research
Establishment Environmental Assessment
Method (“BREEAM”). To meet the increas-
ing client demand for sustainably designed
newly built facilities, CTP builds all newly
developed projects to the BREEAM New
Construction level “Very Good” or higher
(except in Germany, where the DGNB rat-
ing system is used), with regular upgrades
to ensure energy efficiency. CTP considers
green building certification as an effective
tool to increase the sustainability of its
buildings and attract new clients.
As at end-2024, CTP obtained 25 first-
time BREEAM certificates, 23 of which
are “Excellent” or “Outstanding”. See Sec-
tion 7.3.5 for more details on the number
of new BREEAM certifications received in
2024.
Buildings without BREEAM or DGNB
certification are either recently complet-
ed and thus are not yet certified or are
earmarked for redevelopment or major
upgrade.
Energy Performance
Certificates (“EPCs”)
CTP targets having 70% of its GLA
covered by EPCs with a level C rating or
higher by 2030. As at end-2024, 72% of
CTP’s GLA was covered by EPCs with
a level C rating or higher. This includes
standing buildings that are certifiable and
not earmarked for demolition or major
refurbishments. See Section 4.7.1.1.4 for
more information on CTP’s use of EPCs as
a decarbonisation lever.
1 Less than 1000 EUR.
CTP N.V. Annual Report 2024
Sustainability
147
GREEN BUILDING BREEAM CERTIFICATIONS
EPRA-Cert-Total, E1-9-67
BREEAM Certificate Type & Level
[EPRA Cert-Tot] Number % Sqm
In Use
Outstanding 6 1%
Excellent 106 14%
Very Good 299 37%
Good 31 3%
Pass 1 0%
Total In use 443 55%
New Construction
Outstanding 4 0%
Excellent 31 11%
Very Good 18 4%
LEED/Building Design and Construc-
tion (BD+C) | Silver
1 0%
Total New Construction 54 16%
Uncertified 221 29%
GREEN BUILDING CERTIFICATIONS EPC
EPC Level Number % Sqm % Value
EU EPC - A+ (or higher) 16 5% 6%
EU EPC - A 148 22% 19%
EU EPC - B 204 25% 29%
EU EPC - C 146 20% 24%
EU EPC - D 3 0% 1%
EU EPC - E 2 0% 0%
EU EPC - F 6 0% 0%
EU EPC - G 4 0% 0%
EU EPC - Poland 20 6% 6%
EU EPC - Germany (Non-residential) 38 5% 4%
Total Certified 587 84% 88%
Uncertified Buildings 131 16% 12%
Information on BREEAM certification and EPCs is kept in
a database developed by CTP. The reported data is ex
-
tracted from this database at the end of the year and
prepared for reporting. No assumptions are made. Cer
-
tification levels are set by accredited certifiers. BREEAM
certifications are voluntary, while EPCs are mandatory
under European legislation.
In addition to the assurance provider, reported data
in this section is validated by Arcadis. The process in
-
cludes review of a sample and review against underlying
evidence, verifying the correctness of the calculations and
results.
4.7.3.1.10 Green lease clauses
ESRS 2-75, ESRS 2-76,ESRS 2-77
CTP is working to increase the green lease coverage of its
standing portfolio, as this is an effective decarbonisation
lever for the Group. All newly signed agreements contain
green lease clauses, and the Company amends existing
contracts to contain green lease clauses where possible
to expedite this process. Green leases are applied across
the portfolio, independent of geographical location, al
-
ways in agreement with clients.
At the end of 2024, 45% of the Group’s GLA was
covered with green lease clauses, up from 37% in 2023.
Expanding its green lease coverage enables the CTP to
increase insight into energy consumption within its port
-
folio and the related Scope 3 emissions, which leads to
higher reporting accuracy and forms a better basis for
the creation and monitoring of the Group’s Transition
Plan for Climate Change Mitigation.
By 2030, CTP targets to have 90% of its GLA covered
with green leases. The achievement of this target sup
-
ports the achievement of other Company targets, includ-
ing the reduction of its operational carbon footprint and
increase of renewable energy consumption. This green
lease target is also intended to reduce CTP’s carbon
emissions and is therefore a critical lever for the Compa
-
ny. See Section 4.7.1.1.5 for more details on CTP’s green
leases.
Data is reported through internal software, which in
-
cludes information on green leases. No assumptions are
made due to clarity of lease contracts.
In addition to the assurance provider, reported data
in this section is validated by Arcadis. The process in
-
cludes review of a sample and review against underlying
evidence, verifying the correctness of the calculations
and results.
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148
Pillar 4:
Embedding Parks in Communities
CTP N.V. Annual Report 2024
Sustainability
149
CTP’s 4
th
ESG Pillar, Embedding Parks
in Communities, is an integral part of the
Company’s ESG strategy and business
model and is included voluntarily to inform
on CTP’s overall approach, although it is not
considered ESRS material.
4.7.4 Pillar 4: Embedding Parks in Communities
Nurturing positive engagement with the communities
where CTP operates is an integral part of the Company’s
ESG strategy and long-term business strategy. Although
CTP’s 2024 DMA did not identify any material IROs that
would fall under this pillar, CTP reports on its activities in
this area as part of its commitment to ESG.
This section is therefore not assured under the Limited
Assurance by KPMG.
Among its benefits, cooperation with local municipalities
helps facilitate long-term sustainable growth possibili
-
ties for CTP and its clients. As a part of its owner-oper-
ator business strategy since its inception, CTP strives to
be a good corporate neighbour through various ongoing
initiatives, including investments in public infrastructure,
collaboration with local universities and schools, and
support for local charities. In recent years, the Company
has made significant investments to develop and oper
-
ate community spaces at its parks, most notably its mul-
ti-use Clubhaus community centres at select park loca-
tions. See Section 4.7.4.1.
4.7.4.1 Providing community space
EPRA-Compty-Eng EPRA COMTY-ENG
The most significant way to embed parks in communities
is by creating space for the community and to organise
activities. In 2024, CTP organised activities at its parks in
nine out of ten countries where it operates.
One of CTP’s main efforts in this area is its commu
-
nity Clubhaus concept, which functions as the focal point
of a CTPark, fostering deeper community relations. Each
Clubhaus is a distinct, modern multi-functional centre
that offers space to the park community for meetings,
educational activities, and social gatherings. Depending
on location, they include restaurants, cafés, minimarkets,
and medical facilities. The buildings are surrounded by
natural landscaping and are adjacent to outdoor sports
facilities that are accessible for the surrounding commu
-
nity. First developed as a stand-alone facility at CTPark
Bor in the Czech Republic, CTP formalised the Clubhaus
brand in 2020. As at end-2024, CTP owns and operates
Clubhaus community centres in four countries.
To ensure that CTP activities are not affecting com
-
munities through its environmental impacts, CTP con-
ducts Environmental Impact Assessments (“EIAs”) where
required. Similarly, these EIAs are public where required
by local law.
TARGETS EMBEDDING PARKS IN COMMUNITIES
Category Baseline 2023 Performance 2024 Targets 2030
Community-engaging activities 30 101 50/ year
Water intensity (use, utilisation) reduction (m³/m2) 0.19 0.20 20%
% of parks with biodiversity in line with BREEAM
guidance on biodiversity
38% 32% 90%
CTP N.V. Annual Report 2024
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150
4.7.4.2 Accessibility and clean mobility
The accessibility of CTP’s parks is vital to its business.
The Company develops its parks in strategic locations
with an available local workforce that positively impact
transportation flows—both long-distance transport and
short-distance commuting, thereby indirectly reducing
emissions related to transportation.
CTP works actively with local and regional govern
-
mental agencies to create public bus lines with access to
its parks and other related infrastructure where feasible.
One example is Brno, in the Czech Republic, where CTP
operates bus lines to enable client employees to get to
work without using personal cars.
CTP has also started installing electric vehicle (“EV”)
chargers at its parks. As of 2024, 52% of the Group’s
parks have charging facilities installed.
CTP values the bicycle as a mode of transport and in
-
vests in two areas to promote bicycling to work: parking
facilities for bikes and bike lanes. At the end of 2024, 39%
of CTP’s parks are connected to nearby cities and towns
by public bike lanes.
4.7.4.3 Green spaces and biodiversity
As part of its long-term business strategy, CTP con
-
siders green spaces and nature-based solutions to be a
complementary component of its parks. CTP’s biodiver
-
sity projects focus on local solutions (e.g., native trees
and shrubbery, insect hotels, apiaries), as the Company
considers that needs are best understood and addressed
at the park level. 32% of CTP’s parks are in line with the
BREEAM guidance on biodiversity.
Beyond these ongoing actions, in 2019 CTP invest
-
ed in around 560 hectares of partially degraded forests
near Zlín and Mladá Boleslav in the Czech Republic. Over
the last few years, CTP has been working to restore
these forests and to expand biodiversity, in part through
the planting of different kinds of native saplings.
CTP N.V. Annual Report 2024
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151
4.8.1 KPIs (methodology of calculation)
Turnover
Turnover KPI is calculated based on the Group’s 2024
consolidated financial statements and on the notes to the
financial statements.
• Eligible turnover (numerator) = rental income (Note 8)
+ service charge income (Note 8) + income from re
-
newable energy (Note 9) + income from development
activities (Note 9) + hotel operating revenues (Note 9).
• Total turnover (denominator) = total revenues (con
-
solidated profit and loss statement).
• Aligned turnover (numerator) = eligible turnover from
economic activities attributed to assets (properties)
that meet technical screening criteria, including Sub
-
stantial Contribution Criteria, Do Not Significantly
Harm Criteria, and Minimum Social Safeguards.
To avoid double counting in the numerator, economic
activities are attributed to the Company’s business ac
-
tivities that are presented separately in the financial
statements. Eligible turnover from economic activities
that contribute to specific environmental objectives is
presented separately. Economic activities are verified
against their contribution to Climate Change Adaptation
(“CCA”), Climate Change Mitigation (“CCM”) and Circular
Economy (“CE”).
CapEx
Capital expenditure (“CapEx”) KPI is calculated based on
the notes to the financial statements.
• Eligible CapEx (numerator) = land acquisition (Note
18 Acquisition – Landbank) + costs related to de
-
sign and project preparation and construction (Note
19 Additions IPUD, Rights of use assets) + restruc
-
turing and major renovations of standing buildings
(Note 18 Additions – Buildings and related land, Right
of use assets-building related land, Right of use as
-
sets landbank) + investment in all renewable energy
sources including photovoltaic systems on facades
and roofs (Note 21 Solar plants + solar plants under
construction) + acquisition of existing buildings (Note
18 Acquisitions – Buildings and related land, Note 19
Acquisitions – IPUD).
• Total CapEx (denominator) = total of additions and
acquisitions in Notes 18, 19, 21 (consolidated financial
statements).
• Aligned CapEx (numerator) = eligible CapEx from eco
-
nomic activities attributed to assets (properties and
photovoltaic systems) that meet technical screening
criteria, including Substantial Contribution Criteria,
Do Not Significantly Harm Criteria, and Minimum So
-
cial Safeguards.
4.8 EU Taxonomy
The EU taxonomy aims to direct capital
towards a sustainable economy. Article 8(2)
of the Taxonomy Regulation mandates non-
financial firms to disclose the proportion
of their turnover, capital, and operating
expenditures related to environmentally
sustainable activities. CTP complies with
these requirements. In 2024, CTP assessed
the eligibility and alignment of its economic
activities based on all six environmental
objectives.
TAXONOMY
Category Turnover CapEx OpEx
Taxonomy eligible and aligned activities 58.1% 21.1% 23.9%
CTP N.V. Annual Report 2024
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152
To prevent double counting in the numerator, economic
activities are allocated to the Company’s business oper
-
ations as distinctively presented in the financial state-
ments. Eligible CapEx from economic activities contrib-
uting to specific environmental objectives are reported
separately.
OpEx
Operational expenditure (“OpEx”): the EU Delegated Act
lists items to be considered as OpEx as research and de
-
velopment, building renovation measures, short-term
lease, maintenance and repair, and any other direct ex
-
penditures relating to the day-to-day servicing of assets
of property, plant, and equipment by the undertaking or
a third party to whom activities are outsourced that are
necessary to ensure the continued and effective func
-
tioning of such assets. Due to this, the calculation is not
based on the consolidated financial statements. Instead,
a bottom-up approach has been used. OpEx has been ex
-
tracted from the breakdown of annual internal spendings.
• Eligible OpEx = maintenance, repair, and manage
-
ment of parks;
• Total OpEx = total property operating expenses
(Note 10) + short-term rent;
• Aligned OpEx = eligible OpEx from economic activi
-
ties attributed to assets (properties) that meet tech-
nical screening criteria including Substantial Contri-
bution Criteria, Do Not Significantly Harm Criteria,
and Minimum Social Safeguards.
To prevent double counting in the numerator, economic
activities are assigned to the Company’s business ac
-
tivities that are individually presented in the financial
statements. Eligible OpEx from economic activities con
-
tributing to specific environmental objectives is shown
separately.
4.8.2 Eligibility
CTP’s business activities were screened based on EU
taxonomy definitions, and five eligible economic activities
were identified:
• Construction of new buildings: CCA 7.1, CCM 7.1,
CE 3.1;
• Renovation of existing buildings: CCA 7.2, CCM 7.2,
CE 3.2;
• Electricity generation using solar photovoltaic tech
-
nology: CCA 4.1, CCM 4.1;
• Installation, maintenance and repair of renewable
energy technologies: CCA 7.6, CCM 7.6;
• Acquisition and ownership of buildings: CCA 7.7,
CCM 7.7.
The EU Delegated Regulation defines Construction of
new buildings as: Development of building projects for
residential and non-residential buildings by bringing to
-
gether financial, technical and physical means to realise
the building projects for later sale as well as the construc
-
tion of complete residential or non-residential buildings,
on own account for sale or on a fee or contract basis.
As CTP’s development activities are directly related to
the above definition, the following tasks are considered
relevant:
1. land acquisition (CapEx);
2. costs related to design and project preparation
(CapEx);
3. construction of new buildings (CapEx);
4. extension of existing buildings (CapEx);
5. income from development activity (Revenue).
The EU Delegated Regulation defines Renovation of ex
-
isting buildings as: Construction and civil engineering
works or preparation thereof.
As CTP’s renovation activities are directly related to EU
taxonomy definitions, the following tasks are considered
relevant:
1. Restructuring and major renovations of standing
buildings (CapEx).
The EU Delegated Regulation defines Installation, main
-
tenance, and repair of renewable energy technologies as:
Installation, maintenance, and repair of renewable energy
technologies, on-site.
As CTP invests in the development of photovoltaic ca
-
pacity, the following tasks are considered relevant:
1. investment in all renewable energy sources, including
photovoltaic systems on facades and roofs (CapEx);
2. maintenance of existing renewable energy systems
(OpEx).
CTP N.V. Annual Report 2024
Sustainability
153
As photovoltaic systems owned by CTP generate energy
that is sold, CTP is also active in electricity generation
using solar photovoltaic technology (Turnover). CTP has
not followed FAQ #62 of the draft Commission Notice in
the 2024 and 2023 KPIs but will consider this draft FAQ
in future disclosures.
The EU Delegated Regulation defines Acquisition and
ownership of buildings as: Buying real estate and exercis
-
ing ownership of that real estate.
As CTP’s acquisition activities directly relate to the above
definition, the following tasks are considered relevant:
1. acquisition of existing buildings (CapEx);
2. costs related to buildings maintenance and opera
-
tions (OpEx);
3. rental income (turnover);
4. service charge income (turnover);
5. hotel rental income (turnover).
4.8.3 Alignment
EU taxonomy disclosure also requires reporting on the
alignment of eligible activities with the Technical Screen
-
ing criteria set out in Commission Delegated Regulation
(EU) 2021/2139 and amended by Commission Delegated
Regulation (EU) 2023/2485.
Determination of taxonomy alignment requires that the
eligible economic activity concerned makes a significant
contribution to the attainment of one or more environ
-
mental objectives, does not significantly harm any other
environmental objective, and that the company complies
with the minimum social safeguards in relation, to among
others, occupational health and safety, corruption, tax,
fair competition, and human rights. With respect to the
verification of contributions to environmental objectives
and Do Not Significantly Harm Criteria, the technical
screening criteria for the individual climate objectives are
defined in the relevant annexes to the Delegated Acts.
The six taxonomy environmental objectives are:
1. climate change mitigation;
2. climate change adaptation;
3. the sustainable use and protection of water and ma
-
rine resources;
4. the transition to a circular economy;
5. pollution prevention and control; and
6. the protection and restoration of biodiversity and
ecosystems.
Climate change mitigation and climate change adapta
-
tion are verified on an economic activity basis and doc-
umented in checklists. Circular economy requirements
have been screened and found not to be met by CTP.
Verification of the Minimum Social Safeguard require
-
ment has been done at the Company level. It consists of
embracing international conventions and regulations on
health and safety, corruption, tax, fair competition and
human rights, such as OECD Guidelines for Multinational
Enterprises, UN Guiding Principles on Business and Hu
-
man Rights (“UNGPs”), ILO core conventions, and the
International Bill of Human Rights. CTP has concluded
that appropriate due diligence and remedy procedures
are in place and continues monitoring and acting on risk
changes. Additionally, CTP is not involved in any relevant
legal proceedings, the OECD National Contact Point has
not accepted a case on CTP, and the Business and Human
Rights Resource Centre has not taken up any allegation
against CTP. The gender pay gap is presented in Section
4.7.3.16; board gender diversity is presented in Section
4.7.2.1.16. CTP is not exposed to controversial weapons.
All Group assets that are under management and under
construction are screened based on technical screening
criteria for specific activities (including Substantial Con
-
tribution Criteria and Do Not Significantly Harm Crite-
ria). Each asset is tested using appropriate checklists.
A set of aligned and non-aligned assets is developed and
used to report KPIs on alignment. All properties consid
-
ered aligned have climate adaptation solutions that sub-
stantially reduce most important physical climate risks
from the list in Appendix A of the Climate Delegated Act.
Eligible turnover, CapEx, and OpEx attributed to ac
-
tivities related to assets that are aligned are recognised
as aligned. Attribution to activities secures avoidance of
double counting.
CTP N.V. Annual Report 2024
Sustainability
154
CTP conducted an analysis of its eligibility and alignment
with EU taxonomy for the first time in 2022, and this was
internally reviewed in 2023 and in 2024.
CTP’s core business operations are focused on the
construction of buildings and management of existing
properties. Core operations are focused on economic ac
-
tivities that are considered eligible. These consolidated
eligibility results are for all KPIs (turnover: 100%, CapEx
100%, OpEx 71.9%). High values of eligibility are typical
for real estate management and development companies.
Alignment with EU taxonomy means meeting mul
-
tiple requirements that apply to company governance,
processes, specific project requirements, and detailed
reporting. In 2022, CTP analysed economic activities
against respective technical screening criteria. In 2023
and 2024 analyses were conducted again, as there were
updates in relevant criteria. Alignment levels of 58.1%
for Turnover, 21.1% for CapEx, and 23.9% for OpEx have
been achieved.
CTP’s turnover comes mostly from managed prop
-
erties. The share of properties that can ensure aligned
turnover is a result of the quality of managed properties
and the age and share of acquired buildings vs. self-de
-
veloped. CTP-developed buildings are of high quality and
ensure high energy efficiency. To increase the share of
aligned properties, among others, the further develop
-
ment of energy performance certificates and further
renovation activities are required. CTP improves the
energy efficiency of its portfolio on an ongoing basis. In
-
crease of aligned turnover from 53.8% to 58.2% is the
result of changes in internal reporting methods allowing
for the recognition of OpEx and matching it with aligned
activities, and the quality of the standing, revenue-gen
-
erating portfolio.
CTP CapEx is mostly spent on the construction of new
buildings and the acquisition of existing properties. To
increase the share of aligned CapEx, detailed require
-
ments for the construction of new buildings required
some adjustments to CTP’s building and construction
process specification. Implementation of these adjust
-
ments are ongoing. As CTP already certifies buildings in
the BREEAM scheme, required adjustments are small.
For building acquisitions, technical due diligence will be
developed to cover EU taxonomy aspects to ensure that
informed decisions in this field are made. A decrease of
aligned CapEx from 51.3% to 21.1% results from the fact
that more investment has been made in areas where CTP
has not yet introduced processes to ensure alignment.
Aligned OpEx relates to aligned properties under
management. These aligned properties, however, have a
relatively low share of operation and maintenance costs,
and therefore the reported aligned OpEx deviates from
the aligned turnover. Aligned OpEx has increased from
20.7% to 23.9%.
CTP issued green bonds that are not directly relat
-
ed to the EU taxonomy. Presented KPIs are not adjust-
ed. Adjusted KPIs, based on the assumption that a share
of CTP’s assets is financed with proceeds from green
bonds, can be found below.
The adjustment was calculated based on the assump
-
tion that the fair value of the portfolio financed by green
bonds (Note 18) is €14.6 billion (Note 29 – €4.0 billion ex
-
cluded €20.0 million of non-green bonds). Non-adjusted
KPIs have been multiplied by the share of the portfolio
that is not financed by green bonds (72.5%). Adjusted
KPIs are 42.1% for Turnover, 15.3% for CapEx.
CTP N.V. Annual Report 2024
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155
EU TAXONOMY ELIGIBILITY AND ALIGNMENT: PROPORTION OF TURNOVER
Financial year 2024 Year Substantial contribution criteria DSNH criteria (Do Not Significantly Harm)
Economic activities Code(s) Turnover Propor-
tion of
turnover
2024
Climate
change
mitiga-
tion
Climate
change
adapta-
tion
Water Pollution Circular
economy
Biodi-
versity
Climate
change
mitiga-
tion
Climate
change
adapta-
tion
Water Pollution Circular
economy
Biodi-
versity
Mini-
mum
safe-
guards
Propor-
tion of
Tax-
onomy
aligned
(A.1.) or
-eligible
(A.2.)
turn-
over,
2023
Cate-
gory (en-
abling
activity)
Catego-
ry (tran-
sitional
activity
kEUR % Y;N;N/
EL
Y;N;N/
EL
Y;N;N/
EL
Y;N;N/
EL
Y;N;N/
EL
Y;N;N/
EL
Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. Taxonomy eligible activities
A.1 Environmentally sustainable activities (Taxonomy-aligned)
Installation, maintenance and
repair of renewable energy
technologies
CCA 4.1
CCM 4.1
7,600 0.9% N Y N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.00%
Acquisition and ownership of
buildings1
CCA 7.7
CCM 7.7
498,225 57.2% N Y N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 53.80%
Turnover of environmentally sustaina-
ble activities (Taxonomy aligned) (A.1)
CCM 7.7 58.1% 0% 58.1% 0% 0% 0% 0% Y Y Y Y Y Y Y 53.80%
Of which enabling - 0% 0% 0.00% 0% 0% 0% 0% Y Y Y Y Y Y Y 0% E
Of which transitional - 0% 0% Y Y Y Y Y Y Y 0% T
A.2 Taxonomy eligible but not environmentally sustainable activities (not Taxonomy aligned activities)
EL;N/
EL
EL;N/
EL
EL;N/
EL
EL;N/
EL
EL;N/
EL
EL;N/
EL
Construction of new
buildings1
CCA 7.1
CCM 7.1
CE 3.1
100,700 11.6% EL EL N/EL N/EL EL N/EL
Acquisition and ownership of
buildings1
CCA 7.7
CCM 7.7
264,175 30.3% EL EL N/EL N/EL N/EL N/EL
Turnover of Taxonomy eligible but not
environmentally sustainable activities
(not Taxonomy aligned activities (A.2)
364,875 41.9% 100.0% 41.9% 0% 0% 11.6% 0%
A. Turnover of Taxonomy-eligible
activities (A.1 + A.2)
870,700 100.0% 100.0% 100.0% 0% 0% 11.6% 0%
B. Taxonomy-non eligible activities (B)
Turnover of Taxonomy non-eligible
activities (B)
- 0.0%
Total (A+B) 870,700 100%
1 CTP does not follow FAQ#8 and #19 of Commission Notice C/2023/305 dated 20 October 2023, and considers the turnover of this activity fitting into
the text of the EU Taxonomy Regulation and the Disclosure Delegated Act in line with FAQ #5 of Commission Notice C 385/01 dated 6 October 2022.
CTP N.V. Annual Report 2024
Sustainability
156
EU TAXONOMY ELIGIBILITY AND ALIGNMENT: PROPORTION OF CAPEX
Financial year 2024 Year Substantial contribution criteria DSNH criteria (Do Not Significantly Harm)
Economic activities Code(s) CapEx Propor-
tion of
CapEx
2024
Climate
change
mitiga-
tion
Climate
change
adapta-
tion
Water Pollution Circular
economy
Biodi-
versity
Climate
change
mitiga-
tion
Climate
change
adapta-
tion
Water Pollution Circular
economy
Biodi-
versity
Mini-
mum
safe-
guards
Propor-
tion of
Tax-
onomy
aligned
(A.1.) or
-eligible
(A.2.)
turn-
over,
2023
Cate-
gory (en-
abling
activity)
Catego-
ry (tran-
sitional
activity
kEUR % Y;N;N/
EL
Y;N;N/
EL
Y;N;N/
EL
Y;N;N/
EL
Y;N;N/
EL
Y;N;N/
EL
Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. Taxonomy eligible activities
A.1 Environmentally sustainable activities (Taxonomy-aligned)
Construction of new
buildings
1
CCA 7.1
CCM 7.1
CE 3.1
273,221 19.3% N Y N/EL N/EL N N/EL Y Y Y Y Y Y Y 47.1%
Installation, maintenance,
and repair of renewable
energy technologies
1
CCA 7.6
CCM 7.6
26,000 1.8% N Y N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 4.2%
CapEx of environmentally sustainable
activities (Taxonomy aligned) (A.1)
299,221 21.1% 0% 21.1% 0% 0% 0% 0% Y Y Y Y Y Y Y 51.3%
Of which enabling - 0% 0% 0% 0% 0% 0% 0% Y Y Y Y Y Y Y 0% E
Of which transitional - 0% 0% Y Y Y Y Y Y Y 0% T
A.2 Taxonomy eligible but not environmentally sustainable activities (not Taxonomy aligned activities)
EL;N/EL EL;N/EL EL;N/EL EL;N/EL EL;N/EL EL;N/EL
Construction of new buildings CCA 7.1
CCM 7.1
CE 3.1
646,079 45.6% EL EL N/EL N/EL EL N/EL
Renovation of existing
buildings
CCA 7.2
CCM 7.2
CE 3.2
261,900 18.5% EL EL N/EL N/EL EL N/EL
Acquisition and ownership of
buildings
CCA 7.7
CCM 7.7
211,100 14.9% EL EL N/EL N/EL N/EL N/EL
CapEx of Taxonomy eligible but not
environmentally sustainable activities
(not Taxonomy aligned activities (A.2)
1,119,079 78.9% 0.0% 78.9% 0.0% 0.0% 64.0% 0.0%
A. CapEx of Taxonomy-eligible
activities (A.1 + A.2)
1,418,300 100.0% 100.0% 100.0% 0.0% 0.0% 64.0% 0.0%
B. Taxonomy-non eligible activities (B)
CapEx of Taxonomy non-eligible
activities (B)
- 0.0%
Total (A+B) 1,418,300 100%
1 The construction of new buildings and renovation of existing buildings have DNSH criteria regarding pollution. CTP has assessed these criteria
on a best effort basis, but highlights the complexity of the requirements of appendix C to the Climate Delegated Act and the limitations to collect
data on all substances in all materials, products and equipment that the company makes use of.
CTP N.V. Annual Report 2024
Sustainability
157
EU TAXONOMY ELIGIBILITY AND ALIGNMENT: PROPORTION OF OPEX
Financial year 2024 Year Substantial contribution criteria DSNH criteria (Do Not Significantly Harm)
Economic activities Code(s) OpEx Propor-
tion of
OpEx
2024
Climate
change
mitiga-
tion
Climate
change
adapta-
tion
Water Pollution Circular
economy
Biodi-
versity
Climate
change
mitiga-
tion
Climate
change
adapta-
tion
Water Pollution Circular
economy
Biodi-
versity
Mini-
mum
safe-
guards
Propor-
tion of
Tax-
onomy
aligned
(A.1.) or
-eligible
(A.2.)
turn-
over,
2023
Cate-
gory (en-
abling
activity)
Catego-
ry (tran-
sitional
activity
kEUR % Y;N;N/
EL
Y;N;N/
EL
Y;N;N/
EL
Y;N;N/
EL
Y;N;N/
EL
Y;N;N/
EL
Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. Taxonomy eligible activities
A.1 Environmentally sustainable activities (Taxonomy-aligned)
Acquisition and ownership of
buildings
CCA 7.7
CCM 7.7
22,833 23.9% N Y N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 20.7%
OpEx of environmentally sustainable
activities (Taxonomy aligned) (A.1)
22,833 23.9% 0% 23.9% 0% 0% 0% 0% Y Y Y Y Y Y Y 20.7%
Of which enabling - 0% 0% 0% 0% 0% 0% 0% Y Y Y Y Y Y Y 0% E
Of which transitional - 0% 0% Y Y Y Y Y Y Y 0% T
A.2 Taxonomy eligible but not environmentally sustainable activities (not Taxonomy aligned activities)
EL;N/EL EL;N/EL EL;N/EL EL;N/EL EL;N/EL EL;N/EL
Acquisition and ownership of
buildings
CCA 7.7
CCM 7.7
45,867 48.0% EL EL N/EL N/EL N/EL N/EL
OpEx of Taxonomy eligible but not envi-
ronmentally sustainable activities (not
Taxonomy aligned activities (A.2)
45,867 48.0% 48.0% 48.0% 0.0% 0.0% 0.0% 0.0%
A. OpEx of Taxonomy-eligible activities
(A.1 + A.2)
68,700 71.9% 71.9% 71.9% 0.0% 0.0% 0.0% 0.0%
B. Taxonomy-non eligible activities (B)
OpEx of Taxonomy non-eligible activi-
ties (B)
26,900 28.1%
Total (A+B) 95,600 100%
CTP N.V. Annual Report 2024
Sustainability
158
KPI ADJUSTMENTs
Green Bonds €4.0 billion Note 30, excluding 20MEUR
non-green bonds
Investment property €14.7 billion Note 18 Investment property
Investment property funded by Green Bonds 27.5%
Aligned Turnover, non-adjusted 58.1% KPI in Table EU Taxonomy eligi-
bility and alignment Turnover
Estimated to be funded with Green Bonds (based on 29.7%) 15.9%
Aligned Turnover, adjusted 42.1%
Aligned CapEx, non-adjusted 21.1% KPI in Table EU Taxonomy eligi-
bility and alignment CapEx
Estimated to be funded with Green Bonds (based on 39.1%) 5.8%
Aligned CapEx, adjusted 15.3%
QUANTITATIVE BREAKDOWN OF ALIGNED CAPEX
Activity Category € million
Activity CCA 7.1 Construction activities 273,221
Activity CCA 7.6 Installation of photovoltaics 26,000
Total aligned CAPEX 299,221
QUANTITATIVE BREAKDOWN OF ALIGNED OPEX
Activity Category € million
Activity CCA 7.7 Maintenance and operations of
existing building
22,833
Total aligned OpEx 22,833
PROPORTION OF TURNOVER: TOTAL TURNOVER
Aligned per
objective
Eligible per
objective
CCM 0% 100%
CCA 58.1% 100%
WTR 0% 0%
CE 0% 11.6%
PPC 0% 0%
BIO 0% 0%
PROPORTION OF CAPEX: TOTAL CAPEX
Aligned per
objective
Eligible per
objective
CCM 0% 100%
CCA 21.1% 100%
WTR 0% 0%
CE 0% 64%
PPC 0% 0%
BIO 0% 0%
PROPORTION OF OPEX TOTAL OPEX
Aligned per
objective
Eligible per
objective
CCM 0% 71.9%
CCA 23.9% 71.9%
WTR 0% 0%
CE 0% 0%
PPC 0% 0%
BIO 0% 0%
CTP N.V. Annual Report 2024
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159
NUCLEAR AND FOSSIL GAS-RELATED ACTIVITIES
Row Nuclear energy related activities
1 The undertaking carries out, funds or has exposures to research, development, demonstration and de-
ployment of innovative electricity generation facilities that produce energy from nuclear processes with
minimal waste from the fuel cycle.
NO
2 The undertaking carries out, funds or has exposures to construction and safe operation of new nucle-
ar installations to produce electricity or process heat, including for the purposes of district heating or
industrial processes such as hydrogen production, as well as their safety upgrades, using best available
technologies.
NO
3 The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that
produce electricity or process heat, including for the purposes of district heating or industrial processes
such as hydrogen production from nuclear energy, as well as their safety upgrades.
NO
Fossil gas related activities
4 The undertaking carries out, funds or has exposures to construction or operation of electricity generation
facilities that produce electricity using fossil gaseous fuels.
NO
5 The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of
combined heat/cool and power generation facilities using fossil gaseous fuels.
NO
6 The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat
generation facilities that produce heat/cool using fossil gaseous fuels.
NO
CTP N.V. Annual Report 2024
Governance
160
CTP N.V. Annual Report 2024
160
5
CTP N.V. Annual Report 2024
Governance
161
5.1 Governance Structure 163
5.1.1 Board of Directors 164
5.1.2 Appointment and Composition of
the Board of Directors 171
5.1.2.1 Independence of Non-Executive Directors 172
5.1.2.2 Introduction program for Non-Executive
Directors 172
5.1.2.3 Permanent education and evaluation 172
5.1.3 General Meetings of shareholders 172
5.2 CTP Board and Committees 173
5.2.1 The Board and its meetings in 2023 173
5.2.2 Board Committees and their
Meetings in 2024 175
5.2.2.1 Audit Committee 175
5.2.2.2 Nomination and Remuneration Committee 177
5.2.2.3 Sustainability Committee 178
5.3 2024 Remuneration Report 179
5.3.1 Overview of CTP’s Remuneration Policy 179
5.3.1.1 Philosophy and principles 179
5.3.1.2 Benchmarking and peer group 180
5.3.1.3 Looking back 180
5.3.1.4 Looking ahead 181
5.3.1.5 Engaging with stakeholders 181
5.3.2 Remuneration of the Executive Directors 182
5.3.2.1 Fixed annual base salary 182
5.3.2.2 Annual cash incentive 183
5.3.2.3 Long-term incentive plan 183
5.3.2.4 Benefits 184
5.3.2.5 Deferred incentive plan 184
5.3.2.6 Minimum shareholding requirements 185
5.3.2.7 Adjustments to variable remuneration 185
5.3.2.8 Executive agreements 185
5.3.2.9 Severance provisions 185
5.3.2.10 Loans 185
5.3.3 Remuneration of the Non-Executive
Directors 185
5.3.3.1 Fee structure of the Non-Executive
Directors 185
5.3.3.2 Reimbursements 185
5.3.3.3 Tenure 186
5.3.3.4 Loans 186
5.3.4 2024 remuneration outcomes 186
5.3.4.1 Base salary 186
5.3.4.2 Annual cash incentive 186
5.3.4.3 Long-term incentive plan 188
5.3.4.4 Vesting 2021 LTI award 188
5.3.4.5 Benefits 191
5.3.4.6 Adjustments to remuneration 191
5.3.4.7 Minimum shareholding requirements 191
5.3.4.8 Pay ratio 191
5.3.4.9 Non-Executive Directors’ remuneration 191
5.3.4.10 Compliance 191
5.3.4.11 Total remuneration of the Executive
Directors 191
5.4 Post-2024 Events 194
5.5 Diversity, Code of Conduct
and Compliance 195
5.5.1 Diversity and inclusion 195
5.5.2 Compliance function 196
5.5.3 Code of Conduct 196
5.5.3.1 Commitment to continuous improvement 197
5.6 Governance Declarations 198
5.6.1 Compliance with the Dutch Corporate
Governance Code 2022 198
5.6.1.1 Deviations from best-practice
provisions of the Code 198
5.6.2 Decree on the Directive on Takeover Bids 199
5.6.3 Corporate governance statement 201
5.6.4 Responsibility statement 202
5.7 Risk Management 203
5.7.1 CTP Group approach to risk management 203
5.7.2 Risk Management Policy 203
5.7.3 ERM framework 203
5.7.4 Implementation of the risk management
process 207
5.7.5 Risk management system 207
5.7.6 Internal controls 207
5.7.7 Responsibilities 207
5.7.8 Risk appetite 207
5.7.9 Risk control framework 208
5.7.10 Update on CTP’s principal risks
in 2023 and 2024 209
5.8 Risk Management 210
Section 5
CTP N.V. Annual Report 2024
Governance
162
CTP is a public limited liability company listed on Euronext Amsterdam and governed
by Dutch law.
This section of the Annual Report describes CTP’s corporate governance and legal structure.
CTP has designed its corporate governance structure to best support its business, to meet
the needs of its (Non-) Executive Directors and stakeholders, and to comply with applicable
laws and regulations.
Certain sub-sections relate to disclosure requirements mandated by the Corporate
Sustainability Reporting Directive (“CSRD”) and the European Sustainability Reporting
Standards (“ESRS”) and, where applicable, are indicated as such in the sub-section heading.
CTP N.V. Annual Report 2024
Governance
163
CTP has a one-tier board structure consisting of one or
more executive directors (“the Executive Directors”) and
independent non-executive directors (“the Non-Executive
Directors”), who together constitute the Board of Direc
-
tors (“the Board”).
The Board currently consists of six Directors, of
whom two are Executive Directors and four are Non-Ex
-
ecutive Directors. The Board serves both as the executive
and as the supervisory body of the Company. Under CTP’s
articles of association (“the Articles”) and Dutch law, the
Board is collectively responsible for the Company’s man
-
agement, general and financial affairs, policies, and for its
operations, taking into consideration the interests of the
Group’s stakeholders. The Board determines how sus
-
tainable long-term value creation is relevant for the Com-
pany and its business, maintains awareness of the impact
that the actions of the Company and the business have on
the value chain, and considers relevant stakeholder inter
-
ests in this context.
Within the Board, the Non-Executive Directors super
-
vise and provide advice on the performance of the duties
of the Executive Directors, the Company and its business.
Furthermore, the Non-Executive Directors supervise the
Executive Directors’ implementation of the Company’s
strategy. The Non-Executive Directors also determine
the targets and remuneration of the Executive Directors
in accordance with the Group’s Remuneration Policy and
any arrangements for remuneration in the form of Com
-
pany shares or rights to subscribe for shares (as approved
by the General Meeting). CTP’s CEO is primarily respon
-
sible for strategic, risk and control issues, among oth-
ers. The CFO is primarily responsible for, among others,
treasury, funding and tax matters, the financial strategy,
and management accounting.
The Board has adopted written rules of procedure gov
-
erning the internal proceedings of the Board (“the Board
Rules”) applicable to its performance, decision making,
composition, the tasks and working procedures of the
committees established by the Board and other matters
relating to the Board, the CEO, CFO, and the Non-Exec
-
utive Directors of the Company. In accordance with the
Board Rules, resolutions of the Board are adopted by a
simple majority of the votes cast at a meeting at which
at least the majority of its members are present or rep
-
resented. Each Director has the right to cast one vote. In
case of a tied vote, the proposal will be rejected unless the
CEO uses his right to exercise a casting vote. The Board
Rules are available on CTP’s website.
In addition to the Board Rules, the Board has adopt
-
ed charters for its committees, to which committees the
Board, while retaining overall responsibility, has assigned
certain tasks: the audit committee (“the Audit Commit
-
tee”), the nomination and remuneration committee (“the
Nomination and Remuneration Committee”), and the sus
-
tainability committee (“the Sustainability Committee”).
Each committee reports to the Board. More on govern
-
ance processes, controls and procedures put in place to
monitor and manage accounting, risk management, com
-
pliance and sustainability matters can be found in Section
5.2.2.
5.1 Governance Structure
CTP N.V. Annual Report 2024
Governance
164
Remon L. Vos
Executive Director & CEO
Born in the Netherlands in 1970, Mr. Vos founded CTP
in 1998 with two investors to develop A-class industrial
properties in the Czech Republic. Under his leadership,
CTP has grown to become Europe’s largest listed de
-
veloper, owner, and operator of industrial and logistics
properties. In July 2019, Mr Vos acquired full control of
the CTP Group and continues to lead the Company. He is
personally involved at both the executive and operational
levels in all markets, growing the portfolio and strength
-
ening relationships with long-term business partners.
Richard Wilkinson
Executive Director & CFO
Mr. Wilkinson joined CTP in 2018 as CFO and is respon
-
sible for the financing of the entire Group portfolio
throughout Western Europe and Central and Eastern Eu
-
rope (“CEE”). After studying law at the London School of
Economics, Mr. Wilkinson moved to a career in finance.
For nearly 30 years he has held various senior manage
-
ment positions in treasury, balance-sheet management,
corporate banking and real estate.
5.1.1 Board of Directors
ESRS 2 GOV-1-21, EPRA GOV-BOARD
CTP N.V. Annual Report 2024
Governance
165
Susanne Eickermann-Riepe
Non-Executive Director
Barbara Knoflach
Non-Executive Director
& Chair of the Board
Barbara Knoflach’s career has taken her
to banking and finance, real estate, and
most recently to innovation and sustain
-
ability. Her career highlights include posi-
tions as CEO of SEB Asset Management
and Managing Director of SEB Investment
from 2005 to 2015 and Deputy Chief Ex
-
ecutive and Global Head of Investment
Management of BNP Paribas Real Estate
from 2015 to 2019. Ms. Knoflach hones her
ability to look at the bigger picture and
shares her dynamic experience sitting on
several committees and boards through
-
out her career, such as AFIRE, BVI, ULI,
ZIA, and the Real Estate Academic Initi
-
ative at Harvard University. She created
LifeWorkSpace, a consulting and private
investment company focused on spurring
innovation and sustainability strategies in
the real estate sector and is a co-founder
of TinyBE, a non-profit organisation en
-
gaged in innovative art projects.
In October 2023, Ms Knoflach joined the
board of the publicly listed Australian
company Lendlease Corporation, a global
company engaged in real estate develop
-
ments in large cities throughout Australia
and internationally. In her role as Chair of
the Board and Chair of the Nomination and
Remuneration Committee, Ms. Knoflach
brings both deep executive experience and
the relevant sector insight to CTP, with
skills in core segments of investment, de
-
velopment and construction. Her interest
in the HR area complements the skills of
the other Board members.
Susanne Eickermann-Riepe joined the
Board following the end of her tenure as
an active partner at PwC Germany, where
she served as Head of Real Estate. With
30 years of experience in strategic and
operational consulting in financial servic
-
es, real estate services, funds and compa-
nies, Susanne knows that the future of the
industry will not happen without sustaina
-
bility. Due to her professional background
and leadership in innovation, Susanne was
appointed as the chair of the European
World Regional Board and is a member
of the World Regional Board of the Royal
Institution of Chartered Surveyors (RICS)
Europe, where she drives several work
-
ing groups on the implementation of the
EU Green Deal. Susanne’s professional
expertise paired with her future-leaning
environmental concerns have placed her in
several real estate advisory positions. Her
activities are spurred by her belief that
the real estate sector must take more re
-
sponsibility and action for an equitable fu-
ture. With her different roles, Susanne has
gained extensive sustainability expertise,
which she brings to CTP in her capacity as
Chair of the Sustainability Committee and
member of the Board. She also has access
to the knowledge needed within CTP to
advance the business and the processes
and controls needed to align with ESG de
-
mands. Finally, as a member of the Audit
Committee, she ensures that the connec
-
tion between reporting requirements and
business is being made.
CTP N.V. Annual Report 2024
166
Governance
Rodolphe Schoettel
Non - Executive Director
Kari Pitkin
Non-Executive Director
Kari Pitkin’s career has taken her to bank-
ing and finance, and most recently to real
estate investment with sustainability and
innovation as a key avenue. Her career
highlights include positions on the Europe
-
an Senior Leadership Committee for PIM-
CO Prime Real Estate, where she focused
on pan-European investment partnerships
and client solutions from 2019–2024. Pri
-
or to that, she was the head of Real Estate
and Lodging Investment Banking for Bank
of America Merrill Lynch for the EMEA
region. In May 2024, Ms. Pitkin joined the
board of the publicly listed Belgian compa
-
ny Aedifica, a company focused on health-
care, particularly the senior living sector.
In her roles as Vice-Chair of the Board,
Chair of the Audit Committee and mem
-
ber of the Nomination and Remuneration
Committee, Ms. Pitkin brings her An
-
glo-American background and extensive
capital market experience to the areas of
governance, ESG and HR-related topics.
She was appointed as a Non-Executive
Director of the Company for a period of
three years on 23 April 2024.
Since 2009, Rodolphe Schoettel has been
active as CFO and founding partner of
the Quehenberger Group GmbH, a large
transport and logistics company active
throughout Europe and based in Austria.
After his studies at the University of St.
Gallen and several years as an investment
banker, Mr. Schoettel became a turna
-
round manager at Treuhandanstalt Berlin
in Germany. In 1997, he assumed the posi
-
tion of executive director at Delacher+ Co
Transport AG and a few years later was
appointed CFO in the board of directors at
Thiel Logistik AG, a publicly listed German
company. In 2003, Mr Schoettel accepted
a position in the executive board at TNT
Logistics CEE. Later on, he became CFO
and member of the Board of directors at
Pin Group AG. Mr Schoettel brings to the
table extensive knowledge in financing, IT,
accounting, auditing and the transport-
and logistics sector in general. He was
appointed as a Non-Executive Director of
the Company for a period of three years on
23 April 2024. Mr. Schoettel is Vice-Chair
and member of the Audit Committee.
CTP N.V. Annual Report 2024
Governance
167
None of the members of the Board held (or hold) positions
in public administration or lobby organisations (including
regulators) in the two years preceding their appointment
in April 2024 to their current position.
Gerard van Kesteren
Former Non-Executive Director
Gerard van Kesteren retired as Non-Executive Director
on 23 April 2024. His contribution was much valued and
related, among others, to (financial) reporting, (inter
-
nal) audit, accountancy and planning and control. Gerard
was Chair of the Audit Committee and Vice-Chair of the
Board.
Pavel Trenka
Former Non-Executive Director
Pavel Trenka retired as Non-Executive Director on
23 April 2024. His contribution was much valued and
related mainly to revenue growth strategies, organ
-
isation transformation, and HR related matters. Mr.
Trenka was Chair of the Nomination and Remuneration
Committee.
CTP N.V. Annual Report 2024
Governance
168
BIOGRAPHIES OF DIRECTORS OF CTP’S BOARD
Remon Vos Richard Wilkinson Barbara Knoflach Susanne Eickermann-Riepe Kari Pitkin Rodolphe Schoettel
Position CEO CFO Chairwoman,
Non-Executive Director
Non-Executive Director Non-Executive Director Non-Executive Director
Nationality, year of birth Dutch, 1970 British, 1964 Austrian, 1965 German, 1960 American and British, 1969 French and Swiss, 1962
First appointed on 1 July 2020 28 December 2020 29 March 2021 29 March 2021 23 April 2024 23 April 2024
End of current term of
appointment
Indefinite 2025 2028 2028 2027 2027
Previous significant positions CEO of CTP Erste Group
• Head of Commercial Real Estate
• Head of Corporate Banking
• Head of Balance Sheet
Management
BNP Paribas Real Estate
• Deputy CEO and Global Head of
Investment Management
SEB Asset Management
• CEO
PwC
• Partner, Head of German Real
Estate Business
Pimco Prime Real Estate GmbH
• Head of Client Solutions
Bank of America Merrill Lynch
• Head of EMEA Real Estate &
Lodging Investment Banking
Current position:
Augustin Quehenberger
Group GmbH
• CFO and Managing Director
Additional positions None None Swiss Prime Site
(Switzerland)
• Board Member
Aareal Bank AG
• Deputy Chairperson of the
Supervisory Board
Lendlease Corporation (Australia)
• Non-Executive Board
Member
ARE Austrian
Real Estate GmbH
Real Estate company
• Member of the Supervisory
Board
RICS
Royal Institute of Chartered
Surveyors
• Chair of the European World
Regional Board
• Member of the World Regional
Board Europe
ICG Institute
Association representing
the general interests of
the German real estate industry
• Chair of the Board
Aedifica (Belgium)
Real Estate company
• Non-Executive director of
the Board
CR Asset Management GmbH
Holding company
• Board Member
ROS Capital AG
Holding company
• Board Member
Independence Not applicable (ED) Not applicable (ED) Yes Yes Yes Yes
Shareholding 345,622,431
(held via CTP Holding B.V.)
31,545
(not including LTIP
conditional shares)
9,119 14,400 4,300 none
CTP N.V. Annual Report 2024
Governance
169
BIOGRAPHIES OF FORMER DIRECTORS OF CTP’S BOARD
Gerard van Kesteren Pavel Trenka
Position Non-Executive Director Non-Executive Director
Nationality, year of birth Dutch, 1949 Slovak, 1973
First appointed on 29 March 2021 29 March 2021
End of current term of
appointment
2024 2024
Previous significant positions Kuehne + Nagel
International AG
• CFO
HB Reavis Group
• CEO
Additional positions
(on 23 April 2024)
Deufol SE (Germany)
Packaging services and associated
services
• Member of the Board
De Well (Hong Kong)
Global logistics and forwarding
enterprise founded in Shanghai
• Member of the Board
Raben Group (Netherlands)
Logistics company
• Member of the Board
Planzer Holding AG
(Switzerland)
Logistics/transportation company
• Member of the Supervisory
Board
Janel Corporation (USA)
Logistics company
• Chair of the Audit Committee
and Member of the Nomination
and Compensation Committee
Leaf Academy
Non-profit organisation
• Board Member
Duke of Edinburgh
International Award
Non-profit organisation
• Board Member
Independence Yes Yes
Shareholding
(on 23 April 2024)
34,000 136,315
CTP N.V. Annual Report 2024
Governance
170
Years
in board
Year of
birth Gender
General
business
management
strategy
Finance
(balance &
reporting
Financial
markets/
disclosure,
communi-
cation
Audit, risk,
compliance,
legal &
governance
Real
estate M&A
IT/Digital &
Innovation
Social
employment ESG
Remon Vos 5 1970 M x x x x x x x x
Richard Wilkinson 5 1964 M x x x x x x x x x
Barbara Knoflach 4 1965 F x x x x x x x x x
Susanne Eickermann-Riepe 4 1960 F x x x x x x x x x
Kari Pitkin 1 1969 F x x x x x x x x
Rodolphe Schoettel 1 1962 M x x x x x x x x x
Gerard Van Kesteren
1
4 1949 M x x x x x
Pavel Trenka
1
4 1973 M x x x x x x
1 Messrs Van Kesteren and Trenka stepped down as Non-Executive Directors at the AGM 2024.
DIRECTOR’S COMPETENCY TABLE
CTP N.V. Annual Report 2024
Governance
171
5.1.2 Appointment and Composition of
the Board of Directors
EPRA GOV-SELECT
The Board is authorised to determine the number of
Executive Directors and Non-Executive Directors. A Di
-
rector is appointed by the General Meeting on a binding
nomination of the Non-Executive Directors on behalf of
the Board. The General Meeting may overrule a binding
nomination for the appointment of a Director with an
absolute majority of votes cast in a meeting where more
than one-third of the issued share capital is represent
-
ed. The majority of the Directors must be Non-Executive
Directors, and one-third of the Non-Executive Directors
must be female. The Board may grant titles to Directors
as the Board deems appropriate, including the title of
Chief Executive Officer (“CEO”), Chief Financial Officer
(“CFO”) and "Senior Independent Director".
The CEO acts as the Board’s spokesperson and is pri
-
marily responsible for the Group’s strategic, risk and con-
trol issues. He is also responsible for convening General
Meetings and calling Board meetings. The responsibili
-
ties of the Senior Independent Director include ensuring
that the Board and its committees are composed in a bal
-
anced way and function properly. The Senior Independent
Director chairs General Meetings of shareholders and
Board meetings, ensures that Board decisions are made
in accordance with the Articles and the Board Rules, and
supervises the implementation of adopted resolutions by
the Board. The Senior Independent Director also acts on
behalf of the Board as the main contact for shareholders
and for General Meetings.
A Director is appointed for a term lapsing ultimately at
the end of the Annual General Meeting (“AGM”) held in
the fourth year after the year of his/her appointment or
reappointment, unless specified otherwise in the nomi
-
nation for appointment or re-appointment. The General
Meeting may at any time suspend or dismiss a Director.
CTP’s majority shareholder, Mr. Vos, was appointed
CEO and Executive Director after the Company’s IPO in
March 2021 and is unlimitedly re-appointed as a Direc
-
tor. The reason for this is that Mr. Vos has been instru-
mental to the growth of the Group since its foundation in
1998 and has been its Chief Executive Officer since 1999.
He is personally involved in many aspects of the Group’s
business, including formulation and implementation of its
business strategy and relationships with key clients.
In addition to Mr. Vos, Mr. Wilkinson is an Executive
Director and CFO. He is appointed for a term ending at
the end of the AGM to be held in 2025.
The Non-Executive Directors are Ms. Barbara Knoflach
(Senior Independent Director and Chair of the Board);
Ms. Kari Pitkin (Vice-Chair of the Board, Chair of the
Audit Committee and member of the Nomination and
Remuneration); Ms. Susanne Eickermann-Riepe (Chair
of the Sustainability Committee and member of the Au
-
dit Committee); and Mr Rodolphe Schoettel (Vice-Chair
of the Audit Committee). The Non-Executive Directors
were (re-)appointed on 23 April 2024 for a term ending
at the end of the AGM to be held in 2027 for Ms. Pitkin
and Mr. Schoettel and in 2028 for Ms. Knoflach and Ms.
Eickermann-Riepe. All members are independent in con
-
formity with the provisions of the Dutch Corporate Gov-
ernance Code (“the Code”). The retirement schedule of
the Non-Executive Directors provides for them to retire
in pairs. After the AGM on 23 April 2024, CTP’s retire
-
ment schedule was amended to reflect the option to (re-)
appoint for terms ranging from one to four years.
While there is no written succession plan in place,
with the availability of dedicated senior management
placed below the Executive Directors, CTP is confident
that the Group’s short- and medium-term succession is
assured. In addition to the Executive Directors, CTP’s
senior management includes the Group Chief Operating
Officer (“COO”) and the country MD’s and CFO’s in the
ten countries where the Company is active.
CTP N.V. Annual Report 2024
Governance
172
5.1.2.1 Independence of Non-Executive Directors
ESRS 2 GOV-1-21, EPRA GOV-COL
The Board Rules contain provisions on how to deal with
(potential) conflict-of-interest situations of Directors.
The provisions are such that the Non-Executive Directors
decide whether a Director has a conflict of interest with
-
out this Director being present. Upon this being the case,
a decision can only be made if the proposed transaction is
customary in the market and in compliance with the laws
of the relevant jurisdiction and requires the consent of at
least the majority of the Non-Executive Directors if the
conflict of interest is of material significance to CTP or to
the relevant Director. No loans or guarantees are given to
a Director unless in the normal course of business and on
terms applicable to CTP’s personnel.
In the opinion of the Non-Executive Directors, in 2024
the independence requirements referred to in the Code
were fulfilled. Dutch law independence requirements do
not require Executive Directors of a (one-tier) board to be
independent, but only Non-Executive Directors. Consid
-
ering Dutch legal requirements, all CTP’s Non-Executive
Directors are independent.
Except for Mr. Schoettel, the Non-Executive Direc
-
tors own CTP shares.
5.1.2.2 Introduction program for Non-Executive
Directors
Two Non-Executive Directors were appointed in April
2024. An introduction program was organised consisting
of the Audit Committee onboarding by PwC and a general
onboarding covering, among other areas, the handling of
price-sensitive information, governance, compliance, in
-
ternal audit, risk management, and IT.
5.1.2.3 Permanent education and evaluation
Education sessions are offered to the Non-Executive Di
-
rectors throughout the year: in March, external experts
discussed the growing impact of sustainability on real es
-
tate development and operations; in May, all Non-Execu-
tive Directors attended an ESG workshop given by exter-
nal expert and CTP’s Group Head of ESG Management;
in August, all Non-Executive Directors attended a real
estate valuation workshop; and in November, a presenta
-
tion on market trends by an external expert was given. In
addition, various members of the Board attended CTP’s
Capital Market Day in September.
Evaluation of the functioning of the Executive Directors
and the Non-Executive Directors and of the committees
of the Board takes place once a year, either with or with
-
out an external expert.
The self-evaluation for the year 2024 was carried
out by completing a questionnaire on an anonymous ba
-
sis by nearly all the Board members. See Section 5.2.1 for
further information.
5.1.3 General Meetings of shareholders
The Annual General Meeting (“AGM”) is held at least once
a year, no later than 30 June. The agenda for the AGM
includes, among others, the adoption of the Group’s an
-
nual accounts, the appointment of the external auditor,
the allocation of profits insofar as this is at the dispos
-
al of the AGM, and any other matters proposed by the
Board or by the shareholders in accordance with the
Company’s Articles and Dutch law. The Articles outline
the procedures for convening and holding the AGM and
the decision-making process. The draft minutes of the
AGM must be published on CTP’s website no later than
three months following the AGM. Shareholders are given
three months to respond to the draft minutes.
The minutes of the AGM are subsequently adopted and
signed by the chair of the AGM and the Company Secre
-
tary.
Contacts with shareholders are conducted in line with
the Bilateral Contacts Policy, published on CTP’s website.
General Meetings held in 2024
CTP’s 2024 AGM was held in hybrid form in Amsterdam on
23 April 2024. Meeting topics included, among others, the
2023 Annual Report, the authorisation to issue shares,
amendments to the remuneration policy, the presentation
of the remuneration report, and the 2023 final dividend.
All members of the Board of attended the AGM except for
Mr. Trenka, who was excused. No responses to the draft
minutes were received. The minutes of the 2024 AGM
were adopted and signed on 12 December 2024.
No Extraordinary General Meeting took place in
2024. The next AGM will be held on 22 April 2025.
Dividend
An interim dividend of €0.29 per share was made availa
-
ble in shares or in cash and paid out on 3 October 2024.
A final dividend for the 2024 financial year of €0.30 per
ordinary share will be paid subject to AGM’s adoption of
the 2024 annual accounts and approval of the payment of
the dividend on 22 April 2025, bringing the total dividend
over the 2024 financial year to €0.59 per ordinary share.
CTP N.V. Annual Report 2024
Governance
173
5.2 CTP Board and Committees
5.2.1 The Board and its meetings in 2023
ESRS GOV-2-26
The Board meets at least once every quarter, at CTP’s
offices in Amsterdam, the Netherlands or in one of the
other countries where CTP operates. The Board physi
-
cally met six times in 2024; all Board members attended
all meetings. Recurring topics of discussion were, among
others, acquisition projects and the development pipe
-
line, leasing activities, and financial performance. Man-
agement reporting and financial reporting versus the
budget were discussed, cash-flow forecasts and investor
relations updates were provided, and risk management
reports containing information about material impacts,
risks, and opportunities (“IROs”) and compliance reports
were discussed (including sustainability-related con
-
cerns that may arise and would require attention). These
reports reach the Board via the Internal Audit Director,
Group Head of Risk Management and Modelling, Group
AML Compliance Officer, Group Head of ESG Manage
-
ment, and the CFO. The results and effectiveness of
policies, actions, metrics and targets to address these
material IROs are addressed in the Audit Committee, the
Sustainability Committee, and at Board meetings.
Oversight of CTP’s strategy and decisions to enter
major transactions is done at meetings of the Board upon
the initiative of the Executive Directors. In its decision,
the Board considers sensitivity to uncertainty highlighted
also by legal, technical, and environmental due diligence
reporting that has taken place in the early stages of a
potential transaction. CTP’s strategy is discussed during
Board meetings at least once a year, whereby the CEO
and CFO present an update on the five-year strategy and
indicate risks on the implementation of the then-current
strategy plan.
At each meeting of the Board a list of opportunities is ta
-
bled, including an update on the risks that go with the op-
portunity. See Section 5.5 for the list of risks.
When deemed necessary, the Board consults outside
experts for advice and training purposes.
The Executive Directors meet each week together
with the COO, whereby they discuss strategic, operation
-
al and financial topics, including assessing and managing
IROs. Oversight over this position is exercised by contact
every other week, contact with the Chair of the Board,
monthly Board update calls (including relevant documen
-
tation on the day-to-day business, update on the status
of key performance indicators), and other ad hoc con
-
tacts. Dedicated controls and procedures are applied to
the extent that approval for transactions above a certain
(deal or monetary) size, services from the external audi
-
tor that have not been pre-approved, and other business
matters need to be approved by the Non-Executive Direc
-
tors before they take place. Discussions on deficiencies
(both signalled by CTP’s internal auditor as well as its ex
-
ternal auditor) take place on a regular basis, and the an-
nual audit leading to the approval of the annual accounts
ensures that the risks and impacts are properly managed.
The Board evaluated its own functioning and that of
its committees by completing a questionnaire on an anon
-
ymous basis. The outcome of the questionnaire was dis-
cussed, leading to findings and conclusions of which the
most important were that CTP’s Board is small and di
-
verse with the ability to act quickly in case of important
opportunities for the Company. Areas of improvement
are related, among others, to continuous improvement on
transparency and sharing of information. In addition, op
-
erational, HR and strategic short-term and medium-term
targets were discussed.
CTP N.V. Annual Report 2024
Governance
174
The CFO and the Non-Executive Directors had six Board
update calls, the purpose of which were to inform the
Non-Executive Directors of the business, status of the
key performance indicators and financial position of the
Group. The main risks (interest rate risk, liquidity risk,
funding and credit risk, capital risk, property market
risks, credit risk clients) were discussed.
The Non-Executive Directors had three meetings
among themselves and two with the external auditor
present.
Board Meetings in 2024
6 March
The Board discussed operator, developer, and ener
-
gy business topics. The 2023 Annual Report containing,
among others, the annual accounts were approved, as
was the 2023 final dividend distribution, the agenda for
the 23 April 2024 AGM of shareholders, a new remunera
-
tion policy and the remuneration for 2024 for the Execu-
tive Directors, including the setting of their 2024 targets
and the fulfilment of the 2023 targets. The proposal to
the shareholders for (re-)appointment of Non-Executive
Directors and committee composition was discussed and
approved.
11 April
The Board took the decision to introduce an employ
-
ee share purchase plan for eligible CTP employees (see
Section 4.7.2.1.6).
23 April
The Board discussed amendments to certain Board Rules,
an M&A transaction, and meeting locations.
8 May
The Board discussed operator, developer, and energy
business topics. The Q1 2024 financial statements were
approved, and the Executive Directors’ share award re
-
lating to the 2021–2023 long-term targets, the award
setting for the 2024–2026 long-term targets, and the
actual long-term incentive targets for 2024 were dis
-
cussed. An HR update was tabled.
7 August
The Board discussed operator, developer, and energy
business topics. The H1 2024 financial statements were
approved, as were the 2024 interim dividend amount and
payment date, the audit plan, and engagement letters of
the external auditor. The Group Environmental Policy, the
Stakeholder and Materiality Assessment Policy and the
Diversity and Inclusion Policy were discussed. The ESG
double materiality assessment was discussed, and an HR
update was given.
5 November
The Board discussed operator, developer, and energy
business topics. The 2024 third-quarter results were
approved, the Risk Management Policy and the effec
-
tiveness of the internal risk management and systems
risk was discussed, a status update of deviations from
the Code was provided, and the annual evaluation of the
Board Rules was discussed, leading to a minor amend
-
ment to the Audit Committee charter. The new Valuation
Policy, the profile of the Non-Executive Directors, train
-
ing and education sessions for 2025, and the group envi-
ronmental policy were approved.
13 December
The Board discussed the assessment of the effectiveness
of the internal control systems as well as the impact of
misconduct and irregularities on the 2024 financial and
sustainability reporting. The 2025 internal audit plan was
approved as well as amendments to the Risk Management
Policy. CTP’s 2025–2030 strategy was discussed, as was
the 2025 budget and the 2025 base fee and target ele
-
ments of remuneration. HR topics, including the outcome
of the employee engagement survey, were discussed. The
assessment of the functioning of the internal and exter
-
nal auditor and the additional positions of the Non-Exec-
utive Directors were discussed.
CTP N.V. Annual Report 2024
Governance
175
5.2.2 Board Committees and their
Meetings in 2024
5.2.2.1 Audit Committee
ESRS 2 GOV-1-22
The duties of the Audit Committee include supervising
and monitoring as well as advising the Board and each
Director regarding the integrity and quality of the Com
-
pany’s financial and sustainability reporting and the ef-
fectiveness of the Company’s internal risk management
and control systems. The Audit Committee is advised by
the Sustainability Committee on the integrity and qual
-
ity of the sustainability reporting. The Audit Committee
advises the Board on the exercise of certain of its duties.
It also supervises the submission of financial information
by the Company, compliance with the recommendations
of internal and external auditors on, among others, inte
-
gral reporting, the Company’s policy on tax planning, and
the Company’s financing arrangements. It assists the
Board with the Company’s information and communica
-
tions technology and maintains regular contact with and
supervises the external auditor, and it prepares the nomi
-
nation of an external auditor for appointment by the Gen-
eral Meeting. The Audit Committee issues preliminary ad-
vice to the Board regarding the approval of the financial
statements and the annual accounts, the annual budget
and major capital expenditures.
The charter of the Audit Committee is published on
CTP’s website. The Audit Committee members are Ms
Pitkin (Chair), Mr Schoettel (Vice-Chair) and Ms Eicker
-
mann-Riepe (member). The information referred to in the
Code is included in Section 5.6.1.
The Audit Committee is responsible for oversight of the
process to manage material impacts, risks and opportu
-
nities, including the role of the Executive Directors in the
process to assess and manage impacts, risks and oppor
-
tunities. These responsibilities are reflected in the Board
Rules and in the charter of the Audit Committee.
The Executive Directors, together with the Group
COO and some of the senior managers, have meetings
in which impacts, risks and opportunities relating to the
business are assessed. No delegation of these activities
has taken place within CTP. The reporting line to the su
-
pervisory bodies—the Audit Committee and the Board—is
directly from the Executive Directors to the Board. Ded
-
icated controls and procedures are applied to the man-
agement of impacts, risks and opportunities to the extent
that the internal audit function together with the internal
risk management function monitor and report on impacts
and risks at each meeting of the Audit Committee. Tar
-
gets for senior management relating to material impacts,
risks and opportunities on CTP’s business are set by the
Executive Directors. Targets for Executive Directors are
set by the Non-Executive Directors. Progress relating to
the targets of the former group is monitored throughout
the year by the CEO and by the Group COO and discussed
with the senior management of each separate country.
Progress relating to the Executive Directors is monitored
twice per year by the Non-Executive Directors.
Meetings of the Audit Committee in 2024
The Audit Committee met nine times in 2024; all members
attended all meetings, except for Ms Eickermann-Riepe
who was not able to attend the (ad-hoc) 30 September
meeting. Standard on the agenda of the Committee are
the financial accounts of the period, the outlook and liquid
-
ity forecast (including funding and cash-flow forecast)
and a review of the Company’s key performance indica
-
tors. The Internal Audit Director updates the Audit Com-
mittee on his observations and on the status of control
issues based on deficiencies identified by the external au
-
ditor in the relevant yearly audit, presents the internal au-
dit plan, and gives regular updates on the status thereof.
The Group AML Compliance Officer and the Head of Risk
Management and Modelling provided updates (including a
whistleblower analysis). In the event that there are ser
-
vices performed by the external auditor that are outside
of the scope of the statutory audit, the Audit Committee
approved these services on a separate note. The external
auditor attended (part of) the meetings, among others, to
present its 2024 audit plan and findings. In addition to the
above recurring items, other items discussed during the
meetings are mentioned below.
CTP N.V. Annual Report 2024
Governance
176
20 February
Planning and timing relating to the progress of the 2023
external audit were discussed with the external auditor.
6 March
The 2023 Annual Report was discussed (including annual
accounts), as well as the draft letter of representation,
the management letter and audit report by the external
auditor. ESG reporting and EU taxonomy, an update on
the ERP conversion, and reports from the Compliance and
Risk Management departments and the internal auditor
were also discussed. The Committee evaluated the func
-
tioning of the internal auditor and of KPMG as external
auditor and advised the Board of the outcome thereof at
the Board meeting on 6 March 2024.
23 April
A handover session took place following the 23 April
AGM from the outgoing Chair Gerard van Kesteren to
the new Chair Kari Pitkin and the new Vice-Chair Rodol
-
phe Schoettel in the presence of the remaining member
Susanne Eickermann-Riepe, the external auditor, and
the CFO.
8 May
Q1 2024 results were discussed and updates were given
on the application of ERP as the new ICT system, the risks
related to cybersecurity, and the requirement of NIS2.
The status of the internal audit plan was also discussed.
10 June
The Audit Committee met with the Group’s Tax Director
to discuss the yearly update of the tax situation within
the Group.
7 August
H1 2024 results were discussed and an update on the ap
-
plication of ERP was provided. The external auditor pre-
sented its 2024 (non-) financial audit plan, and the 2024
interim dividend was discussed. The Audit Committee dis
-
cussed to start a tender for the external audit position for
financial year 2025 and for the financial years 2026, 2027
and 2028.
30 September
In early September, the Audit Committee put out a re
-
quest for a proposal for the external audit position for fi-
nancial year 2025 and for the financial years 2026, 2027
and 2028. The audit firms that were invited attended an
in-person meeting at the offices of CTP in Prague (Czech
Republic) on 18 September. On 30 September, the Audit
Committee met to discuss the outcome of the requests
for proposals that were received and the presentations
given by the audit firms for the external audit of CTP for
the financial year starting 1 January 2025 and for the
financial years 2026, 2027 and 2028.
5 November
Q3 2024 results were discussed, as were amendments to
the audit charter forming part of the Board Rules. The
Code of Conduct (including suppliers) 2024 assessment
took place, and an update on compliance issues was pro
-
vided. The findings relating to the assessment of the ef-
fectiveness of the internal risk management and control
systems were discussed and approved. Outside of the
presence of the external auditor, the progress on the re
-
quests for proposals from the major audit firms was dis-
cussed. A new valuation policy was also discussed.
13 December
The 2025 budget was discussed and recommended for
approval to the Board. The status of the 2024 (non-) fi
-
nancial audit performed by the external auditor was dis-
cussed, and the Risk Management Policy was evaluated
and amendments approved and recommended for ap
-
proval to the Board. The 2025 internal audit plan was ap-
proved as well as working arrangements with the external
auditor, and both were recommended for approval to the
Board. An update of the implementation of ERP as the
new ICT system was provided. The findings relating to the
assessment of the effectiveness of the internal control
systems were discussed as well as the impact of miscon
-
duct and irregularities on the 2024 financial and sustain-
ability reporting, and all were recommended for approval
to the Board. In a separate meeting, the assessment of
the functioning of the internal and external auditor and
the progress relating to requests for proposals from the
audit firms were discussed.
In addition to the above meetings, the Audit Committee
met with the CFO, the internal audit function, the AML
compliance function and the risk management function
separately six times during the year. At these meetings,
inter alia, the progress of the internal audit plan was dis
-
cussed. ESG issues and an update on outstanding com-
pliance issues were discussed. The Audit Committee (and
the other Non-Executive Directors) met with KPMG out
-
side of the presence of the Executive Directors twice in
2024.
CTP N.V. Annual Report 2024
Governance
177
5.2.2.2 Nomination and Remuneration Committee
ESRS 2 GOV-3-29, ESRS E1-GOV-3-13
The duties of the Nomination and Remuneration Commit-
tee include proposing appointments and re-appointments
of Directors, preparing selection criteria and appointment
procedures for Directors, and proposing and updating the
composition profile for the Non-Executive Directors. The
Nomination and Remuneration Committee also period
-
ically assesses the scope and composition of the Board
and the functioning of the individual Directors. It super
-
vises the Board’s policy on selection criteria and appoint-
ment procedures for Directors and senior management.
Furthermore, the duties of the Nomination and Re
-
muneration Committee include the preparation of pro-
posals by the Board on the Remuneration Policy for the
Executive Directors to be adopted by the AGM and on the
remuneration of the individual Executive Directors to be
determined by the Non-Executive Directors. The Nomina
-
tion and Remuneration Committee prepares a remuner-
ation report on the execution of the remuneration policy
for the Board during the respective year. The AGM has
an advisory vote on the remuneration report. The charter
for the Nomination and Remuneration Committee is pub
-
lished on CTP’s website.
The Nomination and Remuneration Committee mem
-
bers are Ms. Knoflach and Ms. Pitkin.
Meetings of the Nomination and Remuneration
Committee in 2024
The Nomination and Remuneration Committee met six
times during 2024. All meetings were attended by both
members.
7 February
A new remuneration policy was discussed and a summa
-
ry sounding with proxy advisors and investors was given,
the long-term incentive (“LTI”) award and total share
-
holder return (“TSR”) performance update for 2023 was
provided, approval of measures LTI 2024-2026 and the
final (re-)appointment of Non-Executive Directors were
discussed.
6 March
The fulfilment of the final 2023 short-term incentive
(“STI”) targets and the 2024 STI targets were discussed.
8 May
The periodic assessment of the composition of the
Non-Executive Directors was discussed as well as the
method for self-evaluation of the Board. The 2021–2023
LTI award was confirmed.
6 August
The Diversity and Inclusion Policy was evaluated and the
diversity targets discussed. A mid-year update on the ful
-
filment of the 2024 short-term incentives was provided.
4 November
An inventory of training sessions for 2025 was made. The
charter of the Nominations and Remuneration Commit
-
tee was evaluated, and the committee concluded that
no changes to its charter were needed. The outcome of
the self-assessment of the Board and the profile of the
Non-Executive Directors was discussed.
12 December
Benchmark and market trends relating to CTP’s remu
-
neration were discussed. Remuneration of the Executive
Directors and Non-Executive Directors was discussed. A
proposal to the Board for an increase in the 2025 base
salary of the Executive Directors, the possible outcome
of the 2024 incentives based on preliminary numbers and
data, and a proposal for an increase in the base fee of the
Chair were discussed. The outcome of the employee en
-
gagement survey was discussed.
CTP N.V. Annual Report 2024
Governance
178
5.2.2.3 Sustainability Committee
The duties of the Sustainability Committee include,
among others, advising the Board on a sustainable long-
term vision, strategy and targets for the Group, monitor
-
ing of the sustainability initiatives and targets, oversee-
ing of the overall climate risks and their consideration in
the internal risk management and control systems, and
all matters of corporate responsibility. The Sustainabil
-
ity Committee ensures that sustainability matters that
are important for CTP in general are tabled in the Board.
In this process, the Group Head of ESG Management is
important, as he provides bottom-up information on the
topics to be tabled and that the appropriate risk assess
-
ments are made. The accessibility of sustainability-relat-
ed expertise and know-how is ensured by the presence of
Susanne Eickermann-Riepe.
The Sustainability Committee advises the Audit Com
-
mittee on sustainability reporting. The members are Ms
Eickermann-Riepe (Chair) and Ms Knoflach (member).
CTP is in the process of gathering more knowledge on
ESG-related risks and opportunities. In weighing business
risks, the ESG component is valued, and the expectation
is that this process will mature over time. See Section 4.3
for details on ESG oversight at CTP.
Meetings of the Sustainability Committee in 2024
The Sustainability Committee met five times in 2024, and
both members attended all meetings.
6 March
The stakeholder management policy was discussed. The
draft sustainability report was discussed, and an update
on policies, ratings and certificates–BREEAM, GRESB
and EPC–was provided. A draft transition plan for cli
-
mate mitigation was discussed.
8 May
An update on policies, ratings and certificates was pro
-
vided relating to sustainability reporting, and an update
on the non-financial audit status was provided. An action
plan on property improvements (including CapEx) was
presented, and a tenant and employee engagement sur
-
vey was discussed.
7 August
An overview of the regulatory environment relating to the
energy business in the different CTP countries was pro
-
vided. Policies, ratings and certificates were discussed, as
was the stakeholder and materiality assessment policy.
Data gathering and ESRS requirements, the draft tran
-
sition plan for climate change mitigation, the Group En-
vironmental Policy, and the tenant and employee engage-
ment surveys were also discussed.
8 November
The committee discussed its charter and decided that
no changes were needed. Updates on ratings and poli
-
cies were given. CapEx and budget needed for the climate
transition plan were discussed. An update of the ESG
strategy was provided, and the status of the client satis
-
faction survey was discussed.
12 December
The status at year-end of smart metering was discussed,
as was the status of client engagement, and new 2025
ESG and energy targets were approved and recommended
to the Board for approval. A final climate transition plan
was approved and recommend to the Board for approval.
The Chair of the Sustainability Committee and the Chair
of the Board together formulate targets for the Exec
-
utive Directors that relate to ESG before they are dis-
cussed and adopted in the Board. In November and De-
cember 2023, the Chair of the Board organised sounding
meetings with external stakeholders in relation to CTP’s
new remuneration policy. In these meetings, CTP’s ESG
targets were also discussed, leading to (i) positioning ESG
as a separate short-term target instead of a malus, and
(ii) for long-term incentive targets, ESG has been included
as one of the new performance measures. The weights of
the ESG targets, both short-term and long-term, are dis
-
closed in Section 5.3.1.4 – Looking ahead, Section 5.3.2.2
– Annual Cash incentive and Section 5.3.2.3 – Long-term
incentive plan. CTP does not disclose the actual 2025
targets upfront; consequently, whether greenhouse gas
emission targets are included in the performance meas
-
ures is not disclosed.
CTP N.V. Annual Report 2024
Governance
179
5.3 2024 Remuneration Report
In compliance with Article 2:135b of the Dutch Civil Code,
the European Shareholder Rights Directive (SRD II) and
the Code, CTP’s 2024 Remuneration Report is split into
two separate sections, containing:
• the Remuneration Policy section, which describes the
overall approach to remuneration and sets out the
fixed and variable pay components of the Executive Di
-
rectors and the fixed pay components of the Non-Ex-
ecutive Directors, including the background reflecting
on the internal and external context surrounding re
-
muneration outcomes for the reporting year; and
• a section on the implementation of the Remunera
-
tion Policy during the reporting year.
A copy of the 2024 Remuneration Report is published on
CTP’s corporate website.
5.3.1 Overview of CTP’s Remuneration Policy
The Remuneration Policy for the Executive Directors and
the Non-Executive Directors of CTP was adopted by the
AGM on 25 March 2021 and it was last amended by the
AGM on 23 April 2024 (the “Remuneration Policy”). Re
-
muneration reports are drafted annually since 29 March
2021, when CTP became a listed company. Consequently,
this report provides comparable figures available as from
29 March 2021.
The design and implementation of CTP’s Remunera
-
tion Policy have been drafted to follow all applicable laws
and corporate governance requirements. Decisions re
-
lated to remuneration are made in the context of CTP’s
values, purpose and strategy.
Remuneration Policy changes are subject to sharehold
-
er approval. During 2023, the Remuneration Policy was
evaluated, and the proposed changes were included in an
updated Remuneration Policy. At the AGM on 23 April
2024, 98.80% of the shareholders voted in favour of the
amended Remuneration Policy, which is effective as of 1
January 2024.
Furthermore, for voting rights exercised on remuner
-
ation-related items, CTP undertakes to actively engage
with dissenting shareholders to address all legitimate
and reasonable objections and/or concerns. CTP invites
its shareholders to engage with it regarding its Remuner
-
ation Policy and reporting. Feedback was received on the
draft remuneration report for 2023 in a sounding round
with proxy advisors and investors. During the AGM on
23 April 2024, there were no further questions regard
-
ing the remuneration report for 2023, and 93.47% of the
shareholders voted in favour of the report.
5.3.1.1 Philosophy and principles
CTP’s Remuneration Policy is designed to motivate, re
-
ward, retain, and attract high-calibre senior talent with
the required background, skills, and experience and seeks
to provide fair, competitive, and balanced remuneration
in sync with the role and responsibility. The Remunera
-
tion Policy provides that the remuneration CTP provides
should be fair and competitive against companies of a
similar size, scope, and complexity, with a strong em
-
phasis on variable remuneration to reflect CTP’s highly
performance-oriented and entrepreneurial culture, its
growth ambitions, and to ensure outcomes align with the
expectations of shareholders. The six remuneration prin
-
ciples that underpin the Remuneration Policy for Execu-
tive Directors are:
CTP N.V. Annual Report 2024
Governance
180
1. remuneration should ensure that short-term opera-
tional results and long-term sustainable value crea-
tion are balanced for the Company and its affiliated
enterprise and be clearly linked to the delivery of su
-
perior and sustainable corporate results in line with
CTP’s strategy;
2. remuneration outcomes should mirror the sharehold
-
er and wider stakeholder experience over the long
term and be aligned with CTP’s long-term strategy,
focus on sustainability principles, and established risk
appetite;
3. remuneration should be fair and competitive against
companies of a similar size, scope and complexity;
4. remuneration should be simple and transparent in
terms of its design and communication to internal
and external stakeholders;
5. remuneration should adhere to the principles of good
corporate governance practice in line with the Code
and Dutch law; and
6. remuneration frameworks should be sufficiently flex
-
ible to take into account changing business priorities
over time.
In line with CTP’s remuneration philosophy and principles,
its Remuneration Policy sets base salary levels between
the lower quartile and median levels of the peer group and
total direct compensation levels (the sum of base salary,
annual bonus, and long-term incentive) between the me
-
dian and upper quartile levels of the peer group. Again,
this positioning policy reflects CTP’s performance-based
culture, with highly competitive levels of reward earned
only if outstanding performance is delivered.
5.3.1.2 Benchmarking and peer group
CTP’s remuneration should be fair and competitive
against companies of a similar size, scope, and complex
-
ity. CTP develops and operates business parks and is ac-
tive in various Western European and CEE markets. The
reference points used to define the market in terms of
remuneration are sector comparisons, i.e., real estate
and logistics businesses. To ensure a balanced approach
to benchmarking, remuneration levels of real estate
logistics industry-sector companies of a relatively similar
size to CTP’s market capitalisation operating in Western
Europe and CEE are considered.
Segro plc
Deutsche Wohnen SE
CPI Property Group SA
Unibail Rodamco Westfield
Swiss Prime Site AG
Klepierre
Warehouse de Pauw
Covivio
PSP Swiss Property AG
Fastighets AB Balder
LEG Immobilien SE
Castellum AB
Kojamo Oyj
Aroundtown SA
Icade SA
Granite Real Estate Investment Trust
Big Yellow Group plc
CA Immobilien Anlagen AG
Safestore Holdings plc
Grainger plc
Dream Industrial Real Estate Investment Trust
In addition, CTP uses as a reference both Euronext AEX
and AMX companies within a reasonable range of CTP’s
market capitalisation. The Non-Executive Directors will
continue to review the Dutch market and industry refer
-
ence points used for remuneration benchmarking as CTP
grows and will communicate to shareholders if changes
are necessary.
5.3.1.3 Looking back
Starting in September 2023, the Nomination and Remu
-
neration Committee carried out a review of the Remu-
neration Policy. The Nomination and Remuneration Com-
mittee engaged with stakeholders through a dedicated
number of sounding meetings, to solicit their feedback
on, and support for, the proposals. This process resulted
in the proposal to adopt an amended Remuneration Poli
-
cy for the Executive Directors and Non-Executive Direc-
tors respectively, which is effective as of 1 January 2024
following the shareholder’s adoption of the proposal at
the AGM on 23 April 2024.
The four main changes compared to the previous Re
-
muneration Policy are:
CTP N.V. Annual Report 2024
Governance
181
Peer group The Company's previous remuneration peer
group consisted solely of Euronext AEX and
AMX listed companies. The current peer
group has been constructed with a narrow-
er sector focus, to only include real estate
logistics companies with European opera-
tions. Please refer to paragraph “Bench-
marking and peer group” above.
Changes to the
short-term incentive
(“STI”) and the long-
term incentive (“LTI”)
The maximum payout when the STI targets
are met has been amended downwards from
300% to 200%. Further, ESG is positioned
as a separate target instead of a malus.
For the LTI, ESG will also be included as one
of the new performance measures. For an
overview of the performance measures that
apply for the 2024 LTI award, see Section
5.3.2.3.
Option to remuner-
ate the Company's
Non-Executive
Directors (partly) in
shares
With effect from 2025, the Company's
Non-Executive Directors may receive part of
their fixed annual fees in the form of shares
in the Company instead of a cash payment.
A Non-Executive Director may only elect
to receive shares in accordance with and
subject to the restrictions of the Remunera-
tion Policy, the restrictions of which include
a lock-up period for the shares received. For
2024, the Non-Executive Directors will re-
ceive the total fixed annual fees in the form
of cash payments.
Sustainability
Committee
Given the introduction of the Company's
Sustainability Committee in 2022, the
amended Remuneration Policy includes fixed
annual fees for the members of the Compa-
ny's sustainability committee of EUR 10,000
for a member and EUR 15,000 for the Chair
as of 1 January 2023.
5.3.1.4 Looking ahead
In a sounding round with proxy advisors and investors on
the draft remuneration report for 2023, additional dis
-
closures were requested regarding the short-term incen-
tive performance measures and targets. For an overview
of the applicable performance measures and the actual
targets for financial year 2024, see Section 5.3.4.2. For
the financial year 2025, the annual cash incentive pay-
out for the Executive Directors will be dependent on the
performance against the following pre-determined per
-
formance measures:
FINANCIAL AND BUSINESS TARGETS
10% New GLA YoY in million sqm
30% Company specific adjusted EPRA earnings per share
10% Yield on Cost (“YoC”) of deliveries
10% Occupancy rate
10% Rental income in million EUR
10% Overhead costs
80% TOTAL
NON-FINANCIAL TARGET
20% ESG target (GRESB score)
There will be the possibility to apply a malus based on the
Loan-to-Value ratio.
The performance levels under the short-term incentive
for the financial and business targets and the non-finan
-
cial KPIs for 2025 have been set by the Non-Executive
Directors. In accordance with the Remuneration Policy,
these were set as indicated in the framework above. In
line with market practice and taking into account the
commercial sensitivity of disclosing financial targets
prospectively, CTP discloses the specific performance
levels on a retrospective basis only. For 2025, some of the
performance measures have been slightly amended in re
-
lation to weighting and some of the performance meas-
ures have been newly formulated to create more align-
ment with the business strategy relating to occupancy,
rental collection and overhead, all in conformity with the
Remuneration Policy.
In addition, the AGM will be requested to approve a
10% increase of the base salary level of the CFO to EUR
418,000 and a EUR 50,000 increase of the annual base
fee of the Chair of the Board to EUR 200,000. Both
amendments will, once approved by the AGM, enter into
force with retroactive effect from 1 January 2025.
5.3.1.5 Engaging with stakeholders
CTP engages openly with its shareholders and institu
-
tional investors on their input regarding CTP’s Remu-
neration Policy and the implementation thereof. Taking
this input into account together with the input from
CTP’s other stakeholders allows the Company to make
informed decisions going forward and to remain impact
-
ful on all fronts.
CTP N.V. Annual Report 2024
Governance
182
5.3.2 Remuneration of the Executive Directors
The total direct remuneration of the Executive Directors
consists of four fixed and variable components:
• fixed annual base salary;
• variable short-term incentive plan (“STI”) – annual
cash bonus plan
• variable long-term incentive plan (“LTI”) – perfor
-
mance share units; and
• benefits.
The total direct remuneration mix at target and maxi
-
mum performance for the CEO and CFO are illustrated in
Fig. 5.1, Fig. 5.2, and Fig. 5.3. In these charts, fixed remu
-
neration refers to the fixed annual base salary, and vari-
able remuneration consists of the annual STI bonus plan
and the LTI plan. The charts do not reflect the impact of
any share price movements.
CTP’s CEO, Mr. Vos, has a substantial shareholding in
the Company, meaning there is already a clear and direct
link between his reward and the Company’s performance.
Therefore, there are elements of the Remuneration Pol
-
icy in which Mr. Vos does not participate in and conse-
quently will not be entitled to receive a pay-out in relation
to such elements. These elements relate to the annual
cash bonus plan and the LTI. The remuneration elements
of Mr. Vos are under regular review by the Non-Executive
Directors to ensure an appropriate balance is struck be
-
tween his role as a CEO and as a founder and shareholder.
Scenario analyses under different performance out
-
comes are carried out annually.
5.3.2.1 Fixed annual base salary
The fixed annual base salary is based on seniority and ex
-
perience, reflecting the nature of the role and responsi-
bilities, while considering relevant benchmarks. The base
salary of the Executive Directors is currently set between
the lower quartile and median of remuneration levels pay
-
able within the real estate logistics industry sector peer
group. Salaries are reviewed and approved by the Board
on an annual basis, or when there is a change in position
or responsibility.
FIG. 5.3 CFO: MAXIMUM PERFORMANCE*FIG. 5.1 CEO: AT TARGET AND MAXIMUM PERFORMANCE FIG. 5.2 CFO: AT TARGET PERFORMANCE*
Variable
Long-Term
Remuneration
33%
Variable
Long-Term
Remuneration
33%
Fixed
Remuneration
22%
Fixed
Remuneration
33%
Variable
Short-Term
Remuneration
44%
Variable Short-Term
Remuneration
33%
Fixed
Remuneration
100%
(in %) (in %) (in %)
* Numbers in Fig 5.2 and 5.3 do not add up to 100% due to rounding.
CTP N.V. Annual Report 2024
Governance
183
5.3.2.2 Annual cash incentive
The purpose of the annual cash incentive is to drive the
achievement of annual performance targets supporting
CTP’s shorter-term strategic goals. The Executive Di
-
rectors are eligible for an “at target” annual bonus of
100% of the base salary, and the maximum bonus for
outstanding performance is capped at two times the tar
-
get amount, equal to 200% of base salary.
Performance measures are based on key perfor
-
mance indicators that relate to CTP’s strategy and busi-
ness priorities for the year ahead, the execution of the
strategy and the creation of long-term value for share
-
holders:
• Financial measures are based on key performance
indicators that relate to the execution of CTP’s
strategy and are denominated in absolute or growth
targets as appropriate. Financial and business meas
-
ures may relate to adjusted EPRA EPS, gross leas-
able area (“GLA”), gross rental income, occupancy
rate, rental collection, weighted average unexpired
lease term (“WAULT”), Yield on Cost (“YoC”) and
other similar financial measures linked to cashflow,
earnings profit.
• Non-financial measures may relate to ESG targets,
sustainability targets, corporate social responsibility
targets, and specific strategic milestones as consid
-
ered appropriate by the Non-Executive Directors.
The Non-Executive Directors may select other financial
and/or non-financial performance measures, as appro
-
priate, taking into account the business priorities for
the relevant year. As a general principle, the majority of
the bonus scorecard will be based on financial measures.
Loan to value (“LTV”) targets may be set as a modifier by
means of a downward adjustment of the overall perfor
-
mance measure outcome in a range up to 20%.
The chosen performance measures have challeng
-
ing but realistic targets to focus the Executive Directors
on the execution of the Group’s strategy in a sustaina
-
ble manner. At the Non-Executive Directors’ discretion,
a portion of the annual cash incentive could be deferred
into shares using the deferred incentive plan. See Section
5.3.2.5 for further information.
5.3.2.3 Long-term incentive plan
The purpose of the long-term incentive plan (“LTI”) is
to incentivise the achievement of long-term sustainable
shareholder returns and the delivery of CTP’s long-term
strategy.
Under the LTI, the Executive Directors may receive
an annual award for shares, which shall normally vest
after a three-year performance period, subject to the
achievement of certain pre-determined corporate per
-
formance conditions, including financial and shareholder
return-based measures set by the Non-Executive Direc
-
tors and remaining in service. LTI awards may be granted
as nil cost awards and may take the form of options to
acquire shares, conditional rights to acquire shares, or
an immediate award of shares subject to restrictions. No
payment is required for the grant of an LTI award (unless
the Non-Executive Directors determine otherwise).
The LTI award opportunity is set at 100% of the base
salary for delivering “at target” performance. The max
-
imum number of shares that can be delivered under the
LTI award for delivering outstanding performance is 1.5
times the number of shares granted (i.e., 150% of the
LTI award shares granted). Therefore, the maximum LTI
award opportunity is equal to 150% of the base salary
at granting, and no vesting will occur for below-thresh
-
old performance. The LTI award level reflects CTP’s
high-performance culture and is in line with the princi
-
ple that a greater portion of total remuneration should
be based on variable remuneration. In line with the Code
and unless the Non-Executive Directors determine oth
-
erwise, LTI awards granted to Executive Directors will be
subject to a holding period of at least two years following
vesting. During this period, sale of the shares is restrict
-
ed, although shares may be sold to cover taxes due be-
cause of vesting.
Each financial year the Non-Executive Directors will
determine the most appropriate performance conditions
for the LTI award. Performance measures will be selected
considering CTP’s long-term business strategy and will
relate to pre-determined corporate performance condi
-
tions, including financial and shareholder return-based
measures.
CTP N.V. Annual Report 2024
Governance
184
The performance measures and targets for the LTI
award will be approved by the Non-Executive Directors
and contain financial and non-financial measures that
capture long-term value creation for shareholders and
are linked to a mix of absolute or relative total sharehold
-
er return (“TSR”), EBITDA growth, EPS growth, or ESG
measures. A core performance measure assessed under
the LTI is TSR, which reflects the return received by a
shareholder and captures both the change in the share
price and the value of dividend income, assuming divi
-
dends are reinvested. TSR is an appropriate measure, as
it objectively measures CTP’s financial performance and
assesses long-term value creation for shareholders and
may be linked to:
• a relative measure allows an assessment of the out
-
performance delivered by CTP compared to other
companies. For this purpose, relative performance is
measured against an appropriate European real es
-
tate index; and/or
• an absolute TSR to ensure that Executive Directors
remain focused on CTP’s own performance by requir
-
ing growth in TSR over the measurement period, ir-
respective of market performance.
Additionally, financial performance measures will be
based on key performance indicators that relate to the
long-term execution of CTP’s strategy. LTI awards will
be subject to an EBITDA growth and/or an EPS growth
measure. Further, LTI awards will, to a maximum of 20%,
be subject to non-financial measures relating to relative
ESG targets.
During the period of the Remuneration Policy and in
the context of CTP’s long-term business strategy, the
Non-Executive Directors will review performance condi
-
tions for each grant under the LTI in terms of the meas-
ures themselves, the ranges of targets, and weightings
applied to each element of the LTI.
5.3.2.4 Benefits
Executive Directors are entitled to receive market-stand
-
ard benefits. Such benefits may include health insurance;
life insurance; car allowance; use of a company car; travel
allowance; laptop, tablet and mobile phone devices; and
workers’ compensation for illness. CTP also pays addi
-
tional benefits when specific business circumstances
require it, for example, expatriate benefits (housing and
travel allowance), relocation allowances, and where appli
-
cable, reasonable tax advice and support and tax equali-
sation to offset double taxation. The Executive Directors
do not participate in any CTP pension plans or receive any
pension contributions.
5.3.2.5 Deferred incentive plan
The deferred incentive plan (“DIP”) is a discretionary plan
that may operate with one or more incentive plans oper
-
ated by CTP and provides a mechanism for the deferral
of part of a participant’s incentive into a deferred award
of cash and/or a deferred award of shares (“DIP award”).
The Non-Executive Directors, in circumstances they con
-
sider appropriate, may determine that Executive Direc-
tors are eligible for selection to participate in the DIP.
The Non-Executive Directors reserve the right to defer a
part of the annual cash bonus into shares in circumstanc
-
es they consider appropriate. Deferral of shares would be
under the terms of the DIP, and therefore Executive Di
-
rectors may receive DIP awards, which are granted over
shares. DIP awards that are granted over shares may
be granted as nil-cost awards and may take the form of
options to acquire shares, conditional rights to acquire
shares, or an immediate award of shares subject to re
-
strictions. In line with the Code, and unless the Non-Ex-
ecutive Directors determine otherwise, DIP awards over
shares will be subject to a five-year holding period fol
-
lowing the award date. During this period, the sale of the
shares is restricted, although shares may be sold to cover
taxes due because of vesting.
DIP awards are forfeited by Executive Directors who
leave CTP unless and to the extent the Non-Executive Di
-
rectors otherwise determine. DIP awards may vest early
on certain corporate events and may be varied on varia
-
tions of the Company’s share capital and certain corpo-
rate events. DIP awards may also entitle participants to
dividend equivalents paid in cash or shares.
The total number of shares that may be newly issued
or transferred from treasury in satisfaction of awards
under the LTI and the DIP may in aggregate not exceed
5% of the Company’s issued and outstanding share cap
-
ital from time to time. To mitigate dilution, the Company
may repurchase shares to cover DIP Awards granted in
the form of shares.
CTP N.V. Annual Report 2024
Governance
185
5.3.2.6 Minimum shareholding requirements
Share ownership requirements apply that require Ex
-
ecutive Directors to build or maintain (as appropriate)
a minimum shareholding equivalent to 250% of a one-
year base salary over five years. Shares included in this
calculation are any shares beneficially owned and any
vested shares under the LTI. Given Mr. Vos’ substantial
shareholding in the Company, he already exceeds this re
-
quirement. The Non-Executive Directors may use their
discretionary judgement to allow for a temporary devia
-
tion of this guideline in circumstances they consider to be
appropriate, for example, in the case of new joiners. For
the avoidance of doubt, in case of any shortfall under the
share ownership requirement, Executive Directors will
not be required to purchase shares from their own funds
to satisfy the requirement.
5.3.2.7 Adjustments to variable remuneration
Following the occurrence of certain events, variable re
-
muneration may be reduced (malus) and claw back pro-
visions may be applied to paid-out annual cash incentives
as well as long-term share-based incentives.
Malus The Non-Executive Directors, acting fairly
and responsibly, may determine that the val-
ue of variable remuneration as granted would
produce an unfair result due to extraordinary
circumstances during the period in which the
predetermined performance criteria have
been or should have been applied. In such
circumstances, and prior to vesting, variable
remuneration can be cancelled or reduced.
Claw back Upon discovery that variable remunera-
tion has been awarded based on incorrect
financial or other data, the Non-Executive
Directors, acting fairly and responsibly, may
recover such variable remuneration in part
or in full.
5.3.2.8 Executive agreements
Agreements with the Executive Directors are either
for an indefinite term (Mr. Vos) or a fixed-term period
(Mr. Wilkinson). A three-month notice period applies to
the agreement with Mr. Vos and a six-month period ap
-
plies to the agreement with Mr. Wilkinson.
5.3.2.9 Severance provisions
In the event of termination of employment, compensa
-
tion is provided for the loss of income of up to six months
of gross base salary in addition to a six-month notice
period for Mr. Wilkinson and three-month notice for Mr.
Vos.
5.3.2.10 Loans
At the end of 2024, no loans, advances, or guarantees
were outstanding with the Executive Directors.
5.3.3 Remuneration of the Non-Executive
Directors
Non-Executive Directors receive an annual fixed base
fee independent of the share price and performance of
the Company and it is delivered in cash and an immediate
award of shares subject to restrictions.
5.3.3.1 Fee structure of the Non-Executive
Directors
The base fee is based on the ongoing nature of the re
-
sponsibilities of the Non-Executive Directors as an inde-
pendent body for effective control of the Company.
In deviation of the best practice provisions of the Dutch
Corporate Governance Code, Non-Executive Directors
are eligible to receive part of their fixed compensation in
shares. Shares awarded will be subject to a holding peri
-
od of at least five years in line with the Dutch Corporate
Governance Code. During this period, sale of the shares
is restricted, although shares may be sold to cover taxes
due as a result of vesting. After the holding period, the
shares are retained until two years following the date
the appointment is terminated. This to promote the in
-
terests of CTP and its shareholders by strengthening the
ability to attract and retain highly competent Non-Ex
-
ecutive Directors, and to encourage share ownership in
CTP which will support accomplishment of the Compa
-
ny's strategy and long-term interests.
In addition to a base fee, the Non-Executive Direc
-
tors also receive committee fees (see Table 1). All remu-
neration is denominated and delivered in euros. Currency
conversion risks are not covered by the Company. Table 7
shows the actual remuneration received by the Non-Ex
-
ecutive Directors in 2024.
Non-Executive Directors are not entitled to any oth
-
er compensation in relation to their duties. Accordingly,
the Non-Executive Directors do not qualify for or receive
any equity in terms of the Company’s variable pay incen
-
tive schemes, and they do not qualify to participate in any
benefit program, e.g., pension benefits or arrangements,
loan programs, etc.
5.3.3.2 Reimbursements
Non-Executive Directors are eligible to receive reim
-
bursement of reasonable expenses incurred undertaking
their duties.
CTP N.V. Annual Report 2024
Governance
186
5.3.3.3 Tenure
The current Non-Executive Directors are appointed for
a term of three or four years. When the term ends, all
Non-Executive Directors are subject to retirement and
re-election by the shareholders, and the re-appoint
-
ment of Non-Executive Directors is not automatic. Dur-
ing the tenure, annual self-evaluations of the Board and
its sub-committees are done by the Non-Executive Di
-
rectors.
5.3.3.4 Loans
At the end of 2024, no loans, advances, or guarantees
were outstanding with the Non-Executive Directors.
TABLE 1 COMPENSATION OF NON-EXECUTIVE DIRECTORS
Role Fee (€)
Annual fixed base fees
Senior Independent Director 150,000
Member of the non-excecutive directors 75,000
Committee fees
Chair of the Audit Committee 20,000
Member of the Audit Committee 15,000
Chair of the Nomination and
Remuneration Committee
15,000
Member of the Nomination and
Remuneration Committee
10,000
Chair of the Sustainability Committee 15,000
Member of the Sustainability Committee 10,000
5.3.4 2024 remuneration outcomes
The remuneration of the Executive Directors is deter
-
mined by the Board, following a recommendation from
the Nomination and Remuneration Committee with due
observance of the Remuneration Policy. It comprises the
following elements:
• fixed annual base salary;
• annual cash incentive;
• Long-term share-based incentives; and
• benefits.
The implementation of the Remuneration Policy provides
for a structure that aligns the compensation of the Ex
-
ecutive Directors with the successful delivery of CTP’s
long-term strategy and shareholder value growth. When
designing the Remuneration Policy, the Board consid
-
ered, among others, the pay ratio between the Execu-
tive Directors pay and average employee pay. When im-
plementing the Remuneration Policy, and, in particular,
when assessing the outcomes of variable remuneration
components, scenario analyses were taken into consid
-
eration by the Non-Executive Directors. Market develop-
ments, benchmarked against the new peer group, were
taken into account.
5.3.4.1 Base salary
In 2024, consistent with 2023, the annual base salary of
Mr. Vos and Mr. Wilkinson was as shown in Table 2.
TABLE 2 BASE SALARY
Name
Board
Role
Annual
Fixed Fees
Remon Vos Chief Executive Officer 500,000
Richard Wilkinson Chief Financial Officer 380,000
5.3.4.2 Annual cash incentive
In 2024, the annual cash incentive pay-out for the Execu
-
tive Directors was dependent on the performance against
the following pre-determined performance measures:
• growth in completed new GLA (25%);
• Company specific adjusted EPRA earnings per share
(30%);
• Yield on Cost (“YoC”) of projects under construction
(25%); and
• ESG targets consisting of six underlying/sub targets
(20%).
The Non-Executive Directors have reviewed the actu
-
al performance of the Executive Directors against the
set of performance targets to determine the extent to
which the targets have been achieved. The annual cash
incentive pay-out is 100% of the base salary based on an
“at target” achievement of the performance conditions,
and the maximum bonus for outstanding performance
on the financial and business related performance meas
-
ures is capped at two times the target amount. For below
threshold performance, the annual cash incentive pay-
out is 0%.
CTP N.V. Annual Report 2024
Governance
187
The actual STI performance was assessed by the Nom-
ination and Remuneration Committee in good faith in a
reasonable manner. [In this assessment, the underlying
performance of the Company that was achieved over the
year 2024 was satisfactory, also compared to its peers.]
The threshold GLA growth performance was achieved
(+ 1.3 million sqm) which resulted in a weighted-adjusted
vesting of 15% of base salary for this STI target with a
corresponding bonus of EUR 57,000. The EPRA EPS per
-
formance threshold target level was also achieved (EUR
0.80), resulting in a weighted-adjusted vesting of 18%
(EUR 68,400). The YoC performance achieved (10.1%)
was between threshold and target performance, which re-
sults in a weighted-adjusted vesting of 17% (EUR 64,600).
Based on the review of the achievement of the ESG tar
-
gets that may result in a vesting ranging between 0%
(targets not met) and 20% (targets met) of base salary,
this resulted in an overall weighted-adjusted vesting of
11% (EUR 41,800).
This results in an overall 2024 STI bonus of EUR
231,800 based on a weighted-adj usted vesting of 61%
of base salary, prior to assessing the achievement on the
loan to value (“LTV”) target set as a modifier for the 2024
STI. The modifier may result in a downward adjustment
of the overall performance measure outcome in a range
up to 10% for actual LTV performance between 45%
and 48%. The actual LTV achieved (45.33%) results in
an overall downward adjustment of 1.1% of the total STI
2024 (EUR 2,550) and a pay-out of EUR 229,250 based
on a corresponding weighted-adjusted vesting of 60% of
base salary.
TABLE 3 STI PERFORMANCE MEASURE 2024
Weight
Vesting
ranges
(% of base salary)
Above threshold
performance
(minimum
performance
levels
60% vesting)
Maximum
performance
(200% vesting)
Actual
performance
Vested
(% of
base salary)
Payout amounts
Mr. Vos, CEO Mr. Wilkinson, CFO
Company Specific Adjusted EPRA EPS 30% 0% - 60% €0.80 €0.83 €0.80 18% - 68,400
Growth in completed new GLA (million sqm)
1
25% 0% - 50% 1.3 2.1 1.3 15% - 57,000
Yield on Cost 25% 0% - 50% 10.0% 11.0% 10.1% 17% - 64,600
ESG targets
1
20% 0% - 20% 11% - 41,800
Total 100% 0% - 180% 61% - 231,800
Loan to value target
2
-1% - -2,550
Bonus payable 60% - 229,250
1 The ESG targets consist of six underlying/sub-targets, which are either met (at-target vesting) or not met (no vesting).
Based on the achievement on these ESG targets, overall weighted-adjusted vesting is 11% of base salary, which is 55%
of the vesting opportunity.
2 This modifier results in a downward adjustment of the overall STI performance measure outcome in a range up to 10%
for actual LTV performance between 45% and 48%. The actual LTV achieved (45.33%) results in an overall downward
adjustment of 1.1%.
CTP N.V. Annual Report 2024
Governance
188
5.3.4.3 Long-term incentive plan
The 2024 conditional share award made under the LTI to
Mr. Wilkinson with an award date of 10 May 2024 may
vest on the third anniversary of the award date, subject
to continuous services and meeting the predetermined
performance targets. Outstanding conditional share
awards will automatically lapse upon termination of ser
-
vices before the end of the vesting period. The shares
must be held for a minimum of two years after vesting.
Mr. Vos was not entitled to receive an LTI award during
2024.
The following three performance measures apply for the
2024 LTI award:
• 40% of the award may vest depending on the Com
-
pany’s EBITDA growth performance;
• 40% of the award may vest depending on the Com
-
pany’s relative TSR performance versus the FTSE
EPRA/NAREIT Developed Europe Index; and
• 20% of the award may vest depending on the ranking
of the Company in the index operated by Morningstar
Sustainalytics on ESG Risk Rating (see Table 3).
The actual performance targets for the 2024 condition
-
al share award will be reported and disclosed retrospec-
tively after vesting in the 2027 remuneration report,
once the actual achievements on the performance tar
-
gets have been determined.
5.3.4.4 Vesting 2021 LTI award
The following two performance measures applied for the
2021 LTI award with a vesting date on 30 April 2024:
• 50% of the award may vest depending on the Compa
-
ny’s absolute total shareholder return (TSR) perfor-
mance; and
• 50% of the award may vest depending on the Com
-
pany’s relative TSR performance versus the FTSE
EPRA/NAREIT Developed Europe Index (“TSR Index”).
The performance period for the 2021 LTI award was the
three-year period commencing on the award date, 30
April 2021, which means that the performance period
ended on 30 April 2024. The LTI award opportunity was
set at 100% of the base salary for delivering “at target”
performance. The maximum number of shares that can
be delivered under the LTI award for delivering outstand
-
ing performance was 150% of the number of LTI award
shares granted. The threshold opportunity level for the
2021 LTI was set at 75% of the at target number of
awards. No vesting will occur for below-threshold per
-
formance.
The Non-Executive Directors have reviewed the ac
-
tual performance against the set of performance targets
to determine the extent to which the performance tar
-
gets have been achieved. Table 4 provides an overview of
the applicable performance measures for the 2021 LTI
award, the targets for each performance measure, the
actual performance over the three-year performance pe
-
riod, and the resulting vesting percentages.
The Company’s absolute TSR performance for the 2021–
2023 performance period of 7.0% per annum as calculat
-
ed based on the compound annual growth rate was below
the threshold performance level of 8% per annum, which
resulted in a 0% vesting for this element of the 2021 LTI
award. The performance of the TSR Index for the same
period was -6.6% per annum. As the Company’s TSR per
-
formance relative to the TSR Index was above the target
for maximum vesting, this resulted in vesting of 150% of
the target number of share awards subject the relative
TSR performance condition (i.e., 20,357 shares). As the
Executive Director is entitled to 2,022 additional shares
as compensation for dividends paid during the vesting
period (i.e., dividend equivalents of 9.93% per vested
award), in total 22,379 shares vested on 30 April 2024
(see Table 4 and Table 5).
CTP N.V. Annual Report 2024
Governance
189
TABLE 4 LTI PERFORMANCE MEASURE 2021–2023 AWARD
Weight
Vesting
levels
(% of target
number)
Threshold
performance
Target
performance
Maximum
performance
Actual
performance
Vested
(% of target
number)
Absolute TSR 50% 37.5% - 75% 8% p.a. 12% p.a. 15% p.a. 7.0% 0%
Relative TSR 50% 37.5% - 75% Equal to TSR
Index
Equal to TSR
Index + 5%
Equal to TSR
Index + 7.5%
Equal to TSR
Index +13.6%
75%
Total 100% 75% - 150% 100%
TABLE 5 SHARE AWARDS
The main conditions of share award plans
2024 based on at target award levels (100%)
Opening
balance
During
the year
Closing
balance
Name of Director, position
Performance
period
Award
date
Vesting
Date
End of
holding
period
Shares
outstanding
1 January 2024
Number of
shares
awarded
Shares
vested /
forfeited ¹
Unvested
shares
subject to
performance
condition
Vested shares
subject to
holding
period
Remon Vos, CEO N/A - - - - - - - -
Richard Wilkinson, CFO 2021 -2023 30 April 2021 30 April 2024 30 April 2026 27,142 - 27,142 - 22,379
Richard Wilkinson, CFO 2022 -2024 29 April 2022 29 April 2025 29 April 2027 27,130 - - 27,130 -
Richard Wilkinson, CFO 2023 -2025 11 May 2023 11 May 2026 11 May 2028 32,442 - - 32,442 -
Richard Wilkinson, CFO 2024 -2026 10 May 2024 10 May 2027 10 May 2029 22,691 - 22,691 -
86,714 22,691 27,142 82,263 22,379
1 Of the total 27,142 at target number of awards granted in 2021, 13,571 awards subject to the absolute TSR condition forfeited (0% vesting)
and 13,571 awards subject the relative TSR condition vested (i.e., 20,357 shares based on 150% vesting). As the CFO is entitled to 2,022 additional
shares to reflect the value of dividends paid during the vesting period, in total 22,379 shares vested with a value of EUR 357,169, based on the share
price of EUR 15.96 on 30 April 2024.
CTP N.V. Annual Report 2024
Governance
190
TABLE 6 REMUNERATION
1
AND COMPANY PERFORMANCE
2024 % change 2023 % change 2022 % change 2021
Name of Executive Director, position
Remon Vos, CEO 599,615 1% 595,405 -1% 599,041 1% 591,132
Richard Wilkinson, CFO 1,003,317 -5% 1,051,701 −11% 1,187,427 5% 1,134,708
Annual remuneration of all employees (excluding CEO and CFO) 50,565,908 11% 45,758,894 22% 37,529,532 36% 27,617,160
Average FTEs of employees (excluding CEO and CFO) 804.2 14% 709 23% 577 32% 438
Average total annual remuneration 62,721
-3%
2
64,504 −1% 65,043 3% 63,053
Pay ratio CEO 9.6 4% 9.2 - 9.2 −2.0% 9.4
Pay ratio CFO [16.0] -2% 16.3 −11% 18.3 1% 18.0
Company specific adjusted EPRA EPS (€) 0.80 10% 0.73 19% 0.61 26% 0.49
GLA in million sqm 13.3 12.7% 11.8 12% 10.5 38% 7.6
1 The calculation method for the pay ratio is aligned with the guidance in the Code. The remuneration of workers who are self-employed are
not included when calculating the average total annual remuneration of employees.
2 See explanation of this decrease in 5.3.4.8
CTP N.V. Annual Report 2024
Governance
191
5.3.4.5 Benefits
Executive Directors receive market-standard benefits
and additional benefits may be considered as required,
subject to business needs. Mr. Wilkinson receives a hous
-
ing allowance of (the local currency equivalent of) €1,500
per month. The details of the benefits provided to Exec
-
utive Directors accrued for or paid in the 2024 reporting
year are set out in Tables 8 and 9 below.
For the avoidance of doubt, no allowances for pension
were paid to the Executive Directors.
5.3.4.6 Adjustments to remuneration
In 2024, no application of the right to reclaim variable
remuneration by means of either a claw back or malus
within the meaning of Article 2:135 (8) of the Dutch Civil
Code was applied on any kind of variable payments for
any Executive Director.
5.3.4.7 Minimum shareholding requirements
The minimum shareholding requirements amounts to
250% of a one-year base salary over five years. Given
Mr. Vos’ substantial shareholding in the Company, he al
-
ready exceeds the minimum shareholding requirement.
Mr. Wilkinson did not meet the minimum shareholding re
-
quirement in 2024.
5.3.4.8 Pay ratio
As Mr. Vos only receives a fixed annual base salary, the
pay ratio is disclosed both for Mr. Vos and Mr. Wilkinson.
The average total annual remuneration for the reference
group does not include the total annual remuneration of
either Mr. Vos or Mr. Wilkinson. In 2024 the internal pay
ratio was 9.6 (9.2 for 2023, 9.2 for 2022 and 9.4 for 2021)
for Mr. Vos and 16 (16.3 for 2023, 18.3 for 2022 and 18.0
for 2021) for Mr. Wilkinson as shown in Table 6. The in
-
crease of the internal pay ratio for Mr. Vos in 2024 com-
pared to 2023 is mainly explained by a 3% decrease in
the average total annual remuneration of all employees
(excluding CEO and CFO) due to the comparatively low
-
er seniority of the new hires and a one-off bonus paid
in 2023. The decrease of the internal pay ratio for Mr.
Wilkinson both in 2024 and in 2023 is mainly explained
by lower expenses recognized under IFRS for the annual
bonus plan compared to the prior year.
5.3.4.9 Non-Executive Directors’ remuneration
The Non-Executive Directors’ remuneration for the fi
-
nancial years ending after 29 March 2021, when CTP be-
came a listed company, is presented in Table 7.
5.3.4.10 Compliance
CTP did not deviate from the Remuneration Policy for ei
-
ther the Executive or Non-Executive Directors.
The Company has not granted any loans, advance pay
-
ments or guarantees to the Executive Directors or
Non-Executive Directors.
5.3.4.11 Total remuneration of the Executive
Directors
The total remuneration awarded or due to the Executive
Directors for the financial year ending on 31 December
2024 is presented in Table 8.
Table 9 presents the total remuneration of the Exec
-
utive Directors as recognised by the Company under IFRS
for the financial year ending on 31 December 2024.
CTP N.V. Annual Report 2024
Governance
192
TABLE 7 REMUNERATION OF NON-EXECUTIVE DIRECTORS
Name of Non-Executive Director
Annual fixed
fees received (€)
Annual fixed
fees received (€) Total
2024 2023 Committee role 2024 2023 2024 2023 2022 2021
1
Barbara Knoflach, Senior Independent
Director
150,000 150,000 Chair Nomination and Remuneration
Committee
2
, member Sustainability
Committee
25,000 23,333 175,000 173,333 160,000 121,863
Susanne Eickermann-Riepe 75,000 75,000 Chair Sustainability Committee,
member Audit Committee
30,000 30,000 105,000 105,000 90,000 68,548
Kari Pitkin
3
50,000 - Chair Audit Committee, member Nomi-
nation and Remuneration committee
20,000 - 70,000 - - -
Rodolphe Schoettel
3
50,000 - Vice-Chair Audit Committee 10,000 - 60,000 - - -
Gerard van Kesteren
4
75,000 75,000 Chair Audit Committee 6,667 20,000 31,667 95,000 95,000 72,356
Pavel Trenka
4, 5
37,500 75,000 Chair Nomination and Remuneration
Committee until 25 April 2023,
thereafter member of same Committee
0 6,667 0 44,167 90,000 68,548
Total 350,000 337,500 91,667 80,000 441,667 417,500 435,000 331,315
1 Recognised by the Company for remuneration to Non-Executive Directors as from 29 March 2021.
2 Ms. Knoflach became chair of the Nomination and Remuneration Committee as of 23 April 2024.
3 Ms. Pitkin and Mr. Schoettel were appointed as new board members for a term of three years at the AGM on 23 April 2024.
4 Mr. van Kesteren and Mr. Trenka did not stand for re-election after their term expired as of the AGM 2024 held on 23 April 2024.
5 Mr. Trenka waived his remuneration as of 1 July 2023.
CTP N.V. Annual Report 2024
Governance
193
TABLE 8 REMUNERATION OF EXECUTIVE DIRECTORS – AWARDED OR DUE
Name of Executive Director, position
Fixed
remuneration
Variable
remuneration
Extraordinary
items
Total
remuneration
Proportion of fixed
and variable
remuneration
Base
salary
Other
benefits STI
1
LTI
2
Fixed Variable
Remon Vos, CEO 500,000 - - - - 500,000 100% 0%
Richard Wilkinson, CFO 380,000 26,703 229,250 357,169 - 993,122 41% 59%
1 The STI amount for Mr. Wilkinson includes the amount payable related to the annual cash incentive for 2024 paid in 2025.
2 The LTI amount for Mr. Wilkinson includes the fair value of the awards granted under the LTI in 2021 that vested on 30 April 2024
(22,379 shares multiplied with the closing share price on the vesting date of EUR 15.96). Please also refer to Table 4 Share Awards.
TABLE 9 REMUNERATION OF EXECUTIVE DIRECTORS – IFRS
Name of Executive Director, position
Base
salary
Social
security
contributions STI
1
LTI
Other
benefits Total
Remon Vos, CEO 500,000 99,615 - - 599,615
Richard Wilkinson, CFO 380,000 101,363 229,250 266,000 26,703 1,003,317
Total 2024 880,000 200,978 229,250 266,000 26,703 1,602,931
Remon Vos, CEO 500,000 85,331 - - 10,074 595,405
Richard Wilkinson, CFO 380,000 76,441 364,586 204,000 26,703 1,051,730
Total 2023 880,000 161,772 364,586 204,000 36,777 1,647,135
1 The STI amount recognised for Mr. Wilkinson in 2023 includes expenses recognised by the Company under IFRS for the annual cash
incentive for 2023 (€215,536) and the deferred part of the STI for 2021 (€149,050).
CTP N.V. Annual Report 2024
Governance
194
5.4 Post-2024 Events
The Executive Directors submitted the 2024 annual ac-
counts, the Letter of the CEO and the Letter of the CFO,
and the responsibility statement to the Non-Executive
Directors with the recommendation to CTP’s sharehold
-
ers to adopt the 2024 annual accounts on 22 April 2025.
The annual accounts were audited by KPMG, which issued
an unqualified auditor’s opinion. The Board approved
the accounts and signed the 2024 annual accounts on
7 March 2025.
CTP N.V. Annual Report 2024
Governance
195
5.5 Diversity, Code of Conduct
and Compliance
5.5.1 Diversity and inclusion
ESRS 2 GOV-1-21
CTP is committed to an inclusive culture and aims for
an increase of diversity in nationality and age as well as
creating and maintaining a variation in education and ex
-
perience. CTP continues to strive for an adequate and
balanced composition of the Board in its future appoint
-
ments by considering relevant selection criteria, such as
executive and industry experience, skills and knowledge,
personal capabilities, age, gender identity, nationality,
cultural and other background qualities.
As of 1 January 2022, Dutch companies listed at Eu
-
ronext Amsterdam must comply with quotas for supervi-
sory boards, and “large” companies (in accordance with
Section 2:166 of the Dutch Civil Code) must formulate
targets to achieve gender-balanced boards and senior
management. A company’s gender-balance targets must
be reported to the Dutch Social and Economic Council an
-
nually and will be included in the management report for
transparency purposes.
CTP is listed at Euronext Amsterdam and qualifies as
a large company in accordance with the Dutch Civil Code.
In its Diversity and Inclusion Policy, CTP has included gen
-
der-balance targets for the Non-Executive Directors, the
Executive Directors and the senior management and na
-
tionality and cultural- balance targets for the full Board.
The targets are ambitious but also realistic, given the en
-
vironment CTP operates in. The targets are formulated
as follows: at least 30% of the Non-Executive Directors
jointly consists of men and at least 30% of the Non-Exec
-
utive Directors jointly consists of women, at least 25% of
the Executive Directors jointly consist of men and at least
25% of the Executive Directors jointly consist of women.
1 The employees of CTP in a managerial position are the Executive
Director positions CEO and CFO, the COO and the country MD’s
and CFO’s of the 10 countries CTP is active in. For purposes
of the target referred to here, the CEO, CFO and COO are not
taken into account.
Targets were also set for CTP’s senior management: at
least 30% of the senior management jointly consist of
men and at least 30% jointly consist of women. With re
-
spect to nationality, cultural and other background, the
target is that a maximum of 50% of one nationality and/
or cultural background will be represented in the Board.
For the organisation in its entirety, CTP aspires to
have a gender mix of at least 45% of either gender.
The current composition of the Executive Director
seats is not evenly distributed among males and females,
as the current two Executive Directors are male. This can
be explained by the fact that no vacancy in the Executive
Director group occurred in 2024 (see also CTP’s diversi
-
ty report submitted to the Dutch Social- and Economic
Council on 16 October 2024).
Of the current four Non-Executive Directors, three
are female and one is male. This distribution of seats is
not balanced, and CTP is focused on restoring the bal
-
ance. The Non-Executive Directors are aware that a new
appointment of a non-executive director is not valid if the
quorum is not being met
Of the total number of 15 senior management em
-
ployees at year-end 2024, five are female.
1
The target of
30% has therefore been achieved.
CTP N.V. Annual Report 2024
Governance
196
Measures are being taken to address the divergence from
CTP’s objectives relating to senior management. CTP as
a whole had a ratio of female to male employees of rough
-
ly 45:55 at year end.
CTP’s employees come, among others, from the
Czech Republic, Greece, Germany, Hungary, the UK, Ro
-
mania, Slovakia, Poland, Serbia, Bulgaria, Austria, the
US, and the Netherlands. CTP employs close to 900 of its
own employees. More extensive information on the num
-
ber of female and male employees throughout the year
and within all functions in the Company, the age differ
-
ences and other relevant information on gender can be
found in Section 4.7.2.1.8.
There was no written plan to achieve the diversity
targets for financial year 2024. Insight into the inflow,
progression, and retention of employees and the gender
composition of the various target groups at year-end is
given in Section 4.7.2.1.8.
Within the Company there is no representation of
employees or other workers.
5.5.2 Compliance function
As part of ongoing efforts to build a comprehensive com
-
pliance management system, in 2024, CTP elevated its
approach to business integrity by transitioning from a
traditional compliance program to a robust compliance
management system (CMS). This shift reflects CTP’s
commitment to embedding compliance into all facets of
the Company’s operations, reinforcing ethical governance
and addressing regulatory requirements with precision.
KEY HIGHLIGHTS OF THE CMS TRANSITION
Integrated govern-
ance
The CMS aligns compliance processes across
all jurisdictions and departments, ensuring
uniformity, accountability, and seamless ad-
herence to applicable laws and regulations.
Strengthened risk
management
Enhanced mechanisms, including automat-
ed vendor risk assessments and rigorous
conflict-of-interest checks, strengthen
operational transparency and integrity.
Strengthened risk
management
Enhanced mechanisms, including automat-
ed vendor risk assessments and rigorous
conflict-of-interest checks, strengthen
operational transparency and integrity.
Education and
awareness
Advanced training programs incorporating
real-life scenarios equip employees with the
tools to navigate complex compliance chal-
lenges effectively.
Expanded whistle-
blowing mechanisms
Improved reporting channels, now fully
aligned with the EU Whistleblowing Direc-
tive, promote transparency and foster a
culture of accountability.
Focus on data
protection and
cybersecurity
A coordinated effort with the IT department
ensures compliance with the NIS2 Directive,
safeguarding personal and sensitive informa-
tion against evolving cyber threats.
CTP’s CMS serves as the cornerstone of its ethical busi-
ness practices, enabling proactive risk management and
reinforcing the company’s reputation as a trusted indus
-
try leader.
The Group AML Compliance Officer, with direct ac
-
cess to the Board and to the CEO and CFO, plays a crucial
role in maintaining this standard of integrity.
5.5.3 Code of Conduct
The CTP Code of Conduct fosters an ethical corporate
culture remains central to the company’s mission of op
-
erating with integrity, transparency, and professional-
ism. Reviewed and refined annually, the Code reflects the
evolving business environment, guiding ethical conduct
across all operations.
2024 ASSESSMENT HIGHLIGHTS
Ethical leadership
and “tone at the top”
Senior management continues to champion
ethical practices, setting a strong example
for professionalism and integrity.
This leadership fosters a culture where
ethical behaviour is actively encouraged and
expected at all levels.
Procurement and
conflict of interest
Stricter vendor evaluation protocols and
enhanced conflict-of-interest declarations
have improved transparency.
Efforts to ensure the consistent adoption of
the Procurement Policy across all regions are
ongoing.
Anti-bribery and
corruption
Comprehensive training programs and rein-
forced controls on gifts and business courte-
sies uphold CTP’s zero-tolerance approach.
Human rights and
social responsibility
Initiatives aligned with international stand-
ards advance the Company’s sustainability
goals, including carbon neutrality by 2025.
Additional awareness campaigns aim to in-
tegrate ESG principles into daily operations,
with a focus on strengthening human rights
enforcement and enhancing supply chain due
diligence.
Confidentiality and
data protection
Continuous improvements in GDPR com-
pliance and data security mitigate risks,
complemented by new training modules set
for launch.
CTP N.V. Annual Report 2024
197
Governance
5.5.3.1 Commitment to continuous improvement
The Code of Conduct is not static; it evolves to address
emerging challenges and opportunities. In 2024, key are
-
as of focus included:
Enhanced training Comprehensive programs to understand
the Group's ethical corporate environment,
key values, internal rules, and procedures.
The training covers compliance policies and
includes practical case studies drawn from
CTP's experience.
Enhanced ESG
integration
Strengthening supplier due diligence to en-
sure an ethical and resilient supply chain.
The Group AML Compliance Officer provides regular up-
dates on compliance activities and risk assessments, en-
suring that ethical considerations remain at the heart of
CTP’s long-term strategy.
Through these initiatives, the Code of Conduct con
-
tinues to act as a guiding light for CTP’s operations, rein-
forcing the company’s commitment to ethical excellence
and long-term value creation.
CTP N.V. Annual Report 2024
Governance
198
5.6 Governance Declarations
5.6.1 Compliance with the Dutch Corporate
Governance Code 2022
CTP is subject to the Code. In 2024, due to the appoint
-
ment of two new Non-Executive Directors, the rotation
schedule was successfully implemented by the end of April,
ensuring a staggered approach to (re-)appointments.
Considering the Company’s specific shareholder
structure, the Board remains committed to and continues
to endeavour to comply with more best-practice provi
-
sions than it complies with today, but it also acknowledges
that some best-practice provisions will not be complied
with within the current shareholder structure. Deviations
from the best-practice provisions are explained in Sec
-
tion 5.4.1.1. The headings refer to the Code; the explana-
tion relates to the CTP-specific situation.
As a stakeholder engagement and materiality as
-
sessment policy was approved in August, CTP no longer
deviates from best practice provision 1.1.5 (dialogue with
stakeholders). Best practice provision 2.3.4 and 5.1.4 are
the same but differ in the sense that provision 2.3.4 re
-
lates to a two-tier situation and provision 5.1.4 to a one-
tier situation (applicable for CTP). CTP does no longer re
-
port deviating from both best practice provision 2.3.4 and
5.1.4 at the same time but only reports non-compliance
with provision 5.1.4.
5.6.1.1 Deviations from best-practice
provisions of the Code
Best-practice
provision of the Code
CTP-specific
situation
2.2.1 – Appointment
and re-appointment
periods–manage-
ment board members
This provision prescribes that a managing
director is appointed for a maximum period
of four years. The CEO has been appointed
as Executive Director and may be unlimit-
edly re-appointed considering his desire to
continue an active role on the Board as long
as possible in order to safeguard CTP’s long-
term value creation strategy. The CFO has
been appointed as Executive Director for a
period of [four] years.
2.2.2 – Appointment
and re-appointment
periods - supervisory
board members
Half of the four Non-Executive Directors
have been appointed for three years, which
is formally not in conformity with the four
years stipulated by this provision. The Board
feels it is important to relate the period for
re-appointment to international standards
and to be able to get new views and ideas
on a more regular basis. On the other hand,
the Board realises that staggered terms
are helpful to safeguard specific knowledge,
skills, and expertise within CTP. The Board is
therefore pleased that after the sharehold-
ers approved to appoint two new non-ex-
ecutive directors at the AGM on 23 April
2024, the two new non-executive directors
were appointed for three years and the two
current non-executive directors for a period
of four years (including different third terms
of office for possible re-appointment of
Non-Executive Directors currently in office).
2.2.4 – Succession The Non-Executive Directors discussed
the succession of Executive Directors and
Non-Executive Directors extensively in 2024,
thereby taking into account the profile of the
Non-Executive Directors. There is, however,
no written plan for succession of members of
the Board.
CTP N.V. Annual Report 2024
Governance
199
2.2.5 – Duties of the
selection and ap-
pointment committee
The Nomination and Remuneration Commit-
tee has not drawn up a written plan for the
succession of members of the Board. How-
ever, the succession of Executive Directors
and Non-Executive Directors was discussed
numerous times by the Committee as well as
by the Board during the year, whereby diver-
sity requirements, expertise and expansion
of resources due to the increasing complexity
and growth of the business, were tabled. The
policy of the Executive Directors on the se-
lection criteria and appointment procedures
for senior management was not discussed by
the Non-Executive Directors. Such a policy
has yet to be formulated in writing within
CTP.
4.3.3 – Cancelling
the binding nature
of a nomination or
dismissal
The general meeting of a company not having
the large company regime (in Dutch: struc-
tuurregime) may pass a resolution to nom-
inate or dismiss a member of its managing
board or its supervisory board by an absolute
majority of the votes cast. It may be provided
that this majority should represent a given
proportion of the issued capital, the propor-
tion of which may not exceed one-third.
CTP deviates from this provision to the
extent that in the Articles and Board Rules
it is stated that if a dismissal was not pro-
posed by the Non-Executive Directors, the
General Meeting can only dismiss a Director
with a two-thirds majority of the votes cast,
representing more than half of the issued
share capital.
5.1.4 – Composition
of committees
Neither the Audit Committee nor the Remu-
neration Committee can be chaired by the
Chairman of the Board. After the resignation
of Mr. Trenka as Chair of the Nomination and
Remuneration Committee in April 2023, Ms.
Knoflach took over the position of Chair of
the Nomination and Remuneration Commit-
tee.
5.6.2 Decree on the Directive on Takeover Bids
Further to the Decree on the Directive on Takeover Bids
(in Dutch: Besluit artikel 10 overnamerichtlijn), CTP is
required to report on, among others: the Company’s
capital structure; restrictions on voting rights and the
transfer of securities; significant shareholding in CTP;
the rules governing the appointment and dismissal of Di
-
rectors and amendments to the Company’s Articles; the
powers of the Executive Directors (in particular the pow
-
er to issue shares or to repurchase shares, together with
the Non-Executive Directors); significant agreements
to which CTP is a party and which are put into effect,
changed, or dissolved upon a change of control of CTP
following a takeover bid; and any agreements between
CTP and the Executive Directors or associates providing
for compensation if their employment agreement ceases
because of a takeover bid. The information required by
the Decree on the Directive on Takeover Bids is includ
-
ed in this section of the Annual Report as well as in the
notes to the consolidated 2024 financial statements.
Capital structure CTP has one class of shares: ordinary shares
with a nominal value of €0.16 each. The
shares are listed on Euronext Amsterdam,
and the issued share capital consists of
473,285,561 shares on 31 December 2024.
The rights attached to the shares into which
CTP’s capital is divided follow from the Arti-
cles and the Dutch Civil Code.
Limits on
the transfer of
shares
There are no limits on the transfer of CTP’s
shares.
Substantial interests Pursuant to the Dutch Financial Markets
Supervision Act (“FMSA”) and the Decree on
Disclosure of Holdings in Issuing Institutions
(in Dutch: Besluit melding zeggenschap en
kapitaalbelang in uitgevende instellingen
Wft), the Dutch Authority for the Finan-
cial Markets (“AFM”) must be notified of
substantial shareholdings (i.e., a threshold
of 3% or more). On 31 December 2024, CTP
Holding B.V. held [73.03]% of the shares
in CTP, Multivest B.V. held 100% of the
shares in CTP Holding B.V., and Stichting
Administratiekantoor Multivest held 100%
of the shares in Multivest BV. In Stichting
Administratiekantoor Multivest, the person
with controlling interest is Mr. Vos. Based
on the information in the AFM register on
31 December 2024, Capital Research and
Management Company has a shareholding of
at least 3% of the shares in CTP.
Special control rights The shares into which CTP’s equity is divided
are not subject to any special control rights.
Share plans CTP has a long-term incentive plan and a de-
ferred incentive plan for Executive Directors.
Voting limitations There are no voting limitations on CTP’s
shares.
Agreements with
shareholders that
can limit the transfer
of shares or voting
rights
There are no agreements with sharehold-
ers that can limit the transfer of shares or
voting rights.
CTP N.V. Annual Report 2024
Governance
200
Appointment and dis-
missal of directors,
amendments to the
Articles
The provisions regarding the appointment
and dismissal of Directors are available on
CTP’s website. The General Meeting may
resolve to amend the Articles with an abso-
lute majority of the votes cast, further to a
proposal of the Board approved by a majority
of the Non-Executive Directors. A proposal
to amend the Articles must be stated in the
notice of the AGM. A copy of the proposal
containing the verbatim text of the proposed
amendment must be made available to all
shareholders.
Acquisition of own
shares
The General Meeting may authorise the
Board (i) to purchase shares in CTP’s own
capital, and (ii) to issue and grant rights to
subscribe for shares and to limit or exclude
pre-emptive rights of shareholders in the
event of issuing and granting rights to sub-
scribe for shares. Further information can be
found in the Articles.
Issue of shares At the AGM on 23 April 2024, the Gen-
eral Meeting authorised the Board, until
23 October 2025, (i) to issue shares or to
grant rights to acquire those shares up to a
maximum of 10% for general purposes and
10% in combination with or on the occasion
of mergers, acquisitions, and/or (strategic)
alliances of the Company’s share capital
as per 23 April 2024; (ii) to issue shares
up to the amount of shares reflected on
by shareholders pursuant to an interim
scrip dividend regarding the 2024 finan-
cial year; (iii) to exclude pre-emptive rights
accruing to shareholders in connection with
the aforementioned issuances; and (iv) to
cause the Company to acquire shares in its
share capital at a price of up to 110% of the
opening price of the shares on the Euronext
Amsterdam stock exchange during five trad-
ing days prior to the date of the acquisition,
provided that the Company and its subsidi-
aries will not at any time hold more than 10%
of the issued capital of the Company as per
23 April 2024.
Change of control
arrangements
The Company is not a party to material
agreements that are in any way subject to
or affected by a change of control over the
Company following a public offer as referred
to in section 5:70 of the FMSA. There are
no agreements under which CTP is liable to
make any payment to Directors on resigna-
tion following a public offer as referred to in
Section 5:70 of the FMSA.
Special rights of
control
CTP does not have any potential or existing
takeover measures.
Agreements with
Executive Directors
or employees
A three-month notice period applies to the
agreement with Mr. Vos and a six-month
period applies to the agreement with Mr.
Wilkinson. In the event of termination of em-
ployment, compensation is provided for the
loss of income of up to six months of gross
base salary in addition to a six-month notice
period for Mr. Wilkinson and three-month
notice period for Mr. Vos
Conflict of interest
and related- party
transactions
Under the Board Rules and the Related-Par-
ty Transactions Policy, conflicts of interest
must be reported to the Senior Independent
Director. The Senior Independent Director
must report any (potential) related-party
transaction related to him/her to the vice-
chair. In addition, a Director must report
any related-party transaction to the (other)
Directors and the Company Secretary. In
2024, no such related-party transactions
were reported to the Board.
The Non-Executive Directors shall determine
the consequences of a (potential) conflict of
interest, if any. In case of a conflict of inter-
est, the Director concerned is not allowed
to participate in discussions or vote on such
matter. If one or more Directors have a con-
flict of interest, the resolution concerned will
be voted on if (i) the transaction is entered
into on terms that are customary in the mar-
ket and in compliance with the laws of the
relevant jurisdiction, and (ii) the resolution
is taken with the consent of at least the ma-
jority of the Non-Executive Directors, if the
conflict of interest is of material significance
to the Company or the relevant Director.
Mr. Vos serves as CEO and Executive
Director, while he is also an (indirect)
majority shareholder. Accordingly, Mr. Vos
may through his (indirect) vote at General
Meetings of shareholders support strategies
and directions that are in his best interests,
which may conflict with the interests of the
Company and the other shareholders.
Mr. Vos uses means of transportation pro-
vided by the Company for private purposes
for which he pays a user fee.
The Group is carefully monitoring and as-
sessing related-party transactions that are
disclosed in detail in note [36] of the notes to
the 2024 annual accounts.
Personal loans Personal loans, guarantees or the like may
not be granted to the Executive Directors or
to the Non-Executive Directors unless they
are provided (i) as part of the normal course
of the Company’s business (i.e., if CTP would
qualify as a financial institution), (ii) on
terms applicable to all Company personnel
as a whole, and (iii) after approval of the
Non-Executive Directors. No personal loans,
guarantees or the like were granted by the
Company in 2024.
CTP N.V. Annual Report 2024
Governance
201
5.6.3 Corporate governance statement
The Code requires Dutch companies to publish a state
-
ment concerning their approach to corporate governance
and compliance with the Code. CTP adheres to the Code.
The information required to be included in this corporate
governance statement as described in Section 3 of the
Decree on the Management Report, which is incorporat
-
ed and repeated here by reference, can be found in the
following sections of CTP’s Annual Report:
Section 5.6.1 Information on how CTP deviates from some
of the principles and best practice provisions
of the Code, the reasons for the deviations,
whether the deviations are of a temporary
nature and when CTP intends to comply with
these principles and best practice provisions.
Section 5.7 Information regarding CTP’s risk manage-
ment and control framework relating to the
financial and sustainability reporting pro-
cess, as required by Section 3a sub a of the
Decree on the Management Report.
Section 5.1.2 Information regarding the functioning of
CTP’s General Meeting and the authority
and rights of its shareholders, as required
by Section 3a sub b of the Decree on the
Management Report.
Section 5.1.2 Information regarding the composition and
functioning of a (two-tier) management
board, supervisory board and its committees,
as required by Section 3a sub c of the Decree
on the Management Report, which has
been rephrased to fit a one-tier governance
structure.
Section 5.5.1 Information regarding CTP’s diversity &
inclusion policy, as required by Section 3a sub
d of the Decree on the Management Report
and best-practice provision 2.1.6 of the Code.
Section 5.5.1 Information regarding the number of men
and women on the Board and in the manage-
ment positions below the Board, goals and
plan to achieve these goals, as required by
Section 3d of the Decree on the Management
Report and best-practice provision 2.1.6 of
the Code.
Section 5.6.2 Information concerning the inclusion of the
information required by the Decree on the
Directive on Takeover Bids, as required by
Section 3b of the Decree on the Management
Report.
The Board discusses annually with the Audit Commit-
tee the effectiveness of the design and operation of the
internal risk management and control systems, the ef
-
fectiveness of internal and external audit processes, and
the way material risks and uncertainties referred to in
best-practice provision 1.4.3 of the Code are analysed.
The Group Head of Internal Risk and Modelling and
the Internal Audit Director carried out an assessment of
the design and effectiveness of the internal risk manage
-
ment and control systems covering strategic, operation-
al, financial and sustainability reporting and compliance
risks. The result was presented to the Audit Committee
and to the Board, and the outcome of this assessment
was that no major failings were observed in the internal
risk management and control systems in the year under
review, that ongoing improvements are needed, and that
these will be implemented going forward.
CTP N.V. Annual Report 2024
Governance
202
5.6.4 Responsibility statement
In line with the Code and the FMSA, CTP has identified
the main risks it faces, including financial and sustaina
-
bility reporting risks. These risks can be found in Section
5.6. CTP has documented these risks and put in place a
system to identify new risks as they emerge. CTP has
not provided an exhaustive list of all possible risks. Fur
-
thermore, developments that are currently unknown to
the Executive Directors or considered to be unlikely may
change the future risk profile of CTP.
The design of CTP’s internal risk management and
control systems is described in Section 5.5. The objective
of these systems is to manage, rather than eliminate,
the risk of failure to achieve business objectives and the
risk of material errors to the financial and sustainability
reporting. Accordingly, these systems can only provide
reasonable, but not absolute, assurance against material
losses or material errors.
CTP’s Executive Directors reviewed and analysed the
main strategic, operational, financial and sustainability
reporting and compliance risks to which CTP is exposed
and assessed the design and operating effectiveness of
CTP’s risk management and internal control systems in
2024. The outcome of this review and analysis was that
no major failings in the internal risk management and
control systems were observed during the reporting year.
This assessment was shared with the Audit Committee
and the Non-Executive Directors and was discussed with
CTP’s internal and external auditors.
As required by best-practice provision 1.4.3 of the Code
and Section 5:25c(2)(c) of the FMSA, and based on the
foregoing and explanations contained in Section 5.5, the
Executive Directors confirm that to the best of their
knowledge:
• The Annual Report provides sufficient insights into
any failings in the effectiveness of the internal risk
management and control systems with regard to
the risks as referred to in Section 5.6, [second para
-
graph];
• These systems provide reasonable assurance that the
financial and sustainability reporting does not contain
any material inaccuracies;
• Based on the current situation, it is justified that the
financial and sustainability reporting is prepared on a
going-concern basis;
• The Annual Report states those material risks and
uncertainties that are relevant to the expectation of
CTP’s continuity for the period of twelve months af
-
ter the preparation of the Annual Report;
• The 2024 annual accounts provide, in accordance
with IFRS as adopted by the European Union, a true
and fair view of the consolidated assets, liabilities,
the financial position and the profit or loss of the
Company and its consolidated assets/companies as
at 31 December 2024, and of the 2024 consolidated
income statement and cash flows of CTP;
• The Annual Report presents a true and fair view of
the situation as at 31 December 2024, the state of
affairs during the 2024 financial year and the relat
-
ed entities included in its consolidated 2024 financial
statements, together with a description of the main
risks faced by the Group
Remon L. Vos (CEO)
Richard J. Wilkinson (CFO)
Amsterdam, 7 March 2025
CTP N.V. Annual Report 2024
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203
5.7 Risk Management
ESRS 2 GOV-5-36
5.7.1 CTP Group approach to risk management
Exposure to risk arises in the normal course of the Com
-
pany’s business. CTP’s approach to risk management fo-
cuses on the principles of identification, understanding,
quantification and control of the relevant sources of risk
and on supporting senior management in the steering of
the business and the investment portfolio. The Group’s
enterprise risk management (“ERM”) framework was de
-
signed to reflect these principles.
For CTP’s exposure to credit risk, market risk, capital
risk, and liquidity risk, together with the possible impact
on the Group’s result and/or financial position in case of
changes in assumptions, please refer to the sensitivity
analysis in note 36 of the financial statements.
Addressing climate risks is an important part of
CTP’s ESG strategy. It concerns physical and transitional
climate risks. See Section 4.7.1.1.2 for details.
5.7.2 Risk Management Policy
CTP Group’s ERM framework is documented in the
Group’s Risk Management Policy. This document evolves
continuously and is reviewed annually by CTP’s Audit
Committee, in line with the Dutch Corporate Govern
-
ance Code. The policy is mandatory and applies to all CTP
Group entities. The approach and principles described
must be followed with respect to all approvals and con
-
trols by the Executive Directors and their delegated risk
owners.
5.7.3 ERM framework
CTP Group’s ERM framework is an integrated, risk-based
system of functions, processes and methodologies and is
constructed based on three pillars:
PILLAR 1
THREE LINES
OF DEFENCE
PILLAR 2
LIFECYCLE OF
RISK FUNCTIONS
PILLAR 3
TAXONOMY
OF RISKS
CTP N.V. Annual Report 2024
204
Governance
PILLAR 1
THREE LINES OF DEFENCE
To achieve clarity of responsibilities and accountabilities,
the Group has adopted the “three lines of defence” mod
-
el, considered regulatory best practice. The three lines
are business, risk management, and internal audit (with
the supervisory functions of the Audit Committee and
the Board). They work independently and sequentially to
provide assurance that activities take place in line with
business objectives and procedures.
Business and operating units are accountable for all
risk-taking decisions within the Group. They manage
and mitigate risks in compliance with CTP’s risk policy
requirements while operating within the risk appetite
boundaries set and approved by CTP’s Board.
The Risk Management department (together with Com-
pliance) provides oversight of the risk management pro-
cess and supports the Board to implement and operate
the risk management process. Its role is not to manage
risk, but to act as an enabler to the first line so that they
can effectively manage risk.
The Internal Audit department supports the Board by
providing independent, objective assurance and advice
about the quality, completeness, and effectiveness of the
Group’s risk management framework.
Board
Executive
Directors
Board
Audit
Committee
SECOND LINE
OF DEFENCE
RISK
MANAGEMENT
THIRD LINE
OF DEFENCE
INTERNAL
AUDIT
THE “THREE LINES OF DEFENCE” MODEL
FIRST LINE
OF DEFENCE
BUSINESS AND
OPERATING UNITS
CTP N.V. Annual Report 2024
Governance
205
PILLAR 2
LIFECYCLE OF RISK FUNCTIONS
The Group has formulated a seven-step process
that defines what actions need to be performed
and when to ensure effectiveness and completeness
in managing risks.
1. Risk identification – a systematic process to identify
and document the Group’s principal risks.
2. Risk analysis – identified risks are analysed, and an
assessment is formed regarding their nature, im
-
pact, and frequency of occurrence.
3. Risk appetite – the amount of risk the Group is will
-
ing to accept in pursuit of its strategic objectives.
4. Risk mitigation – the Group may choose to avoid,
limit, transfer, hedge, or insure its risk.
5. Risk control – the design, implementation, and main
-
tenance of a risk control framework.
6. Risk reporting and monitoring – the Board monitors
the Group’s exposures as part of the reporting pro
-
cess.
7. Assessment of effectiveness – the lifecycle that is
formed will be repeated as new risks emerge, and the
effectiveness of the existing controls may require
improvement.
6. RISK REPORTING
AND MONITORING
3. RISK
APPETITE
5. RISK
CONTROL
2. RISK
ANALYSIS
7. ASSESSMENT OF
EFFECTIVENESS
4. RISK
MITIGATION
1. RISK
IDENTIFICATION
LIFECYCLE OF RISK FUNCTIONS
CTP N.V. Annual Report 2024
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206
PILLAR 3
TAXONOMY OF RISKS
The risk universe was scanned to identify the unique risks
that could materially impact the Group’s business strat
-
egy and objectives. The various risks that the Group has
identified and analysed have been organised in three lay
-
ers: risk areas, risk groups, and unique risks. The 49 unique
risks (Level 3) have been organised into 19 risk groups
(Level 2) based on their similarity and ownership by differ
-
ent functions, and ultimately into four risk areas (Level 1).
• Strategic risks are often risks that the Group may
have to take to expand and thrive in the long term.
• Investment risks are the Group’s main business risks,
which are related to the management of the portfolio
of the Group’s assets.
• Financial risks capture the risk of having inadequate
access to capital, funding and liquidity along with
market, credit and tax risks.
• Operational risks are the risks that actual losses,
incurred for inadequate or failed internal processes,
people and systems, or from external events, differ
from expected losses.
Each risk area has been allocated to a different Execu
-
tive Director (or to both Executive Directors) who is (are)
the owner(s) of that risk and responsible for managing it.
The responsibility for the management of each risk group
has been allocated downstream to a different head of de
-
partment. The reason for overlaying the risk taxonomy
across the Company management structure is to ensure
that integration and control happens naturally.
INVESTMENT
RISKS
Risk Areas
Level 1
Risk Groups
Level 2
Property
Sector
Portfolio
Single
Properties
STRATEGIC
RISKS
Business Model
Organisation
Macroeconomic
Geopolitical
ESG
FINANCIAL
RISKS
Capital, Funding,
Liquidity
Market
Credit
Tax
OPERATIONAL
RISKS
HR
IT
Legal
Compliance
Insurance
Climate Change
Model
TAXONOMY OF RISKS
CTP N.V. Annual Report 2024
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207
5.7.4 Implementation of the risk management
process
CTP has established a Group-wide risk management sys
-
tem, following the identification, quantification, monitor-
ing, and reporting of Group risks based on the Group’s
Risk Policy and Inventory.
CTP’s risk management system combines data from
various sources on a single platform that enables mon
-
itoring and reporting of risks and identification of early
warning signals.
During 2024, CTP’s Risk Management department
remained integrated within the Company, with participa
-
tion in CFO meetings, country visits and regular meetings
with the Executive Directors and Non-Executive Direc
-
tors creating opportunities to discuss risks in depth.
5.7.5 Risk management system
CTP’s risk management system is a single platform that
enables monitoring of the Group’s risk exposure and pro
-
vides early warning signals through online dashboards.
The use of the same financial data that is used for re
-
porting provides an additional layer of control.
The main components of CTP’s risk management
system are:
• financial and non-financial data;
• risk sensitivities;
• expected losses; and
• comprehensive stress testing.
5.7.6 Internal controls
The Company has created a controlled environment with:
• centralised approvals by the Executive Directors of
investments, budgets and payments, which then flow
into systems with controlled access rights;
• a risk management system that is integrated into the
Company’s reporting ecosystem and uses the same
financial data;
• consolidated Financial Statements that go through
three levels of review;
• integration of the Risk Management department
within the Company, with active participation in
hedging, modelling, funding, and liquidity manage
-
ment, and climate risk;
• regular risk monitoring meetings with various risk
owners; and
• major ongoing digitisation and automation projects.
5.7.7 Responsibilities
• The Executive Directors, as a general principle, de
-
termine the Company’s risk appetite. They approve
and verify the design of the controls, approve and re
-
view the implementation of the controls as well as the
maintenance thereof, and manage and mitigate the
risks.
• The Risk Management department identifies the
risks, assesses the risk analysis and quantification,
advises on the risk appetite, implements the controls,
and monitors and reports on the risks.
• Country Managing Directors, the business and oper
-
ating unit leaders, and all other risk owners manage,
mitigate, and inform about the relevant risks.
• Internal Audit reviews each step of the process to
provide independent assurance. They report to the
Chair of the Audit Committee and the CFO.
• The Audit Committee reviews the risk identification,
provides input about the design of the control mech
-
anisms and supervision of their maintenance, and
judges and advises the Board thereof.
• The Board reviews the risk identification, approves
the risk appetite, supervises the implementation and
maintenance of the controls, and approves the man
-
agement and mitigation of the risks as well as risk
reporting.
5.7.8 Risk appetite
Risk appetite is the amount of risk that the Group is will
-
ing to accept in pursuit of its strategic objectives. The
three levels of risk appetite currently used are:
• Manage – these are risks that the Group is taking
to meet its investment objectives. They are mainly
strategic and investment/property risks as appro
-
priate for a real estate investment company. In this
category, valuation risk, capital risk and funding risk
are also included as being integral to the investment
process and the property market itself. The Group
has the expertise to manage these risks to maximise
its profit potential.
• Avoid – these are risks that the Group tries to avoid.
• Minimise – The Group’s tolerance for these risks is
zero, but some minimal risk is unavoidable. All opera
-
tional risks are included in this category.
CTP N.V. Annual Report 2024
Governance
208
5.7.9 Risk control framework
The Group’s risk control function is based on a central
-
ised framework of approvals, systems and data. It starts
with central approvals of investments and budgets by the
Executive Directors, which then flow into systems, and
then again with the central approval of payments by the
Executive Directors, creating a closed “sandbox” envi
-
ronment outside of which no investment or payment can
be approved. The control workflow has two components:
ex-ante controls are incorporated in periodic reporting
and approval documentation for the risk owners to in
-
form the Risk Management department and the Audit
Committee/Board of the risks that are perceived to be
most significant and the mitigation strategies that are
used against them; and ex-post control, Risk Manage
-
ment independently aggregates all data to calculate risk
measures from internal systems. This data is sourced
from the same internal controlling and accounting sys
-
tems that are used for financial reporting.
The Risk Management department is responsible for
periodic risk reporting to the Audit Committee and the
Board, thereby incorporating information from the risk
owners. An online dashboard is delivered monthly for all
the risks, with ad hoc updates in cases of larger perceived
macroeconomic risks.
CTP N.V. Annual Report 2024
Governance
209
5.7.10 Update on CTP’s principal risks
in 2023 and 2024
Wars in Ukraine and
Gaza
The war in Ukraine has reached a stalemate,
with ongoing drone and missile attacks.
While this conflict may have weakened the
European economy, CTP has remained unaf-
fected, as it does not have assets or tenants
directly exposed to Ukraine or Russia.
Meanwhile, the conflict in Gaza has spilled
over to Lebanon and now includes involve-
ment from Iran and Yemen, but it remains
confined to the Middle East. The initial
disruption in shipping caused by the closure
of the Red Sea temporarily increased freight
rates, which are now normalising. CTP has
not been impacted by the conflict and the
likelihood of escalation beyond the region is
considered low.
Inflation The European Central Bank (“ECB”) and the
US Federal Reserve successfully brought
inflation back to their 2% targets with-
out causing a recession, although there
is a possibility that inflation may persist
longer than market expectations. Acting as
a general contractor and procuring con-
struction materials centrally and directly
from multiple sources is for CTP a major
mitigation factor against construction
cost increases. The price of construction
materials remained stable at 2023 levels of
€500 per sqm, ensuring the Group's Yield
on Costs stays above 10%. Additionally, CTP
has managed the risk of high inflation by CPI
linkage for 70% of its portfolio. In 2024, the
Group achieved a like-for-like rental growth
of 4.0%, driven by indexation and strong rent
reversion.
Interest rates All debt is fixed or hedged until maturity,
so financing cost increases are to a certain
extent limited to the Company’s debt matur-
ities, as well as the new debt that the Group
brings online for new developments. Until
summer 2024, central banks maintained high
interest rates. However, in the third quarter,
the ECB followed most Central and Eastern
European (“CEE”) central banks by starting
to cut rates. Consequently, swap rates also
declined, and the EUR swap curve has now
become flat. It is anticipated that ECB rates
will drop below 2% by the end of 2025. As
the hiking cycle has reversed, credit spreads
have significantly compressed and are now
back to normal levels.
CTP’s average cost of debt stood at 3.09%
at end-2024, and this is expected to continue
to increase slightly going forward, as new
funding is brought on to finance the Compa-
ny’s development-led growth.
Macroeconomic
slowdown
The feared recessions did not materialise
in 2024. The US economy remained strong,
while the EU economy remained weak. For
2025, a more supportive ECB and stabili-
sation and improvement in EU growth are
expected, with the possibility of a recession
being low. CEE GDP forecasts for 2024 and
2025 consistently outperform forecasts for
the EU by a multiple of 2.4 times for both
years.
Valuations The yield expansion cycle in Europe con-
cluded in 2024, with a slight compression
anticipated in 2025. CTP maintained a
conservative reversionary valuation yield
of 7.2% as of the first half of 2024, having
increased by 80 basis points over the past 24
months. Yields in the Industrial & Logistics
sector in the CEE region have reached their
peak. The yield differential between the CEE
and Western European logistics sectors is
expected to revert to the long-term average,
further decreasing in the medium term
due to higher growth expectations for the
CEE region. Positive estimated rental value
(“ERV”) growth is anticipated for 2025,
based on strong tenant demand and limited
supply in CEE.
Funding CTP has demonstrated strong access to
credit markets, successfully raising €1.8
billion in the first nine months of 2024. A
new five-year, sustainability-linked revolving
credit facility (“RCF”) was signed for €1.3
billion. CTP’s ability to access multiple pools
of capital across various markets in 2024
is evident, with a capital increase of €300
million completed in September, confirming
the Group’s capacity to access equity mar-
kets. Both S&P and Moody's have affirmed
CTP’s investment-grade ratings with a
stable outlook. . The average cost of debt for
CTP stands at 3.09%, though this figure is
expected to rise as new funding is secured
to support the company's development-led
growth. Currently, the Group’s average debt
maturity is 5.0 years.
CTP N.V. Annual Report 2024
210
Governance
5.8 Risk Management
#1 #2 #3 #4 #5
Level 3 Valuation Risks Level 3 Environmental Risks
(Transition Risk)
Level 3 Macroeconomic
Environment Risks
Level 3 Interest Rate Risks Level 3 Inflation Risks
Level 2 Market Risks Level 2 ESG Level 2 Macroeconomic
Environment Risks
Level 2 Market Risks Level 2 Market Risks
Level 1 Financial Risks Level 1 Strategic Risks Level 1 Strategic Risks Level 1 Financial Risks Level 1 Financial Risks
Description: The Group’s Financial Statements
may be affected by fluctuation in the fair market
value of its property portfolio as a result of re-
valuations, or the Group may be unable to dispose
of its properties profitably. The Group may hold
excess land for future development, which may
not ultimately be beneficial to the Group.
Description: Transition Risk (Policy and legal risk,
Carbon market risk, reputation Risk).
Description: The Group is exposed to macroeco-
nomic conditions and business-cycle risks that
affect the markets in which the Group operates.
Description: The Group is exposed to
interest rate fluctuations.
Description: The Group’s business could be
negatively affected by rising inflation, as some of
the lease agreements the Group has entered into
with its clients still contain a fixed adjustment of
rent clause.
Risk Owner: CFO Risk Owner: Executive Directors Risk Owner: CFO Risk Owner: CFO Risk Owner: CFO
Estimated Impact: Material Estimated Impact: Moderate Estimated Impact: Material Estimated Impact: Moderate Estimated Impact: Moderate
Estimated Probability: Possible Estimated Probability: Likely Estimated Probability: Unlikely Estimated Probability: Possible Estimated Probability: Possible
Risk Appetite: Manage Risk Appetite: Manage Risk Appetite: Manage Risk Appetite: Avoid Risk Appetite: Minimise
Management & Mitigation Strategies: Management & Mitigation Strategies: Management & Mitigation Strategies: Management & Mitigation Strategies: Management & Mitigation Strategies:
• Appointment of leading international
valuation experts (Cushman & Wakefield)
using standardised valuation methods
(RICS Red Book);
• Use of market studies, analyses and forecasts;
• Geographical diversification of the portfolio
across all major CEE markets, with close
ties to Western European markets;
• Significant landbank at strategic locations in
proximity to the Group’s investment
properties complementing the existing
network and supporting client demand;
• Investment strategy oriented to high-quality
properties that generate stable, long-term
income located at strategic locations with
growth potential;
• Continuous maintenance and improvement of
properties;
• Quality of the client portfolio, compromising
mainly large national and international compa-
nies with low annual credit provisions.
• Frequently updated building specification:
o increased energy efficiency;
o renewable energy production;
o nature-based solutions for drought
and flooding;
• In-house property management of standing
assets;
• Systemised awareness training among
employees;
• Physical climate risk analysis on existing
portfolio and at acquisition stage;
• External disclosure;
• BREEAM certification.
• The Group negotiates long lease terms;
• Portfolio diversification across industries and
single names;
• Contracts with parent company guarantees;
• Portfolio consists of high credit quality clients,
mainly large national and international
companies;
• Excellent location of properties, near major
cities and transport arteries;
• Constant monitoring of macro-economic trends
and developments in major industries across
the Group’s countries of operation;
• Implemented financial hedging program;
• Experienced in-house research department
supported by independent research;
• The Group receives market intelligence
from investment banks;
• Experienced local presence and an extensive
network of market contacts, advisors and
consultants;
• New projects start as a response to demand
from existing clients with whom CTP does
almost two-thirds of new projects;
• If demand drops because of a slowdown,
the Company can balance or adjust the
completion schedule.
• All interest rate debt is fixed or hedged till
maturity;
• High degree of pre-hedging future funding
requirements;
• Constant monitoring of interest rate market
movements.
• The Group’s largest cost is financing,
which is fixed;
• Operational costs constitute less than 20% of
cash income and are thus considered manage-
able even in times of prolonged high inflation;
• Increased construction costs are covered by the
double indexation clauses (inflation adjustment
with a minimum 1.5% in 36%of contracts by
year-end 2024) as well as the higher rents of
the new properties.
211
CTP N.V. Annual Report 2024
Financial Statements
6
CTP N.V. Annual Report 2024
212
Financial Statements
Consolidated Financial Statement 213
Consolidated Statement of Profit or Loss
and Other Comprehensive Income 214
Consolidated Statement of Financial Position 216
Consolidated Statement of Changes In Equity 217
Consolidated Statement of Cash Flows 219
Notes to the Consolidated Financial Statements 221
1. General information 221
2. Going concern 221
3. Basis of preparation of consolidated
financial statements 222
4. Changes in the financial statement
presentation 224
5. Material accounting policies 224
6. Segment reporting 233
7. Changes in group structure 240
8. Rental income and service charge income 242
9. Revenues from contracts with customers 243
10. Property operating expenses 244
11. Other income 244
12. Employee benefits 244
13. Other expenses 245
14. Net interest expenses 245
15. Other financial expenses 245
16. Other financial gains/losses (-) 245
17. Income tax expenses 246
18. Investment property 247
19. Investment property under development 252
20. Net valuation result 254
21. Property, plant and equipment 255
22. Goodwill and intangible assets 257
23. Trade and other receivables 258
24. Cash and cash equivalents 259
25. Equity 259
26. Share-based payments 262
27. Earnings per share 262
28. Interest-bearing loans and borrowings
from financial institutions 264
29. Bonds issued 267
30. Trade and other payables 271
31. Leases 271
32. Derivative financial instruments 274
33. Income taxes 276
34. Subsidiaries 278
35. Related parties 283
36. Financial instruments risk management
objectives and policies 284
37. Contingent liabilities 292
38. Pledges 293
39. Subsequent events 294
Company Financial Statement 295
Company Profit and Loss Account 296
Company Balance Sheet 297
Notes to the Company Financial Statements 298
1. General information 298
2. Basis of preparation of company
financial statements 298
3. Participating interests in group companies 299
4. Equity 300
5. Interest-bearing loans and borrowings
from financial institutions 303
6. Bonds issued 304
7. Financial instruments 306
8. Off-balance sheet assets and liabilities 308
9. Trade and other payables 309
10. Cash and cash equivalents 309
11. Other income 309
12. Administration costs 309
13. Net finance income/expense(-) 310
14. Income tax expense 310
15. Related parties 310
16. Personnel 315
17. Emoluments of directors 315
18. Subsequent events 315
19. Subsidiaries 316
Other Information 317
Independent Auditor’s Report & Limited
Assurance Report of the Independent Auditor
on the Sustainability Statement 319
Section 6
Financial Statements
213
CTP N.V. Annual Report 2024
Consolidated Financial Statements
Consolidated Financial
Statements
Financial Statements
214
CTP N.V. Annual Report 2024
1.1.2024 - 31.12.2024 | 1.1.2023 - 31.12.2023 | ||||||
In EUR million | Note | Restated* | |||||
| Attributable external | Attributable external | ||||||
| Revenues | expenses | Revenues | expenses | ||||
Rental income | 8 | ||||||
Service charge income | 8 | ||||||
Property operating expenses | 10 | - | - | ||||
Net rental income | |||||||
Income from renewable energy | 9 | ||||||
Expenses from renewable energy | 9 | - | - | ||||
Net income from renewable energy | |||||||
Hotel operating revenue | 9 | ||||||
Hotel operating expenses | 9 | - | - | ||||
Net operating income from hotel operations | |||||||
Income from development activities | 9 | ||||||
Expenses from development activities | 9 | - | - | ||||
Net income from development activities | |||||||
Total revenues | |||||||
Total attributable external expenses | - | - | |||||
Gross profit | |||||||
Net valuation result on investment property | 20 | ||||||
Other income | 11 | ||||||
Amortisation, depreciation and impairment | 21,22 | - | - | ||||
Employee benefits | 12 | - | - | ||||
Impairment of financial assets | - | - | |||||
Other expenses | 13 | - | - | ||||
Net other income/expenses(-) | - | - | |||||
Profit before finance costs |
1/2
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
For the year
Financial Statements
215
CTP N.V. Annual Report 2024
1.1.2024 - 31.12.2024 | 1.1.2023 - 31.12.2023 | ||||||
In EUR million | Note | Restated* | |||||
| Attributable external | Attributable external | ||||||
| Revenues | expenses | Revenues | expenses | ||||
Interest income | 14 | ||||||
Interest expense | 14 | - | - | ||||
Other financial expenses | 15 | - | - | ||||
Other financial gains/losses(-) | 16 | ||||||
Net finance costs | - | - | |||||
Profit before income tax | |||||||
Income tax expense | 17 | - | - | ||||
Profit for the period | |||||||
| Other comprehensive income | |||||||
| Items that will never be reclassified to profit or loss | |||||||
Revaluation of PPE net of tax | - | ||||||
| Items that are or may be reclassified to profit or loss | |||||||
| Cash flow hedge - effective portion of changes in fair value | 25 | - | - | ||||
| net of tax | |||||||
Foreign currency translation differences net of tax | - | - | |||||
Total other comprehensive income net of tax | - | - | |||||
Total comprehensive income for the year | |||||||
| Profit attributable to: | |||||||
Equity holders of the Company | |||||||
| Total comprehensive income attributable to: | |||||||
Equity holders of the Company | |||||||
| Earnings per share (EUR) | |||||||
Basic earnings per share | 27 | ||||||
Diluted earnings per share | 27 |
* The comparative information has been restated as a result of the changes in presentation as disclosed in Note 4.
The notes herein are an integral part of these consolidated financial statements.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
For the year
2/2
Financial Statements
216
CTP N.V. Annual Report 2024
| CONSOLIDATED STATEMENT OF FINANCIAL POSITION | |||||||
In EUR million | Note | 31 December 2024 | 31 December 2023 | In EUR million | Note | 31 December 2024 | 31 December 2023 |
| Assets | Issued capital | 25 | |||||
Investment property | 18 | Share premium | 25 | ||||
Investment property under development | 19 | Translation reserve | 25 | - | |||
Property, plant and equipment | 21 | Cash flow hedge reserve | 25 | - | |||
Goodwill and intangible assets | 22 | Revaluation reserve | 25 | ||||
Trade and other receivables | 23 | Retained earnings | |||||
Derivative financial instruments | 32 | Total equity attributable to owners of the | |||||
Financial investments | Company | ||||||
Long-term receivables from related parties | 35 | Total equity | |||||
Deferred tax assets | 33 | Liabilities | |||||
Total non-current assets | Interest-bearing loans and borrowings from | 28 | |||||
Trade and other receivables | 23 | financial institutions | |||||
Short-term receivables from related parties | 35 | Bonds issued | 29 | ||||
Derivative financial instruments | 32 | Trade and other payables | 30 | ||||
Contract assets | Derivative financial instruments | 32 | |||||
Current tax assets | 33 | Deferred tax liabilities | 33 | ||||
Cash and cash equivalents | 24 | Total non-current liabilities | |||||
| Interest-bearing loans and borrowings from | 28 | ||||||
Total current assets | financial institutions | ||||||
Total assets | Bonds issued | 29 | |||||
Trade and other payables | 30 | ||||||
Short-term payables to related parties | 35 | ||||||
Derivative financial instruments | 32 | ||||||
Current tax liabilities | 33 | ||||||
Total current liabilities | |||||||
Total liabilities | |||||||
Total equity and liabilities | |||||||
| The notes herein are an integral part of these consolidated financial statements. |
Financial Statements
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CTP N.V. Annual Report 2024
| In EUR million | |||||||||
| Total equity | |||||||||
| Share | Translation | Cash flow | Revaluation | Retained | attributable | ||||
1.1.2024 - 31.12.2024 | Note | Issued capital | premium | reserve | hedge reserve | reserve | earnings | to parent | Total equity |
Balance at 1 January 2024 | |||||||||
| Comprehensive income for the period | |||||||||
Profit for the period | |||||||||
| Other comprehensive income | |||||||||
Revaluation of property, plant and equipment | - | - | - | ||||||
Cash-flow hedge | 25 | - | - | - | |||||
Foreign currency translation differences | - | - | - | ||||||
Comprehensive income for the period | - | - | - | ||||||
| Other movements | |||||||||
Share issuance | 25 | - | |||||||
Treasury shares | 25 | - | |||||||
Dividends | 25 | - | - | - | |||||
Share based payment | |||||||||
Total other movements | - | ||||||||
Balance at 31 December 2024 | - | - |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year
1/2
Financial Statements
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| In EUR million | Total equity | ||||||||
| Share | Translation | Cash flow | Revaluation | Retained | attributable | ||||
1.1.2023 - 31.12.2023 | Note | Issued capital | premium | reserve | hedge reserve | reserve | earnings | to parent | Total equity |
Balance at 1 January 2023* Restated | |||||||||
| Comprehensive income for the period | |||||||||
Profit for the period | |||||||||
| Other comprehensive income | |||||||||
Revaluation of property, plant and equipment | |||||||||
Cash-flow hedge | 25 | - | - | - | |||||
Foreign currency translation differences | - | - | - | ||||||
Comprehensive income for the period | - | - | |||||||
| Other movements | |||||||||
Dividends | 25 | - | - | - | |||||
Share based payment | |||||||||
Total other movements | - | - | - | ||||||
Balance at 31 December 2023 | |||||||||
| * Refer to Note 4 in Consolidated financial statements of the Group as at 31 December 2023. |
The notes herein are an integral part of these consolidated financial statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year
2/2
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CTP N.V. Annual Report 2024
In EUR million | Note | 1.1.2024 - 31.12.2024 | 1.1.2023 - 31.12.2023 |
| Operating activities | |||
Profit for the period | |||
| Adjustments for: | |||
Net valuation result on investment property | 20 | - | - |
Amortisation and depreciation (incl. hotels and solars) | 21, 22 | ||
Net interest expense | 14 | ||
Change in FMV of derivatives and hedge | |||
Other changes | - | ||
Gain from repayment of bonds | 16 | - | |
Change in foreign currency rates | - | ||
Income tax expense | 17 | ||
Decrease/increase(-) in trade and other receivables and other items | - | ||
Increase/decrease(-) in trade and other payables and other items | - | ||
Decrease/increase(-) in contract assets | - | ||
Cash generated from operations | - | ||
Interest paid | - | - | |
Interest received | |||
Income taxes paid | - | - | |
Cash flows from operating activities |
CONSOLIDATED STATEMENT OF CASH FLOWS
Over the year
1/2
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In EUR million | Note | 1.1.2024 - 31.12.2024 | 1.1.2023 - 31.12.2023 |
| Investing activities | |||
Acquisition of investment property | - | - | |
Acquisition of PPE and intangible assets | - | - | |
Advances paid for investment property and PPE | - | - | |
Acquisition of subsidiaries, net of cash acquired | 7 | - | - |
Pre-acquisition loans and borrowings provided to acquired subsidiaries | 7 | - | - |
Loans and borrowings provided to related parties | - | ||
Proceeds from loans and borrowings provided to related parties | |||
Proceeds from loans and borrowings provided to third parties | |||
Proceeds from disposal of subsidiaries, net of cash disposed | 7 | ||
Development of investment property | - | - | |
Cash flows used in investing activities | - | - | |
| Financing activities | |||
Bonds issued | 28 | ||
Repayment of interest-bearing loans and borrowings/bonds | 28 | - | - |
Proceeds from interest-bearing loans and borrowings | 28 | ||
Transaction costs related to loans and borrowings/bonds | 28 | - | - |
Proceeds from the issue of share capital | 25 | ||
Dividends paid | 28 | - | - |
Payment of lease liabilities | 28 | - | - |
Cash flows from/used in(-) financing activities | |||
Cash and cash equivalents at 1 January | |||
Net increase in cash and cash equivalents | |||
Change in foreign currency rates | - | ||
Cash and cash equivalents at 31 December | 24 |
The notes herein are an integral part of these consolidated financial statements.
CONSOLIDATED STATEMENT OF CASH FLOWS
Over the year
2/2
Financial Statements
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CTP N.V. Annual Report 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. GENERAL INFORMATION
Company
Reporting entity
These consolidated financial statements comprise the financial results of the Company and its subsidiaries
(collectively referred to as the “Group” or “CTP Group” or “CTP” and individually as “Group companies”).
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’s shares
were issued on the Amsterdam Stock Exchange (EURONEXT) and CTP has changed its legal form from B.V.
to N.V.
Owners of the Company at 31 December 2024
| Share in | Share in | ||
| Number | registered | voting | |
| Shareholders | of shares | capital | rights |
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.
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 |
Financial Statements
222
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Financial Statements
223
CTP N.V. Annual Report 2024
g) Basis of measurement
The Group’s 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:
• derivative financial instruments are measured at fair value;
• investment property and investment property under development is measured at fair value;
• solar plants within property, plant and equipment are measured at fair value;
• hotels within property, plant and equipment are measured at fair value.
i) Measurement of fair values
Some of the Group’s 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:
• Level 1: quoted prices (unadjusted) in active markets for identical assets and liabilities;
• Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability,
either directly (i.e., as prices) or indirectly (i.e., derived from prices);
• Level 3: inputs for the asset or liability that are not based on observable market data (unobservable
inputs).
If the inputs used to measure the fair value of an asset or a liability might be categorised in different levels
of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of
the fair value hierarchy as the lowest level input that is significant to the entire measurement.
The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting period
during which the change has occurred.
Financial Statements
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CTP N.V. Annual Report 2024
| 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 |
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.
Financial Statements
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Financial Statements
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Financial Statements
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Financial Statements
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Financial Statements
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Financial Statements
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Financial Statements
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Financial Statements
232
CTP N.V. Annual Report 2024
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% |
Financial Statements
233
CTP N.V. Annual Report 2024
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 |
Financial Statements
234
CTP N.V. Annual Report 2024
| 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 |
Financial Statements
235
CTP N.V. Annual Report 2024
| 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 |
Financial Statements
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CTP N.V. Annual Report 2024
| 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 |
Financial Statements
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CTP N.V. Annual Report 2024
| 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 |
Financial Statements
238
CTP N.V. Annual Report 2024
| 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 |
Financial Statements
239
CTP N.V. Annual Report 2024
| 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 |
Financial Statements
240
CTP N.V. Annual Report 2024
| 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 Toruń 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 Logistické 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.)* |
| 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 |
Financial Statements
241
CTP N.V. Annual Report 2024
| Acquisition | ||
Subsidiary | Country | date |
CTPark Ostrava Hrušov, spol. s r.o. (formerly H-Zone, s.r.o.) | Czech Republic | 31 January 2023 |
BIMS PROPERTIES 2018 DOO DEČ | Serbia | 21 February 2023 |
CTPark Pitesti East SRL (formerly Seebuca Immo SRL) | Romania | 29 March 2023 |
CTPark Timisoara North SRL (formerly Seetimi SRL) | Romania | 29 March 2023 |
CTPark Dragomiresti SRL (formerly Bati Carpath SRL) | Romania | 29 March 2023 |
| CTP Germany X GmbH | Germany | 30 March 2023 |
| (formerly Projektgesellschaft Rauentaler Strasse mbH) | ||
CTPark Nýřany II, spol. s r.o. (formerly Limmo beta s.r.o.) | Czech Republic | 30 November 2023 |
CTP Nová Zvonařka, spol. s r.o. (formerly Nová Zvonařka s.r.o.) | Czech Republic | 30 November 2023 |
CTPark Tošanovice a.s. (formerly Tosan Park a.s.) | Czech Republic | 6 December 2023 |
| 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 |
Financial Statements
242
CTP N.V. Annual Report 2024
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 |
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 |
Financial Statements
243
CTP N.V. Annual Report 2024
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 |
Financial Statements
244
CTP N.V. Annual Report 2024
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 |
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 |
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 |
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 |
Financial Statements
245
CTP N.V. Annual Report 2024
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 |
In EUR million | 2024 | 2023 |
Financial liabilities not measured at FVTPL – 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 |
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 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 |
Financial Statements
246
CTP N.V. Annual Report 2024
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’s entities.
Financial Statements
247
CTP N.V. Annual Report 2024
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 |
Financial Statements
248
CTP N.V. Annual Report 2024
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 |
Financial Statements
249
CTP N.V. Annual Report 2024
| 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 |
Financial Statements
250
CTP N.V. Annual Report 2024
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 |
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 |
Financial Statements
251
CTP N.V. Annual Report 2024
| 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 |
Financial Statements
252
CTP N.V. Annual Report 2024
| 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 |
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 |
Financial Statements
253
CTP N.V. Annual Report 2024
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% |
| 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 |
Financial Statements
254
CTP N.V. Annual Report 2024
| 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 |
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 |
Financial Statements
255
CTP N.V. Annual Report 2024
| 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 |
Financial Statements
256
CTP N.V. Annual Report 2024
| 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 |
| 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 |
Financial Statements
257
CTP N.V. Annual Report 2024
| 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 |
| 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 |
| 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 |
Financial Statements
258
CTP N.V. Annual Report 2024
In percent | 2024 | 2023 |
Discount rate | 5.30 | 5.89 |
Terminal value growth rate | 2.00 | 2.00 |
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 |
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 |
Financial Statements
259
CTP N.V. Annual Report 2024
| 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 |
| 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 |
Financial Statements
260
CTP N.V. Annual Report 2024
| 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 |
| 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 |
Financial Statements
261
CTP N.V. Annual Report 2024
| 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 |
Financial Statements
262
CTP N.V. Annual Report 2024
26. SHARE-BASED PAYMENTS
LTIP to eligible employees
Since 2024, the Company implemented a Long-Term Incentive Program (“LTIP”). 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”) 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’s total shareholder return (“TSR”). 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.
Financial Statements
263
CTP N.V. Annual Report 2024
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 |
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 |
Financial Statements
264
CTP N.V. Annual Report 2024
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 |
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 |
| 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 |
Financial Statements
265
CTP N.V. Annual Report 2024
| 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 |
Financial Statements
266
CTP N.V. Annual Report 2024
| 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 |
Financial Statements
267
CTP N.V. Annual Report 2024
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 Statements
268
CTP N.V. Annual Report 2024
| 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 (“p.a”) | 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 |
Financial Statements
269
CTP N.V. Annual Report 2024
Financial Statements
270
CTP N.V. Annual Report 2024
| 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 (“p.a”) | date | in EUR million |
1 July 2022 | XS2390546849 | 49.5 | 100,000 | EUR | senior unsecured | 1.500% | 27 Sept 2031 | 38.5 |
20 Jan 2022 | XS2434791690 | 700.0 | 100,000 | EUR | senior unsecured | 0.875% | 20 Jan 2026 | 650.0 |
27 Sept 2021 | XS2390530330 | 500.0 | 100,000 | EUR | senior unsecured | 0.625% | 27 Sept 2026 | 449.8 |
27 Sept 2021 | XS2390546849 | 500.0 | 100,000 | EUR | senior unsecured | 1.500% | 27 Sept 2031 | 389.0 |
21 June 2021 | XS2356029541 | 500.0 | 100,000 | EUR | senior unsecured | 0.500% | 21 June 2025 | 470.8 |
21 June 2021 | XS2356030556 | 500.0 | 100,000 | EUR | senior unsecured | 1.250% | 21 June 2029 | 412.9 |
18 Feb 2021 | XS2303052695 | 500.0 | 100,000 | EUR | senior unsecured | 0.750% | 18 Feb 2027 | 446.6 |
1 Oct 2020 | XS2238342484 | 331.8 | 100,000 | EUR | senior unsecured | 2.125% | 1 Oct 2025 | 318.7 |
Total | 3,581.3 | 3,176.3 | ||||||
| BONDS ACQUIRED | ||||||||
9 June 2021 | DE000A3E5L07 | 20.0 | 100,000 | EUR | senior unsecured | 3.300% | 9 June 2031 | 17.8 |
Total Bonds | 3,601.3 | 3,194.1 |
Financial Statements
271
CTP N.V. Annual Report 2024
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 |
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 |
Financial Statements
272
CTP N.V. Annual Report 2024
| 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 |
Financial Statements
273
CTP N.V. Annual Report 2024
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 |
In EUR million | 2024 | 2023 |
Total cash outflows for leases | 4.2 | 3.6 |
| < 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 |
| < 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 |
Financial Statements
274
CTP N.V. Annual Report 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 |
In EUR million | < 1 year | 2-5 years | > 5 years | Total |
Lease payments | 718.8 | 2,406.1 | 2,603.8 | 5,728.7 |
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 |
275
CTP N.V. Annual Report 2024
Financial Statements
| 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 |
| 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 – 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 |
| 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 | 6M Euribor, Fixed 2.918% | From 2.1265% to 3.293%, | EUR | 1,258.0 | 43.0 |
| 6M Euribor | |||||||
Interest rate swaps | 2025 –2030 | - | 3M Euribor | From -0.295% to 0.21% | EUR | 88.8 | 5.7 |
Total receivables from derivatives | 48.7 |
| 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 – cash flow hedge | 2028 –2053 | 2024 | 3M Euribor, 6M Euribor | From 2.5975% to 3.508% | EUR | 703.5 | -27.6 |
Total liabilities from derivatives | -27.6 |
Financial Statements
276
CTP N.V. Annual Report 2024
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 |
| 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 |
Financial Statements
277
CTP N.V. Annual Report 2024
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 |
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 |
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 |
Financial Statements
278
CTP N.V. Annual Report 2024
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 Vlněna, spol. s r.o. | Czech Republic | 100% | 100% | |
CTP Alpha, spol. s r.o. | Czech Republic | 100% | 100% | |
CTP Barrandov, spol. s r.o. | Czech Republic | 100% | 100% | |
CTP Bohemia North, spol. s r.o | Czech Republic | 100% | 100% | |
CTP Bohemia South, spol. s r.o. | Czech Republic | 100% | 100% | |
CTP Bohemia West, spol. s r.o. | Czech Republic | 100% | 100% | |
CTP Borská Pole, spol. s r.o. | Czech Republic | 100% | 100% | |
CTP CEE Properties, spol. s r.o. | Czech Republic | 100% | 100% | |
| CTP CEE Sub Holding 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 Nová Zvonařka, spol. s r.o. | Czech Republic | 100% | 100% | |
CTP Pilsen Region, spol. s r.o. | Czech Republic | 100% | 100% | |
CTP Ponávka Business Park, spol. s r.o. | Czech Republic | 100% | 100% | |
CTP Property Czech, spol. s r.o | Czech Republic | 100% | 100% |
Financial Statements
279
CTP N.V. Annual Report 2024
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 Vlněna Business Park, spol. s r.o. | Czech Republic | 100% | 100% | |
CTP Vysočina, 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 Aš II, spol. s r.o. | Czech Republic | 100% | 100% | |
CTPark Blučina, 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 Líšeň East, spol. s r.o. | Czech Republic | 100% | 100% | |
CTPark Brno Líšeň II, spol. s r.o. | Czech Republic | 100% | 100% | |
CTPark Brno Líšeň West, spol. s r.o. | Czech Republic | 100% | 100% | |
CTPark Brno Retail, spol. s r.o. | 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 České 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 Lysá nad Labem, spol. s r.o. | Czech Republic | 100% | 100% | |
CTPark Mladá Boleslav, spol. s r.o. | Czech Republic | 100% | 100% | |
CTPark Modřice, spol. s r.o. | Czech Republic | 100% | 100% | |
CTPark Nýřany II, spol. s r.o. | Czech Republic | 0% | 100% | 5/ |
CTPark Nýřany, spol. s r.o. | Czech Republic | 100% | 100% | |
CTPark Ostrava Hrušov, 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 Plzeň, 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 Stříbro, spol. s r. o. | Czech Republic | 100% | 100% | |
CTPark Tošanovice 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 OÜ | Estonia | 100% | 100% | |
Vojtova OÜ | Estonia | 100% | 100% | |
Zemankova OÜ | Estonia | 100% | 100% | |
CTP Alpha France | France | 100% | 100% | |
CTP Beta France | France | 100% | 100% | |
CTP France | France | 100% | 100% |
Financial Statements
280
CTP N.V. Annual Report 2024
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 Biatorbágy 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% |
Financial Statements
281
CTP N.V. Annual Report 2024
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 Iłowa 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 Toruń 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% |
Financial Statements
282
CTP N.V. Annual Report 2024
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 – Novi Beograd | Serbia | 100% | 0% | 2/ |
CTP Property Lambda doo Beograd – 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 Logistické 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 Banská Bystrica, spol. s r.o. | Slovakia | 100% | 100% | |
CTPark Bratislava, spol. s r.o. | Slovakia | 100% | 100% | |
CTPark Čierny Les, spol. s r.o. | Slovakia | 100% | 100% | |
CTPark Hlohovec, spol. s r.o. | Slovakia | 100% | 100% |
Financial Statements
283
CTP N.V. Annual Report 2024
Subsidiaries | Country | 2024 | 2023 | Note |
| CTPark Košice II, spol. s r.o. | Slovakia | 100% | 100% | |
| (former CTPark Žilina Airport II, spol. s r.o.) | ||||
CTPark Košice, spol. s r. o. | Slovakia | 100% | 100% | |
CTPark Krásno nad Kysucou, spol. s r.o. | Slovakia | 100% | 100% | |
CTPark Land SK 1, spol. s r.o. | Slovakia | 100% | 100% | |
CTPark Námestovo, 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 Prešov North, spol. s r.o. | Slovakia | 100% | 100% | |
CTPark Prešov s. r. o. | Slovakia | 100% | 100% | |
CTPark Trnava II, spol. s r.o. | Slovakia | 100% | 100% | |
CTPark Žilina 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 GAYRİMENKUL VE İNŞAAT LİMİTED ŞİRKETİ | Turkey | 100% | 100% | |
| CTP BETA GAYRİMENKUL VE İNŞAAT LİMİTED ŞİRKETİ | Turkey | 100% | 100% | |
| CTP GAMMA GAYRİMENKUL VE İNŞAAT LİMİTED ŞİRKETİ | 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% |
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 |
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 |
Financial Statements
284
CTP N.V. Annual Report 2024
2024 | 2023 | |||
In EUR million | Receivables | Payables | Receivables | Payables |
CTP Holding B.V. | - | - | - | - |
Other | - | - | 0.6 | - |
Total | - | - | 0.6 | - |
In EUR million | 2024 | 2023 |
Short-term employee benefits | 1.5 | 2.3 |
Total | 1.5 | 2.3 |
| 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 |
36. FINANCIAL INSTRUMENTS RISK MANAGEMENT OBJECTIVES AND POLICIES
Exposure to various risks arises in the normal course of CTP’s business. These risks include credit risk,
capital risk, operational risk, market risk including foreign currency risk, interest rate and liquidity risk.
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 |
Financial Statements
285
CTP N.V. Annual Report 2024
In EUR million | 2024 | 2023 |
Impairment to trade receivables | 9.9 | 5.2 |
Total | 9.9 | 5.2 |
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 |
| 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 |
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% |
Financial Statements
286
CTP N.V. Annual Report 2024
| 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 |
Financial Statements
287
CTP N.V. Annual Report 2024
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 |
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 |
Financial Statements
288
CTP N.V. Annual Report 2024
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 |
| 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 |
Financial Statements
289
CTP N.V. Annual Report 2024
| 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 | - | - |
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 | - | - | - | - |
| 2024 | ||
| Hedging | Cost of hedging | |
| In EUR million | reserve | reserve |
| Cash flow hedges – 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 | - |
Financial Statements
290
CTP N.V. Annual Report 2024
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 |
| 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 | - | - |
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 | - | - | - | - |
Financial Statements
291
CTP N.V. Annual Report 2024
| 2023 | ||
| Cost of | ||
| Hedging | hedging | |
| In EUR million | reserve | reserve |
| Cash flow hedges – interest rate risk | ||
Balance at 1 January 2023 | 23.7 | - |
Changes in fair value | -31.8 | - |
Tax on movements on reserves during the year | 8.2 | - |
Balance at 31 December 2023 | 0.1 | - |
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 |
292
CTP N.V. Annual Report 2024
Financial Statements
Financial Statements
293
CTP N.V. Annual Report 2024
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 | Komerční banka, a.s. (as agent) + others |
CTP Bohemia South, spol. s r.o. | Landesbank Hessen - Thuringen Girozentrale |
CTP Bohemia West, spol. s r.o. | Komerční banka, a.s. (as agent) + others |
CTP Borská Pole, spol. s r.o. | Landesbank Hessen - Thuringen Girozentrale |
CTP Deutschland B.V. | Sparkasse UnnaKamen |
CTP Deutschland B.V. | Berliner Sparkasse |
CTP Deutschland B.V. | Volksbank Thüringen Mitte eG |
CTP Deutschland B.V. | Stadtsparkasse Düsseldorf |
CTP Deutschland B.V. | VR Bank Mecklenburg / Volks- und Raiffeisenbank eG |
CTP Deutschland B.V. | Kreissparkasse Ostalb |
CTP Deutschland B.V. | Sparkasse Düren |
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 Eichstätt |
CTP Deutschland B.V. | Sparkasse Esslingen-Nürtingen |
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. | Komerční banka, a.s. (as agent) + others |
CTP Portfolio Finance Czech B.V. | Aareal Bank AG |
CTP Slovakia, s. r. o. | Tatra banka, a.s. (as agent) + others |
CTP Vlněna Business Park, spol. s r.o. | Komerční banka, a.s. (as agent) + others |
CTP Vysočina, spol. s r.o. | Komerční banka, a.s. (as agent) + others |
CTP XXIII, spol. s r.o. | Landesbank Hessen - Thuringen Girozentrale |
CTPark Alpha Kft. | Unicredit Bank Hungary Zrt. |
CTPark Arrabona Kft. | Unicredit Bank Hungary Zrt. |
CTPark Bor, spol. s.r.o. | Aareal Bank AG |
CTPark Bratislava, spol. s r.o. | Erste Group Bank AG |
Financial Statements
294
CTP N.V. Annual Report 2024
Company | Pledge in favour of |
CTPark Brno, spol. s r.o. | Komerční banka, a.s. (as agent) + others |
CTPark Bucharest A1 S.R.L | Alpha Bank Romania S.A. (as agent) + others |
CTPark Bucharest II S.R.L. | Alpha Bank Romania S.A. (as agent) + others |
CTPark Bucharest S.R.L. | Alpha Bank Romania S.A. (as agent) + others |
CTPark Bucharest Upsilon S.R.L. | Alpha Bank Romania S.A. (as agent) + others |
CTPark Cerhovice, spol. s r.o. | Deutsche Pfandbriefbank AG |
CTPark 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 Košice, spol. s r.o. | Erste Group Bank AG |
CTPark Mladá Boleslav, spol. s r.o. | Československa obchodní banka, a.s. |
CTPark Modřice, spol. s.r.o. | Aareal Bank AG |
CTPark Námestovo, 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 Město, spol. s r.o. | Tatra banka, a.s. (as agent) + others |
CTPARK OSTRAVA PORUBA | Deutsche Pfandbriefbank AG |
CTPark Ostrava, spol. s r.o. | Komerční banka, a.s. (as agent) + others |
CTPark Plzeň, spol. s r.o. | Landesbank Hessen - Thuringen Girozentrale |
CTPark Prague East, spol. s r.o. | Komerční banka, a.s. (as agent) + others |
CTPark Prague West, spol. s r.o. | Landesbank Hessen - Thuringen Girozentrale |
CTPark Prešov s.r.o. | Tatra banka, a.s. (as agent) + others |
CTPark Seven Kft. | Unicredit Bank Hungary Zrt. |
Amsterdam, 7 March 2025
Remon L. Vos Richard J. Wilkinson
Barbara A. Knoflach Rodolphe R. F. Schoettel
Susanne Eickermann-Riepe Kari E. Pitkin
Financial Statements
295
CTP N.V. Annual Report 2024
Company Financial Statements
Company Financial
Statements
Financial Statements
296
CTP N.V. Annual Report 2024
COMPANY PROFIT AND LOSS ACCOUNT
For the year
In EUR million Note 2024 2023
Net turnover
Other income 11 0.9 1.5
Sum of the operating income 0.9 1.5
Administration costs 12 -12.6 -10.1
Sum of the operating expenses -12.6 -10.1
Interest income 13 77.5 133.8
Interest expense 13 -146.6 -91.4
Other financial income 13 45.7 15.8
Other financial expense 13 -5.5 -9.0
Result before taxes -40.4 40.6
Income tax expense 14 -5.2 -10.1
Share of result from participating interest 3 1,127.0 892.1
Result after taxes 1,081.4 922.6
Financial Statements
297
CTP N.V. Annual Report 2024
In EUR million Note 31-Dec-24 31-Dec-23
ASSETS
Fixed assets
Financial fixed assets
Participating interests in Group
companies
3 10,779.7 6,443.8
Derivative financial instruments 7 17.5 7.2
Long-term receivables from related
parties
15 296.4 3,966.9
Deferred tax assets 9.2 4.2
11,102.8 10,422.1
Current assets
Receivables
Trade and other receivables 12.3 4.9
Derivative financial instruments 7 10.1 35.8
Trade and other receivables
from related parties
15 1,958.3 74.8
Current tax assets 1.4 3.4
1,982.1 118.9
Cash and cash equivalents 10 193.7 480.9
2,175.8 599.8
Total 13,278.6 11,021.9
COMPANY BALANCE SHEET
(Before profit appropriation)
In EUR million Note 31-Dec-24 31-Dec-23
EQUITY AND LIABILITIES
Equity
Issued share capital 4 75.7 71.7
Share premium 4 3,180.1 3,037.9
Cash flow hedge reserve 4 -24.7 3.2
Legal reserve on participating
interest
4 4,507.4 3,775.8
Translation reserve 4 -3.1 2.1
Other reserves 4 -1,465.6 -1,646.4
Unappropriated profits 4 1,081.4 922.6
7,351.2 6,166.9
Non-current liabilities
Interest-bearing loans and borrowings
from financial institutions
5 1,106.6 611.9
Long-term payables due from related
parties
15 724.3 607.4
Long-term payables 9.2 15.0
Bonds issued 6 3,516.5 3,551.5
Derivative financial instruments 7 27.2 7.1
5,383.9 4,792.9
Current liabilities
Interest-bearing loans and borrowings
from financial institutions
5 3.3 3.2
Bonds issued 6 506.4 18.4
Derivative financial instruments 7 24.2 16.2
Trade and other payables to related
parties
15 7.6 21.5
Trade and other payables 9 2.0 2.8
543.5 62.1
Total 13,278.6 11,021.9
Financial Statements
298
CTP N.V. Annual Report 2024
NOTES TO THE COMPANY FINANCIAL STATEMENTS
1. GENERAL INFORMATION
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.
The Company financial statements are part of the 2024 financial statements of CTP N.V. (“the Company”).
CTP N.V. is a Dutch-based real estate investor and developer that develops and leases a portfolio of prop-
erties in Western Europe and Central and Eastern Europe (“CEE”).
CTP N.V. was incorporated on 21 October 2019 for an unlimited period.
CTP N.V. has a 12-month financial year ended on the balance sheet date of 31 December 2024 and 31 De-
cember 2023, respectively.
2. BASIS OF PREPARATION OF COMPANY FINANCIAL STATEMENTS
The Company financial statements are prepared in accordance with Title 9, Book 2 of the Dutch Civil Code.
For setting the principles for the recognition and measurement of assets and liabilities and determination
of results for the Company financial statements, the Company makes use of the option provided in section
2:362(8) of the Dutch Civil Code. This means that the principles for the recognition and measurement of
assets and liabilities and determination of the result (hereinafter referred to as principles for recognition
and measurement) of the Company financial statements are the same as those applied for the consolidated
EU-IFRS financial statements. These principles also include the classification and presentation of financial
instruments, being equity instruments or financial liabilities. In case no other principles are mentioned, refer
to the accounting principles as described in the consolidated financial statements. For an appropriate in-
terpretation of these financial statements, the separate financial statements should be read in conjunction
with the consolidated financial statements.
All amounts in the Company financial statements are presented in EUR million, unless stated otherwise.
Participating interests in Group companies
Group companies are all entities in which the Company has directly or indirectly control. The Company con-
trols an entity when it is exposed, or has rights, to variable returns from its involvement with the group
company and has the ability to affect those returns through its power over the group company. Group com-
panies are recognised from the date on which control is obtained by the Company and derecognised from the
date that control by the Company over the group company ceases.
Participating interests in Group companies are accounted for in the Company financial statements accord-
ing to the equity method, with the principles for the recognition and measurement of assets and liabilities
and determination of results as set out in the notes to the consolidated financial statements.
Share of result from participating interest
The share of the result from participating interest consists of the share of the Company in the result from
these participating interest. Results from transactions, where the transfer of assets and liabilities between
the Company and its participating interest and mutually between participating interest themselves, are not
incorporated insofar as they can be deemed to be unrealised.
Impairment
The Company applies an ECL (expected credit loss) model. Under this approach, all financial assets in the
scope of the impairment model of the Company generally carry a loss allowance – even those that are newly
originated or acquired.
Under the general approach, the measurement basis of Company’s assets, other than investment property,
investment property under development and deferred tax assets, depends on whether is a significant in-
crease in credit risk since initial recognition exists.
The Company bases the impairment calculation on its historical, observed default rates, and considers ad-
justments of forward-looking estimates that include the probability of a worsening economic environment
within the next years. At each reporting date, the Company updates the observed default history and for-
ward-looking estimates.
Loans provided
Loans are financial assets with fixed or determinable payments that are not quoted in an active market.
Such assets are recognised initially at fair value plus any directly attributable transaction costs. Loans
provided are subsequently measured at amortised cost using the effective interest method, less any im-
pairment losses.
The Company classifies as a current portion any part of long-term loans that is due within one year from
the reporting date.
Derivative financial instruments
The Company designates certain derivatives as hedging instrument to hedge variability in cash flows asso-
ciated with highly probable forecast transaction arising from changes interest rates.
At inception of designated hedging relationships, the Company documents the risk management objective
and strategy for undertaking the hedge. The Group also documents the economic relationship between the
hedged item and hedging instruments, including whether the changes in cash flows of the hedged item and
hedging instrument are expected to offset each other.
Financial Statements
299
CTP N.V. Annual Report 2024
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, then hedge accounting is discontinued prospectively. When hedge accounting for
cash flow hedges is discontinued, the amount that has been accumulated in the Cash flow hedge reserve re-
mains in equity until, for a hedge of a transaction resulting in the recognition of a non-financial item, it is in-
cluded in the non-financial item’s cost on its initial recognition or, for the cash flow hedges, it is reclassified
to profit or loss in the same period or periods as the hedge expected future cash flows affects profit or loss.
If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumu-
lated in the Cash flow hedge reserve are immediately reclassified to profit or loss.
3. PARTICIPATING INTERESTS IN GROUP COMPANIES
As at 31 December 2024, the Company has the following participating interests in Group companies:
In EUR million Share in issued capital in % Amount
31 December
2024
31 December
2023
31 December
2024
31 December
2023
Participating interests in Group
companies
100.0% 100.0% 10,779.7 6,443.8
The Company holds 100% ownership interests in the following subsidiaries: CTP Invest spol. s r.o., with
statutory seat in the Czech Republic, CTP Property B.V. and CTP Deutschland B.V., with their statutory
seats in the Netherlands.
The movements of the investment in Group companies are as follows:
In EUR million
Participating interests
in Group companies
2024
Participating interests
in Group companies
2023
Balance at 1 January 6,443.8 5,256.0
Increase in investment - capital contribution 3,221.9 294.5
Share of result from participating interest - OCI -13.0 1.2
Share of result from participating interest 1,127.0 892.1
Balance at 31 December 10,779.7 6,443.8
Increase in investment - capital contribution is affected mainly by Company`s intercompany receivables in
the amount of EUR 3,198.2 million (2023: EUR 294.5 million) contributed as share premium to Company’s
subsidiaries share capital.
Financial Statements
300
CTP N.V. Annual Report 2024
4. EQUITY
In EUR million
Issued
share capital
Share
premium
Cash flow
hedge reserve
Legal reserve
on participating
interest
Translation
reserve
Other
reserves
Unappropriated
profits
Total
equity
Balance at 1 January 2024 71.7 3,037.9 3.2 3,775.8 2.1 -1,646.4 922.6 6,166.9
Issue of shares / acquisition 3.0 294.1 - - - -2.5 - 294.6
Dividends 1.0 -152.3 - - - - - -151.4
Increase of other legal reserve - - - 731.6 - -735.7 - -4.1
Cash-flow hedge - - -27.9 - - - - -27.9
Other - - - - - -3.2 - -3.2
Treasury shares - 0.4 - - - -0.4 - -
Translation reserve - - - - -5.2 - - -5.2
Appropriation of profit - - - - - 922.6 -922.6 -
Result after taxes - - - - - - 1,081.4 1,081.4
Balance at 31 December 2024 75.7 3,180.1 -24.7 4,507.4 -3.1 -1,465.6 1,081.4 7,351.2
In EUR million
Issued
share capital
Share
premium
Cash flow
hedge reserve
Legal reserve
on participating
interest
Translation
reserve
Other
reserves
Unappropriated
profits
Total
equity
Balance at 1 January 2023 71.1 3,202.5 20.0 3,166.4 4.5 -1,810.1 766.6 5,421.0
Dividends 0.6 -164.6 - - - - - -164.0
Increase of other legal reserve - - - 609.4 - -598.8 - 10.6
Cash-flow hedge - - -16.8 - - - - -16.8
Other - - - - - -4.1 - -4.1
Translation reserve - - - - -2.4 - - -2.4
Appropriation of profit - - - - - 766.6 -766.6 -
Result after taxes - - - - - - 922.6 922.6
Balance at 31 December 2023 71.7 3,037.9 3.2 3,775.8 2.1 -1,646.4 922.6 6,166.9
Financial Statements
301
CTP N.V. Annual Report 2024
Issued share capital
ISSUED SHARE CAPITAL AND SHARE PREMIUM
Current financial year
As at 31 December 2024, the issued share capital and share premium were comprised of the following:
Type of shares
Number
of shares
Nominal value
of share
Issued share
capital
In EUR million
Share
premium
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
MOVEMENTS IN ISSUED SHARE CAPITAL AND SHARE PREMIUM
Number
of shares
Issued
capital
In EUR million
Share
premium
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
Balance at 31 December 2024 473,285,561 75.7 3,180.2
Change in treasury shares 21,414 - 0.4
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’s 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’s 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 and on
3 October 2024 additional 4,562,500 new ordinary shares related to second tranche of capital raise.
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’s
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 will increase 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.
Financial Statements
302
CTP N.V. Annual Report 2024
Prior financial year
As at 31 December 2023, the issued share capital and share premium comprised of the following:
Type of shares
Number
of shares
Nominal value
of share
Issued share
capital
In EUR million
Share premium
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 SHARE CAPITAL AND SHARE PREMIUM
Number
of shares
Issued share
capital
In EUR
million
Share
premium
In EUR
million
Balance at 1 January 2023 444,100,549 71.1 3,203.0
18 May 2023 Dividend paid 2,221,102 0.3 -76.2
4 September 2023 Dividend paid 1,860,807 0.3 -88.4
Balance at 31 December 2023 448,182,458 71.7 3,038.4
Treasury shares -27,976 - -0.5
Total balance at 31 December 2023 448,154,482 71.7 3,037.9
On 16 May 2023, CTP N.V. announced a final 2022 dividend of EUR 0.23 per ordinary share. Shareholders
were given the choice to receive the final dividend either in cash or in shares, with the stock fraction for
the dividend based on the volume-weighted average price (VWAP) of the Company’s shares on Euronext
Amsterdam on the last three trading days of the election period, ending on 15 May 2023. The number of
dividend rights that entitles to one new ordinary share was set at 51.42.
Shareholders representing approximately 74% of the total number of outstanding ordinary shares chose
to receive the dividend in cash, while shareholders representing 26% of the total number of outstanding
ordinary shares opted for payment in stock.
Based on the conversion ratio and after delivery of the ordinary shares due to the conversion of dividend
rights, the total number of issued and outstanding ordinary shares increased by 2,221,102 to a total of
446,321,651 ordinary shares. The payment date for the dividend payment in cash and delivery of the 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’s shares on Euronext
Amsterdam on the last three trading days of the election period, ending on 29 August 2023. The number of
dividend rights that entitles to one new ordinary share was set at 50.53.
Shareholders representing approximately 79% of the total number of outstanding ordinary shares chose to
receive the interim dividend in cash, while shareholders representing approximately 21% of the total number
of outstanding ordinary shares opted for payment in stock.
Based on the conversion ratio and after delivery of the ordinary shares due to the conversion of dividend
rights, the total number of issued and outstanding ordinary shares increased by 1,860,807 to a total of
448,182,458 ordinary shares. The payment date for the dividend payment in cash and delivery of the ordi-
nary shares was 4 September 2023.
Legal reserves on participating interest
Legal reserves on participating interest of EUR 4,507.4 million (2023 – EUR 3,775.8 million) existed at 31
December 2024, accounted for according to the equity accounting method. The reserves represented the
difference between the participating interests’ retained profit and direct changes in equity, as determined
on the basis of the Company’s accounting policies, and the share thereof that the Company may distribute.
The shares the Company may distribute take into account any profits that may not be distributable by
participating interests of Dutch limited companies based on the distribution tests to be performed by the
management of those companies. The legal reserves are determined on an individual basis.
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 employ-
ees. The total amount was EUR 14,379 at an average cost of EUR 14.9 per share.
On 13 May 2024, treasury shares decreased by 22,379, which represents conditional share award under the
LTIP to a Director. The total amount was EUR 429,749 at an average cost of EUR 19.2 per share.
Cash flow hedge reserve
Changes in the fair value of derivatives designated as hedging instruments and recognised in the cash flow
hedge reserve in equity reached EUR -24.7 million net of tax as at 31 December 2024 (2023 – EUR 3.2 mil-
lion). Decrease of EUR 27.9 million (2023 – EUR 16.8 million) was caused mainly due to a decrease in market
rates.
The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash
flow hedging instruments related to hedged transactions that have not yet occurred.
Unappropriated profits
Unappropriated profits consist of share as a result of participating interest, administration cost and net
finance expense.
Proposal for profit appropriation 2024
At the 2025 Annual General Meeting, the following appropriation of the 2024 result will be proposed: EUR
1,081.4 million addition to Other reserves.
Financial Statements
303
CTP N.V. Annual Report 2024
5. INTEREST-BEARING LOANS AND BORROWINGS FROM FINANCIAL INSTITUTIONS
In EUR million 2024 2023
Non-current liabilities
Interest-bearing loans and borrowings from financial institutions 1,121.0 621.0
Accrued arrangement fees -14.4 -9.1
Balance at 31 December 1,106.6 611.9
Current liabilities
Accrued interest 3.3 3.2
Balance at 31 December 3.3 3.2
Total balance at 31 December 1,109.9 615.1
Nominal values
In EUR million 2024 2023
Non-current interest-bearing loans and borrowings from
financial institutions
1,121.0 621.0
Total balance 1,121.0 621.0
In EUR million 2024 2023
Nominal value Fair value Nominal value Fair value
Interest-bearing loans and
borrowings from financial
institutions
1,121.0 1,164.7 621.0 623.1
The valuation model of fair value of bank loans considers the present value of expected payments, dis-
counted using risk adjusted discount rate.
The Company has determined that all of its interest-bearing loans and borrowings from financial institu-
tions 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.
Company’s interest-bearing loans and borrowings from financial institutions typically have financial cove-
nants like loan-to-value and debt service coverage ratio. As at 31 December 2024, there was no breach of
covenant conditions.
The residual maturity of interest-bearing loans and borrowings from financial institutions as at 31 Decem-
ber 2024 and 31 December 2023 was as follows:
In EUR million Balance as at 31 December 2024
Due within Due in
Total 1 year 2 years
3-5
years
follow.
years
Interest-bearing loans and borrowings
from financial institutions
- - 740.4 380.6 1,121.0
In EUR million Balance as at 31 December 2023
Due within Due in
Total 1 year 2 years
3-5
years
follow.
years
Interest-bearing loans and borrowings
from financial institutions
- - 215.9 405.1 621.0
As at 31 December 2024, the Company had bank loans with a total nominal value of EUR 1,121.0 million.
Bank loans have fixed all-in costs interest rates in range from 4.68% to 5.26% due in 2028, 2029, 2030 and
2033, respectively.
In 2023, the Company received bank loans with a total nominal value of EUR 621.0 million. Bank loans have
fixed all-in costs interest rates in range from 4.68% to 5.26% due in 2028, 2029, 2030 and 2033, respec-
tively.
Revolving Credit facility
In 2024, the Company replaced a revolving credit facility from the year 2023, with a new revolving credit
facility of EUR 1,300.0 million (2023 – EUR 550.0 million) for a five-year period. The Company does not
expect a drawdown either partial or for the full amount under this facility in 2025.
Financial Statements
304
CTP N.V. Annual Report 2024
6. BONDS ISSUED
Current financial year
Bonds issued by CTP N.V.
Bond Issuance Date ISIN
Nominal
value of total
bonds issued
In EUR million
Nominal
value
of each bond
In EUR Currency Type
Fixed
interest rate
per annum
(“p.a”)
Maturity
date
Fair
value of
bonds
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
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 Company did not breach any of its
covenants, nor did it default on any of its obligations under its agreements.
In February 2024, the Company 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 Company 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 Company 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 13.
Financial Statements
305
CTP N.V. Annual Report 2024
Prior financial year
Bond Issuance Date ISIN
Nominal
value of total
bonds issued
In EUR million
Nominal
value
of each bond
In EUR Currency Type
Fixed
interest rate
per annum
(“p.a”)
Maturity
date
Fair
value of
bonds
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
Financial Statements
306
CTP N.V. Annual Report 2024
On 27 November 2023, the Company repaid bonds from the emission with ISIN XS2264194205 in a nominal
value of EUR 400.0 million.
Reconciliation of movements
In EUR million 31 December 2024 31 December 2023
Non-current and current liabilities
Bonds issued - nominal value 5,674.3 4,299.5
Repayment of bonds - nominal value -1,668.2 -718.2
Nominal value after payment 4,006.1 3,581.3
Impact of merger of DIR 19.9 19.9
Impact of demerger of DIR -19.9 -19.9
Interest expense 50.2 18.4
Discount applied -40.7 -42.8
Amortisation of applied discount 18.4 17.1
Bond issuance costs -16.9 -8.9
Amortisation of bond issuance costs 5.9 4.8
Balance at 31 December 4,023.0 3,569.9
7. FINANCIAL INSTRUMENTS
Derivative financial instruments
In EUR million 2024 2023
Fair value of derivatives - non-current asset 17.5 7.2
Fair value of derivatives - current asset 10.1 35.8
Fair value of derivatives – assets 27.6 43.0
Fair value of derivatives - non-current liability -27.2 -7.1
Fair value of derivatives - current liability -24.2 -16.2
Fair value of derivatives - liabilities -51.4 -23.3
Total -23.8 19.7
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.
Financial Statements
307
CTP N.V. Annual Report 2024
As at 31 December 2024, the Company held the following derivative financial instruments:
Derivate financial instruments
Due within
maturity date
Mandatory
break
Receiving
leg
Paying
leg Currency
Nominal
value
in EUR million
Fair
Value
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
Total assets from derivates 27.6
Derivate financial instruments
Due within
maturity date
Mandatory
break
Receiving
leg
Paying
leg Currency
Nominal
value
in EUR million
Fair
Value
in EUR million
Interest rate swaps – cash flow hedge 2028 - 2053 2025 - 2026 3M Euribor, 6M
Euribor
from 2.049%
to 3.508%, 3M
Euribor
EUR 1,465.0 -51.4
Total liabilities from derivates -51.4
As at 31 December 2023, the Company held the following derivative financial instruments:
Derivate financial instruments
Due within
maturity date
Mandatory
break
Receiving
leg
Paying
leg Currency
Nominal
value
in EUR million
Fair
Value
in EUR million
Interest rate swaps – cash flow hedge 2028 –2053 2025 6M Euribor, Fixed
2.918%
From 2.1265%
to 3.293%, 6M
Euribor
EUR 1,258.0 43.0
Total assets from derivates 43.0
Derivate financial instruments
Due within
maturity date
Mandatory
break
Receiving
leg
Paying
leg Currency
Nominal
value
in EUR million
Fair
Value
in EUR million
Interest rate swaps – cash flow hedge 2028 –2053 2024 6M Euribor From 2.6555% to
3.508%
EUR 495.0 -23.3
Total liabilities from derivates -23.3
Financial Statements
308
CTP N.V. Annual Report 2024
General
The Group has exposure to the following risks from its use of financial instruments:
Credit risk
Credit risk refers to the risk that the counterparty will default on its contractual obligations, resulting in a
financial loss to CTP.
Credit risk concentration:
In EUR million 2024 2023
Amounts due from banks 193.7 480.9
Amounts due from related parties 2,254.7 4,041.7
Amounts due from third parties 12.3 4.9
Total 2,460.7 4,527.5
Liquidity risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due.
With respect to the nature of its business and its assets, the Company is naturally exposed to a certain
amount of liquidity risk.
2024 Contractual cash flows
In EUR million
Until
3 months
3 - 12
Months
Between
1 -5 years
Over
5 years Total
Bonds issued 44.8 500.5 1,896.3 1,950.2 4,391.8
Bank loan 13.3 39.9 865.2 406.7 1,325.1
Derivative financial instru-
ments
24.4 1.0 24.1 5.0 54.6
Trade and other payables incl.
corporate income tax liability
- 2.0 - - 2.0
Total 82.5 543.5 2,785.7 2,361.9 5,773.6
2023 Contractual cash flows
In EUR million
Until
3 months
3 - 12
Months
Between
1 -5 years
Over
5 years Total
Bonds issued 9.9 27.2 2,615.5 1,072.6 3,725.2
Bank loan 8.4 25.3 321.6 706.8 1,062.1
Derivative financial i
nstruments
15.1 1.7 6.4 1.2 24.4
Trade and other payables incl.
corporate income tax liability
1.1 - 16.7 - 17.8
Total 34.5 54.2 2,960.2 1,780.6 4,829.5
Market risk
Market risk is the risk that changes in market prices such as foreign exchange rates and interest rates will
affect CTP’s income or the value of its holding of financial instruments. Market risk management aims to
manage and control market risk exposure within acceptable parameters, while optimising the return. CTP
N.V. is not subject to interest rate risk, nor foreign currency risks, as all loans provided are with fixed inter-
est rate and in functional currency of the Group – EUR.
In the Notes to the consolidated financial statements information is included about the Group’s exposure
to the above risks, the Group’s objectives, policies and processes for measuring and managing risk, and the
Group’s management of capital
8. OFF-BALANCE SHEET ASSETS AND LIABILITIES
In 2022, CTP N.V. issued a guarantee in favour of Coöperatieve Rabobank U.A. connected with the financing
of development activities of CTP ALC B.V. The guaranteed obligations represent:
• 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,
• 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., Coöperatieve Rabo-
bank U.A. and CTP ALC B.V.
Financial Statements
309
CTP N.V. Annual Report 2024
In 2023, CTP N.V. issued a guarantee in favour of Coöperatieve 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 Coöper-
atieve Rabobank U.A. and CTP Beta B.V.
In 2024, CTP N.V. issued:
• 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.
• 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.
9. TRADE AND OTHER PAYABLES
As at 31 December 2024, trade and other payables amounted to EUR 2.0 million (31 December 2023 –
EUR 2.8 million). These primarily include accruals for legal, tax, and audit services.
10. CASH AND CASH EQUIVALENTS
Cash and cash equivalents of EUR 193.7 million (2023 – EUR 480.9 million) consist of short-term deposits,
cash at bank accounts and petty cash. Cash and cash equivalents are readily available to the Company
within twelve months.
11. OTHER INCOME
In 2024 other income in amount of EUR 0.9 million represents the license fee invoiced to the companies in
the Group. In 2023 other income in amount of EUR 1.5 million represents the management fee and license
fee invoiced to the companies in the Group..
12. ADMINISTRATION COSTS
In EUR million 31 December 2024 31 December 2023
Management fee -10.0 -5.0
Consultancy fee -1.9 -2.2
Wages 1.4 -1.3
Other -2.1 -1.6
Total -12.6 -10.1
For details related to audit fees, refer to the audit fee table below.
The Company reversed accrued share bonus in amount of EUR 2.5 million in April 2024. Please refer to the
Note 26 for the details.
Audit fees
The following fees were charged by KPMG Accountants N.V. to the Company, its subsidiaries and other con-
solidated companies, as referred to in Section 2:382a of (1) and (2) of the Dutch Civil Code:
In EUR million for 2024 KPMG Accountants N.V. Other KPMG Network Total KPMG
Statutory audit of
financial statements
-0.5 -0.8 -1.3
Other assurance services -0.2 - -0.2
Non-audit services -0.1 - -0.1
Total -0.7 -0.8 -1.5
In EUR million for 2023 KPMG Accountants N.V. Other KPMG Network Total KPMG
Statutory audit of
financial statements
-0.4 -0.8 -1.2
Total -0.4 -0.8 -1.2
Financial Statements
310
CTP N.V. Annual Report 2024
13. NET FINANCE INCOME/EXPENSE(-)
In EUR million 31 December 2024 31 December 2023
Interest income from related parties 53.9 121.2
Interest income from financial institutions 23.6 12.6
Change in fair value of derivatives - gain 8.6 -
Other financial income 37.1 15.8
Finance income 123.2 149.6
Bond interest expenses -68.7 -39.3
Bond discount and issuance costs amortization -7.8 -8.9
Interest expense from related parties -25.0 -31.8
Interest income/expense(-) from derivatives 7.7 4.5
Interest expense from financial institutions -49.2 -13.1
Arrangement fee -3.6 -2.8
Other financial expense -5.5 -9.0
Finance costs -152.0 -100.4
Net finance income/expense(-) -28.8 49.2
In 2024, other financial income consists of gain of EUR 37.1 million, realized due to early repayment of
bonds. In 2023, other financial income consists of exchange rate gains of EUR 15.8 million.
Other financial expense consists of bank fees of EUR 2.8 million (2023 – EUR 4.7 million), financing fees of
EUR 1.5 million (2023 – EUR 1.6 million), change in fair value of derivatives of EUR 0 million (2023 – loss of
EUR 2.7 million) and exchange rate losses of EUR 1.3 million (2023 – EUR 0 million).
14. INCOME TAX EXPENSE
Income tax expense
In EUR million 2024 2023
Current tax income/expense(-) related to
Current year -0.4 -1.1
Prior period - -5.0
Total -0.4 -6.1
Deferred tax expense
Deferred tax expense -4.8 -4.0
Total -4.8 -4.0
Total income tax expense in Company profit and loss account -5.2 -10.1
The Company, along with CTP Property B.V., are part of the fiscal unity, wholly and severally liable for
taxation payable by the fiscal unity. The Company is the head of the fiscal unity which recognizes and pays
the corporate income tax for the whole fiscal unity.
In 2023, the Company recognized income tax expense from prior periods of EUR 5.0 million, arisen primar-
ily from DIR acquisition in 2022.
Withholding tax
The Company paid withholding dividend tax of EUR 3.4 million (2023 – EUR 2.4 million) in respect of final
dividend 2023 and interim dividend 2024. Impact is reflected in Share premium, please refer to Note 4.
15. RELATED PARTIES
All transactions with related parties are on arm`s length basis (interest rate on long term receivables
ranging from 2.3% to 3.3%, on long term payables from to 2.0% - 5.4%, depending on purpose and coun-
try specific conditions) except for those between entities within fiscal unity.
As at 31 December 2024 and 31 December 2023, the Company had the following interest income and inter-
est expense with related parties:
Financial Statements
311
CTP N.V. Annual Report 2024
2024 2023
In EUR million Revenues Expenses Revenues Expenses
CTP Property B.V. 36.4 - 11.9 -
CTP Property Alpha d.o.o. Beograd-Novi Beograd 2.7 - 1.3 -
CTP Property Beta d.o.o. Beograd-Novi Beograd 1.4 - 0.6 -
CTP Sigma d.o.o. Beograd-Novi Beograd 1.0 - 0.7 -
CTP Invest, spol. s r.o. 0.9 - 7.5 -0.8
CTP Rho d.o.o. Beograd-Novi Beograd 0.8 - 0.7 -
CTP PHI DOO Beograd-Novi Beograd 0.7 - - -
CTPark Eleven Kft. 0.6 - 1.6 -
CTP Property Gamma d.o.o. Beograd-Novi Beograd 0.4 - - -
CTPARK ETA SRL 0.4 - 4.3 -
CTPark Miu SRL 0.3 - 4.0 -
CTPark Nine Kft. 0.3 - 0.9 -
CTP Delta doo Beograd-Novi Beograd 0.3 - - -
CTP Invest d.o.o. Beograd-Novi Beograd 0.3 - - -
CTPARK ZETA SRL 0.3 - 3.1 -
CTP Lambda Poland Sp. z o.o. 0.2 - 1.6 -
CTP Eta B.V. 0.2 - - -
CTPark Bor, spol. s r.o. 0.2 -0.1 1.7 -
Spielberk Business Park, spol. s r.o. 0.2 - 2.6 -
CTP Kappa B.V. 0.2 - - -
CTPARK PSI SRL 0.2 - 2.2 -
CTP Gamma d.o.o Beograd-Novi Beograd 0.2 - - -
CTP Property Delta Poland Sp. z o.o. 0.2 - 1.1 -
CTPARK BETA SRL 0.2 - 1.9 -
CTPark Twelve Kft. 0.2 - 2.1 -
CTP Epsilon d.o.o. Beograd-Novi Beograd 0.2 - - -
CTPARK BUCHAREST WEST I SRL 0.2 - 1.9 -
CTPark Nineteen Kft. 0.1 - 1.2 -
CTP Vlněna Business Park, spol. s r.o. 0.1 - 4.0 -
CTPark Km23 North SRL 0.1 - 1.0 -
CTP Omega Poland Sp. z o.o. 0.1 - - -
CTP OMICRON DOO Beograd-Novi Beograd 0.1 - - -
CTPark Iota SRL 0.1 - 1.3 -
CTP IQ Ostrava, spol. s r.o. 0.1 - 1.1 -
CTPARK THETA SRL 0.1 - 1.3 -
2024 2023
In EUR million Revenues Expenses Revenues Expenses
CTP CONTRACTORS SRL 0.1 - 1.2 -
CTPark Sixteen Kft. 0.1 - 1.2 -
CTPARK BUCHAREST WEST II SRL 0.1 - 1.1 -
CTP Alpha d.o.o. Beograd-Novi Beograd 0.1 - - -
CTPARK TAU SRL 0.1 - 1.1 -
CTP Germany VII GmbH 0.1 - 0.5 -
CTP Alpha GMBH 0.1 - 0.8 -
CTPARK OMEGA SRL 0.1 - 1.0 -
CTP Alpha SK, spol. s r.o. 0.1 - 0.8 -
CTPARK PHI SRL 0.1 - 1.0 -
CTPark Gamma EOOD 0.1 - 0.7 -
CTP Rho Poland Sp. z o.o. 0.1 - 0.5 -
CTP Invest Poland sp. z o.o. 0.1 - 1.5 -
CTP Tau Poland sp. z o.o. 0.1 - 0.9 -
CTP Alpha B.V. 0.1 - 0.8 -
CTP Property Delta d.o.o. Beograd-Novi Beograd 0.1 - - -
CTPark Brno Líšeň East, spol. s r.o. 0.1 - 0.9 -
CTP Mu Poland Sp. z o.o. 0.1 - 0.6 -
CTPARK ALPHA SRL 0.1 - 0.9 -
Spielberk Business Park II, spol. s r.o. 0.1 - 0.9 -
CTP Moravia North, spol. s r.o. 0.1 - 0.8 -
CTPark Ostrava Hrušov, spol. s r.o. 0.1 - 0.8 -
CTP Zeta GmbH 0.1 - 0.5 -
CTP Beta doo Beograd-Novi Beograd 0.1 - - -
CTP Beta Poland Sp. z o.o. 0.1 - - -
CTP Slovakia, s. r. o. 0.1 - 0.6 -
CTPark Biatorbágy Kft. 0.1 - 0.7 -
CTPark Twenty Four Kft. 0.1 - 0.7 -
CTPark Craiova East SRL 0.1 - 0.6 -
CTPark Delta EOOD 0.1 - 0.7 -
CTPark Bucharest South II SRL 0.1 - 0.7 -
CTP Pilsen Region, spol. s r.o. 0.1 - 0.8 -
CTPark Delta Kft. 0.1 - 0.6 -
CTPark Seventeen kft. 0.1 - 0.6 -
CTPark Prešov s.r.o. 0.1 - 0.5 -
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CTP N.V. Annual Report 2024
2024 2023
In EUR million Revenues Expenses Revenues Expenses
CTPark Bremen B.V. 0.1 - - -
CTPark Ostrava, spol. s r.o. - -4.1 - -3.2
CTPark Brno, spol. s r.o. - -3.8 - -3.0
CTPark Mladá Boleslav, spol. s r.o. - -2.6 0.1 -2.2
CTP Moravia South, spol. s r.o. - -2.3 - -2.0
CTP Deutschland B.V. - -1.6 - -0.8
CTPark Hranice, spol. s r.o. - -1.3 0.1 -2.2
CTP Vysočina, spol. s r.o. - -1.3 - -4.2
CTPark Prague East, spol. s r.o. - -1.2 - -1.4
CTPark Prague Airport, spol. s r.o. - -1.2 0.1 -1.7
CTPark Námestovo, spol. s r.o. - -0.8 - -0.8
CTP Bohemia North, spol. s r.o. - -0.8 - -4.3
CTPark Cerhovice, spol. s r.o. - -0.8 - -
CTP Bohemia South, spol. s r.o. - -0.7 - -
CTPark Chrastava a.s. - -0.5 - -
CTPark Plzeň, spol. s r.o. - -0.4 - -
CTP Borská Pole, spol. s r.o. - -0.3 - -
CTP Bohemia West, spol. s r.o. - -0.3 - -1.0
CTPark Bratislava, spol. s r.o. - -0.3 0.9 -
CTP XXIII, spol. s r.o. - -0.2 - -
CTPark Modřice, spol. s r.o. - -0.1 - -
CTPark Prague West, spol. s r.o. - -0.1 - -
CTPark Zabrze sp. z o.o. - - 0.5 -
CTPark Rho SRL - - 0.6 -
CTP Management Hungary Kft. - - 0.5 -
CTPark Sibiu East SRL - - 0.5 -
CTPark Epsilon SRL - - 0.5 -
CTPark Žilina Airport, spol. s r. o. - - 0.1 -
CTPark Prague North III, spol. s r.o. - - 0.2 -
CTPark Eighteen Kft. - - 2.3 -0.1
CTP Mu BV. - - - -0.1
CTP ALC B.V. - - -3.4
CTPARK GAMMA SRL - - 2.4 -
CTPark Bucharest A1 SRL - - 1.7 -
CTPark Opole Sp. z o.o. - - 0.1 -
2024 2023
In EUR million Revenues Expenses Revenues Expenses
CTP Property Beta Poland Sp. z o.o. - - 1.7 -
CTPark Iłowa Sp. z o.o. - - 1.6 -
CTPARK BUCHAREST SRL - - 1.3 -
CTP Holding B.V. - - 1.1 -
CTPark Košice, spol. s r. o. - - 0.6 -
CTPARK BUCHAREST UPSILON SRL - - 0.6 -
CTP Zeta d.o.o. Beograd-Novi Beograd - - 0.6 -
CTPARK KAPPA SRL - - 0.6 -
CTP Ponávka Business Park, spol. s r.o. - - 0.6 -
CTP Beta B.V. - - 0.5 -
CTPark Fourteen Kft. - - 0.5 -
CTP Gamma Poland Sp. z o.o. - - 0.5 -
CTPark Eta EOOD - - 0.2 -
Other 0.3 -0.2 13.6 -0.6
Total 53.9 -25.0 121.2 -31.8
The revenues comprise interest from loans and borrowings provided to the subsidiaries.
Long-term receivables & payables - related parties
As at 31 December 2024 and 31 December 2023, the Company had the following long-term receivables
from related parties:
Financial Statements
313
CTP N.V. Annual Report 2024
In EUR million 2024 2023
CTP Property Alpha d.o.o. Beograd-Novi Beograd 94.8 64.1
CTP Property Beta d.o.o. Beograd-Novi Beograd 50.2 31.4
CTP Sigma doo Beograd-Novi Beograd 37.0 31.4
CTP Phi doo Beograd-Novi Beograd 30.1 21.8
CTP Rho doo Beograd-Novi Beograd 25.5 22.8
CTP Property Gamma d.o.o. Beograd-Novi Beograd 17.0 -
CTP Property Delta d.o.o. Beograd-Novi Beograd 12.1 -
CTP Delta doo Beograd-Novi Beograd 9.9 10.6
CTP Gamma d.o.o. 6.7 -
CTP Epsilon d.o.o. Beograd 4.7 -
CTP Omicron doo Beograd-Novi Beograd 3.8 -
CTP ALPHA DOO BEOGRAD-NOVI BEOGRAD 2.7 -
CTP Beta doo Beograd-Novi Beograd 1.6 -
CTP Property B.V. - 636.1
CTP Invest, spol. s r.o. - 294.0
CTPARK ETA SRL - 86.7
CTP Vlněna Business Park, spol. s r.o. - 85.4
Spielberk Business Park, spol. s.r.o. - 78.8
CTPARK KM23 NORTH SRL - 73.9
CTPark Miu SRL - 71.2
CTPark Twelve Kft. - 64.7
CTP Moravia North, spol. s r.o. - 64.3
CTPARK BUCHAREST WEST I SRL - 62.9
CTPARK THETA SRL - 62.5
CTPARK ZETA SRL - 54.1
CTP Property Delta Poland Sp. z o.o. - 53.2
CTPark Nineteen Kft. - 52.0
CTPark Eleven Kft. - 51.8
CTP LAMBDA POLAND SP Z O.O. - 51.6
CTP Alpha GmbH - 50.9
CTPark Gamma EOOD - 49.8
CTP Alpha SK, spol. s r.o. - 49.8
CTP Pilsen Region, spol. s r.o. - 49.5
CTP CONTRACTORS SRL - 48.3
CTP Invest Poland sp. Z o.o. - 47.7
CTP Alpha B.V. - 45.5
In EUR million 2024 2023
CTP Mu Poland Sp. z o.o. - 44.1
CTPark Sixteen Kft. - 43.0
CTPARK PSI SRL - 41.7
CTPARK PHI SRL - 40.3
CTP Eta B.V. - 39.7
CTPark Brno Líšeň East, spol. s r.o. - 39.5
CTP Zeta GmbH - 38.8
CTPARK BETA SRL - 36.9
CTPark Bor, spol. s r.o. - 36.3
CTPARK ALPHA SRL - 35.3
CTP Tau Poland sp. z o.o. - 31.6
CTPARK IOTA SRL - 31.1
CTP Kappa B.V. - 31.0
CTPark Prešov s.r.o. - 29.7
CTPark Nine Kft. - 29.6
CTPARK ZABRZE SPÓŁKA Z OGRANICZONA ODPOWIEDZIALNOSCIA - 29.4
CTPark Bremen B.V. - 26.9
CTPark Craiova East SRL - 26.6
CTP Omega Poland Sp. z o.o. - 26.6
Spielberk Business Park II, spol. s r.o. - 26.3
CTPark Bucharest South II SRL - 26
CTPark Twenty Four Kft. - 24.9
CTPark Biatorbágy Kft. - 24.8
CTP Slovakia, s.r.o. - 24.7
CTPark Beta EOOD - 24.0
CTPark Delta Kft. - 23.2
CTPARK BUCHAREST WEST II SRL - 22.6
CTPark Seventeen kft. - 22.1
CTP Zeta doo Beograd-Novi Beograd - 21.7
CTPark Sibiu East SRL - 21.1
CTP Management Hungary Kft. - 21.1
CTP IQ Ostrava, spol. s r.o. - 20.3
CTPARK OMEGA SRL - 19.8
CTP Delta Poland Sp. z o.o. - 19.3
CTP Germany VII GmbH - 18.6
CTP Solar SRL - 18.3
Financial Statements
314
CTP N.V. Annual Report 2024
In EUR million 2024 2023
CTPARK TAU SRL - 17.9
CTP RHO Poland Sp. z o.o. - 16.9
CTPARK DELTA SRL - 16.9
CTPark Delta EOOD - 16.6
CTP Beta Poland Sp. z o.o. - 16.1
CTP Gamma GmbH - 15.8
CTPark Ostrava Hrušov, spol. s r.o. - 15.7
CTPark Thirteen Kft - 15.5
CTPark Brno Líšeň West, spol. s r.o. - 15.2
CTPark Brno III, spol. s r.o. - 15.2
CTPark Bratislava East, spol. s r.o. - 15.0
CTP Epsilon B.V. - 14.2
CTPark Eight Kft. - 13.1
CTP Invest SK, spol. s r.o. - 12.8
CTP Property Alpha Poland Sp. z o.o. - 12.7
CTPARK SIGMA SRL - 12.0
CTPark Timisoara East SRL - 11.7
CTP Invest Immobilien GmbH - 11.0
CTPark Žilina Airport, spol. s r. o. - 10.4
CTP Invest doo Beograd-Novi Beograd - 10.4
CTPark Brasov SRL - 10.2
CTPARK RHO SRL - 9.9
CTPark Hlohovec, spol. s r.o. - 9.7
CTPark Čierny Les, spol. s r.o. - 7.6
CTPark Prague North III, spol. s r.o. - 0.2
Other 0.3 240.5
Total 296.4 3,966.9
Movement schedule of the long-term loans provided to related parties:
In EUR million 2024 2023
Balance as at 1 January 3,966.9 3,949.1
Transfer to current receivables -636.1 -
Loans granted to the related parties 176.1 1,925.2
Repayment of loans -221.0 -1,908.8
Loans capitalisation -2,984.9 -
Interest accrued 18.9 121.2
Interest received -25.4 -119.2
Other 1.9 -0.6
Balance as at 31 December 296.4 3,966.9
As at 31 December 2024 and 31 December 2023, the Company had the following long-term payables due
from related parties:
In EUR million 2024 2023
CTPark Ostrava, spol. s r.o. -159.4 -118.1
CTPark Brno, spol. s r.o. (formerly CTP Industrial Property CZ,
spol. s r.o.)
-118.9 -64.3
CTP Moravia South, spol. s r.o. -77.5 -63.8
CTP Deutchland B.V. (formerly CTP Germany GmbH B.V.) -70.8 -65.9
CTPark Mladá Boleslav, spol. s r.o. -53.5 -50.8
CTP Bohemia North, spol. s r.o. -49.4 -
CTPark Námestovo, spol. s r.o. -43.7 -40.3
CTP Vysočina, spol. s r.o. -42.7 -20.7
CTPark Prague East, spol. s r.o. -26.5 -25.3
CTPark Cerhovice, spol. s r.o. (formerly CTP XIII, spol. s r.o.) -22.5 -11.6
CTP Bohemia South, spol. s r.o. -14.0 -13.3
CTPark Chrastava a.s. -11.4 -10.9
CTPark Hranice, spol. s r.o. - -26.2
CTPark Prague Airport, spol. s r.o. - -24.1
CTPark Bor, spol. s r.o. - -16.9
CTPark Modřice, spol. s r.o. - -11.2
Other -34.0 -44.0
Total -724.3 -607.4
Financial Statements
315
CTP N.V. Annual Report 2024
Movement schedule of the long-term loans received from related parties:
In EUR million 2024 2023
Balance as at 1 January -607.4 -228.1
Loans received from the related parties -201.2 -382.8
Repayment of loans 101.3 20.2
Interest accrued -25.0 -17.6
Interest paid 8.0 1.3
Other - -0.4
Balance as at 31 December -724.3 -607.4
Current receivables & payables - related parties
As at 31 December 2024 and 31 December 2023, the Company had the following trade and other receivables
from related parties, and trade and other payables to related parties:
2024 2023
In EUR million Receivables Payables Receivables Payables
CTP Property B.V. 1,929.1 - 33.6 -
CTP Invest, spol. s r.o. 21.4 -3.9 26.1 -6.9
CTP Property Czech, spol. s r.o. 2.6 - 2.6 -
CTP Invest d.o.o. Beograd-Novi Beograd 1.6 - 1.5 -
CTP CEE Sub Holding, spol. s r.o. 1.6 - 1.6 -
CTP INVEST BUCHAREST SRL - - 8.0 -
CTP Forest, spol. s r.o. - - - -1.0
CTPark Prague Airport, spol. s r.o. - -1.1 - -1.1
CTPark Hranice, spol. s r.o. - -1.7 - -1.7
CTP Bohemia North, spol. s r.o - - - -4.3
CTP Vysočina, spol. s r.o. - - - -4.6
Other 2.0 -0.9 1.4 -1.9
Total 1,958.3 -7.6 74.8 -21.5
16. PERSONNEL
The average full-time equivalent of employees in 2024 was 9 (2023: 8).
The number of full-time equivalent employees as at 31 December 2024 was 9 (2023: 8).
17. EMOLUMENTS OF DIRECTORS
In 2024, the emoluments, incl. the LTIP disclosed below, as defined in Section 2:383(1) of the Dutch Civ-
il Code, charged in the financial year to the Company, its subsidiaries and consolidated other companies
amounted to EUR 1.4 million (2023 – EUR 2.2 million), out of which EUR 1.0 million (2023 – EUR 1.7 million)
relates to emolument of Executive Directors and EUR 0.4 million (2023 – EUR 0.4 million) to Non-Executive
Directors.
Current year emolument amount includes a release of prior year accruals.
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’s total shareholder return (“TSR”). 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).
18. SUBSEQUENT EVENTS
In March 2025, the Company 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 balance sheet date that would have a
material impact on these financial statements as at 31 December 2024.
Financial Statements
316
CTP N.V. Annual Report 2024
19. SUBSIDIARIES
The Company has 100% ownership interest in CTP Property B.V., CTP Invest, spol. s r.o. and CTP Deutschland
B.V., which owns subsidiaries with operational activities in the Czech Republic, Hungary, Romania, Poland,
Slovakia, Austria, Germany, Serbia, the Netherlands and Bulgaria.
For the structure of the Group as at 31 December 2024, refer to Appendix 1 – Group Structure.
Amsterdam, 7 March 2025
Remon L. Vos Richard J. Wilkinson
Barbara A. Knoflach Rodolphe R. F. Schoettel
Susanne Eickermann-Riepe Kari E. Pitkin
Financial Statements
317
CTP N.V. Annual Report 2024
Other
Information
Other
Information
Financial Statements
318
CTP N.V. Annual Report 2024
PROVISIONS IN THE ARTICLES OF ASSOCIATION GOVERNING THE APPROPRIATION OF PROFIT:
According to Article 22 of the Company’s Articles of Association, the profit is at the disposal of the General
Meeting of Shareholders, which can allocate the profit wholly or partly to the general or specific reserve
funds.
The Board must approve the appropriation of profit before the decision of the General Meeting takes effect.
The Company can only make payments to shareholders and other parties entitled to the distributable profit
if the amount the shareholders’ equity is greater than the paid-up and called-up part of the capital plus the
legally required reserves.
Financial Statements
319
CTP N.V. Annual Report 2024
Independent Auditor’s Report & Limited Assurance Report of
the Independent Auditor on the Sustainability Statement
Independent
Auditor’s Report
&
Limited Assurance Report of
the Independent Auditor
on the Sustainability
Statement
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320
Financial Statements
KPMG Accountants N.V., a Dutch limited liability company registered with the trade register in the Netherlands under number 33263683, is a member firm of the global organization of independent member firms affiliated with
KPMG International Limited, a private English company limited by guarantee.
Independent auditor's report
To: the General Meeting of Shareholders of CTP N.V.
Report on the audit of the financial statements 2024 included in the annual report
Our opinion
In our opinion:
• The accompanying consolidated financial statements give a true and fair view of the financial position of CTP
N.V. as at 31 December 2024 and of its result and its cash flows for the year then ended, in accordance with
IFRS Accounting Standards as endorsed by the European Union (EU-IFRS) and with Part 9 of Book 2 of the
Dutch Civil Code.
• The accompanying company financial statements give a true and fair view of the financial position of CTP
N.V. as at 31 December 2024 and of its result for the year then ended in accordance with Part 9 of Book 2 of
the Dutch Civil Code.
What we have audited
We have audited the financial statements 2024 of CTP N.V. (‘the company’) based in Amsterdam. The financial
statements include the consolidated financial statements and the company financial statements.
The consolidated financial statements comprise:
1 the consolidated statement of financial position as at 31 December 2024;
2 the following consolidated statements for the year 2024: the statements of profit or loss and comprehensive
income, changes in equity and cash flows; and
3 the notes comprising material accounting policy information and other explanatory information.
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321
Financial Statements
2
The company financial statements comprise:
1 the company profit and loss account for the year 2024;
2 the company balance sheet as at 31 December 2024; and
3 the notes comprising a summary of the accounting policies and other explanatory information.
Basis for our opinion
We conducted our audit in accordance with Dutch law, including the Dutch Standards on Auditing. Our
responsibilities under those standards are further described in the ‘Our responsibilities for the audit of the
financial statements’ section of our report.
We are independent of CTP N.V. in accordance with the ‘Verordening inzake de onafhankelijkheid van
accountants bij assurance-opdrachten’ (ViO, Code of Ethics for Professional Accountants, a regulation with
respect to independence) and other relevant independence regulations in the Netherlands. Furthermore, we
have complied with the ‘Verordening gedrags- en beroepsregels accountants’ (VGBA, Dutch Code of Ethics).
We designed our audit procedures in the context of our audit of the financial statements as a whole and in
forming our opinion thereon. The information in respect of going concern, fraud and non-compliance with laws
and regulations, climate and the key audit matters was addressed in this context, and we do not provide a
separate opinion or conclusion on these matters.
We believe the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Information in support of our opinion
Summary
Materiality
• Materiality of EUR 120 million
• 0.76% of total assets
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Financial Statements
3
Group audit
• Performed substantive procedures for 96% of total assets
• Performed substantive procedures for 62
% of rental income
Risk of material misstatements related to Fraud, NOCLAR, Going concern and Climate
risks
• Fraud risks: presumed risk of management override of controls, presumed fraud risk of
revenue recognition and a fraud risk related to possible conflict of interest in real estate
transactions identified
• Non-compliance with laws and regulations (NOCLAR) risks: no reportable risk of material
misstatements related to NOCLAR risks identified
• Going concern risks: no going concern risks identified
• Climate risks: We have considered the impact of climate-related risks on the financial
statements and described our approach and observations in the section ‘Audit response to
climate-related risks’. Please refer to Chapter 4 Sustainability in the Annual Report 2024.
Key audit matters
• Valuation of investment property and investment property under development
• Real estate transaction
Materiality
Based on our professional judgment, we determined the materiality for the financial statements as a whole at
EUR 120 million (2023: EUR 100 million). The materiality is determined with reference to total assets 0.76%
(2023: 0.77%). We consider total assets as the most appropriate benchmark because the nature of the business,
the level of activities and asset value is likely the primary focus of the users of the financial statements evaluating
CTP N.V.’s financial performance. Materiality significantly changed compared to last year due to increase of total
assets. We have also taken into account misstatements and/or possible misstatements that in our opinion are
material for the users of the financial statements for qualitative reasons.
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Financial Statements
4
We agreed with the Board of Directors that misstatements identified during our audit in excess of EUR 6 million
would be reported to them, as well as smaller misstatements that in our view must be reported on qualitative
grounds.
Scope of the group audit
CTP N.V. is at the head of a group of components (hereinafter ‘Group’). The financial information of this group is
included in the financial statements of CTP N.V.
This year, we applied the revised group auditing standard in our audit of the financial statements. The revised
standard emphasizes the role and responsibilities of the group auditor. The revised standard contains new
requirements for the identification and classification of components, scoping, and the design and performance of
audit procedures across the group. As a result, we determine coverage differently and comparisons to prior
period coverage figures are not meaningful.
We performed risk assessment procedures throughout our audit to determine which of the Group’s components
are likely to include risks of material misstatement to the Group financial statements. To appropriately respond to
those assessed risks, we planned and performed further audit procedures, either at component level or centrally.
We identified 45 components associated with a risk of material misstatement. For 43 out of these 45
components, we involved component auditors. We as group auditor audited the remaining components. We set
component performance materiality levels considering the component’s size and risk profile.
We have performed fully substantive procedures for 62% of Group revenue and 96% of Group total assets. At
group level, we assessed the aggregation risk in the remaining financial information and concluded that there is
less than reasonable possibility of a material misstatement.
In supervising and directing our component auditors, we:
• Held risk assessment discussions with the component auditors to obtain their input to identify matters
relevant to the group audit.
• Issued group audit instructions to component auditors on the scope, nature and timing of their work, and
received written communication about the results of the work they performed.
• Held meetings with all in-scope component auditors in person and/or virtually to discuss relevant
developments, and to understand and evaluate their work.
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Financial Statements
5
• Inspected the work performed by a majority of component auditors and evaluated the appropriateness of
audit procedures performed and conclusions drawn from the audit evidence obtained, and the relation
between communicated findings and work performed. In our inspection, we mainly focused on key audit
matters, significant risks, and key judgment areas.
We consider that the scope of our group audit forms an appropriate basis for our audit opinion. Through
performing the procedures mentioned above, we obtained sufficient and appropriate audit evidence about the
Group’s financial information to provide an opinion on the financial statements as a whole.
Audit response to the risk of fraud and non-compliance with laws and regulations
In chapter ‘Risk management’, the Board of Directors describes its procedures in respect of the risk of fraud and
non-compliance with laws and regulations.
As part of our audit, we have gained insights into the company and its business environment and the company’s
risk management in relation to fraud and non-compliance. Our procedures included, among other things,
assessing the company’s code of conduct, whistleblowing policy, anti-money laundering policy, anti-bribery and
corruption policy, anti-fraud policy, incidents register and its procedures to investigate indications of possible
fraud and non-compliance. Furthermore, we performed relevant inquiries with the Board of Directors and other
relevant functions, such as Internal Audit and Compliance. We have also incorporated elements of
unpredictability in our audit such as additional selection of valuation reports with lower values of not in-scope
components, and involved forensic specialists in our audit procedures.
As part of our audit procedures, we:
— assessed other positions held by the Board of Directors and other employees, and paid special attention to
procedures and compliance in view of possible conflicts of interest;
— evaluated correspondence with regulators (e.g., the AFM) as well as legal confirmation letters.
In addition, we performed procedures to obtain an understanding of the legal and regulatory frameworks that are
applicable to the company, and identified the following laws and regulations as those most likely to have a
material effect on the financial statements in case of non-compliance:
— anti-money laundering laws and regulations;
— anti-bribery and corruption laws and regulations;
— data privacy;
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Financial Statements
6
— labor and human rights laws and regulations; and
— environmental laws.
We evaluated the fraud and non-compliance risk factors to consider whether those factors indicate a risk of
material misstatement in the financial statements.
Based on the above and on the auditing standards, we identified the following fraud risks that are relevant to our
audit, including the relevant presumed risks laid down in the auditing standards, and responded as follows:
Management override of controls (a presumed risk)
Risk:
— Management is in a unique position to manipulate accounting records and prepare fraudulent financial
statements by overriding controls that otherwise appear to be operating effectively.
Responses:
— We evaluated the design and the implementation of internal controls that mitigate fraud risks, such as
processes related to journal entries and estimates.
— We performed a data analysis of high-risk journal entries related to adjustments to initially recorded changes
in fair value of investment property and investment property under development above a threshold that were
subject of the examination and evaluated key estimates and judgments of valuation of investment property
and investment property under development for bias by the Board of Directors, including retrospective
reviews of prior years’ estimates. Where we identified instances of unexpected journal entries or other risks
through our data analytics, we performed additional audit procedures to address each identified risk,
including testing of transactions back to source information.
Revenue recognition (a presumed risk)
Risk:
— We identified a fraud risk in relation to the recognition of rental income. This risk inherently includes the fraud
risk that management deliberately overstates rental income, throughout the period, as management may feel
pressure to achieve the communicated expectations for revenue-related metrics for the current year.
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Financial Statements
7
Responses:
— We evaluated the design and the implementation of internal controls related to the rental income process.
— We performed substantive audit procedures throughout the period of rental income by determining the
accuracy of rental income by assessing the terms and conditions in the lease agreement and vouching rental
income recorded to the invoices, underlying lease agreements and supporting documentation such as
indexation letters.
— We performed journal entry testing, considering the high-risk criteria in relation to rental income.
— We assessed the adequacy of the Company’s disclosure with respect to rental income.
Fraud risk related to conflict of interest in real estate transactions
— With respect to the risk of fraud in relation to conflict of interest in the real estate transactions, we refer to the
key audit matter ‘Real estate transactions’.
We communicated our risk assessment, audit responses and results to the Board of Directors. Our evaluation of
procedures performed related to fraud and non-compliance with laws and regulations did not result in an additional
key audit matter.
Our audit procedures did not reveal indications and/or reasonable suspicion of fraud and non-compliance that are
considered material for our audit.
Audit response to going concern
As explained in note 2 of the financial statements, the management board has performed its going concern
assessment and has not identified any going concern risks. To assess the management board’s assessment, we
have performed, inter alia, the following procedures:
— We considered whether the management board’s assessment of the going concern risks includes all relevant
information of which we are aware as a result of our audit.
— We considered whether the developments in share prices indicate a going concern risk.
— We analyzed the company’s financial position as at year-end and compared it to the previous financial year in
terms of indicators that could identify going concern risks.
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The outcome of our risk assessment procedures did not give reason to perform additional audit procedures on
management’s going concern assessment.
Audit response to climate-related risks
The company has set out its ambitions relating to climate change in Chapter 4.7.1.
‘Striving to be Climate Positive’ of the annual report 2024. The company’s ambition is in
line with the Paris Agreement to become carbon neutral by 2050 in all its activities, including development,
property management, and corporate operations by 2050. CTP is committed to having a positive, long-term
impact on the environment, including the climate.
The Board of Directors has assessed, against the background of the company’s
business and operations, how climate-related risks and the company’s own ambitions
could have a significant impact on its business or could impose the need to adapt its
strategy and operations. The Board of Directors has considered the impact of physical
risks extensively and transition risks high-level on the financial statements in accordance with the applicable
financial reporting framework, more specifically the valuation of investment property.
The Board of Directors prepared the financial statements, including considering whether
the implications from climate-related risks have been appropriately
accounted for and disclosed. As part of our audit, we performed a risk assessment of
the impact of climate-related risk on the financial statements and our audit approach. In doing this, we performed
the following:
- Understanding the company’s processes. We held inquiries with the Board of Directors, the Group Head
of ESG and other relevant employees for Environmental, Social, and Governance who are responsible for
climate risk assessment within the company. The purpose is to understand the client’s risk assessment
and the climate roadmap to become carbon neutral in all scopes by 2050. The company has performed a
physical climate risk assessment including scenario analysis, but a climate roadmap is still in progress.
Further, we inquired how this ambition was translated into investment decisions and the related potential
impact of climate-related risks and ambitions on the company’s annual report and financial statements.
- The Company has disclosed in Chapter 4.2 of the annual report that it has prepared its sustainability
statements in accordance with the European Sustainability Reporting Standards (ESRS). We have read,
and considered as part of our risk assessment, these sustainability statements, which include information
over material sustainability matters relating to material impacts, risks and opportunities related to climate
change. As part of this, we have read and considered the information reported over the connectivity of the
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sustainability statements with the financial statements, more specifically relating to the following current
and anticipated financial effects related to sustainability matters:
o Current financial effects: 4.7.1.1.8 Financial effects of climate IROs and
o Anticipated financial effects: 4.7.1.1.8 Financial effects of climate IROs
- We evaluated climate risk-related fraud risk factors such as pressure from remuneration and expectations
from external stakeholders to meet ESG/climate risk-related targets. We concluded that the factors do not
result in an event or condition that would indicate a risk of material misstatement in the financial
statements.
- We have inquired with the external appraiser on how climate risk factors are considered in the external
appraisal process and inspected the external valuation reports on potential climate-related impact on fair
value of investment property.
- We used KPMG climate change subject matter experts, to support in understanding how climate-related
risks and opportunities may affect the entity, in order to understand the (potential) implications on its
accounting in the current year’s financial statements.
Based on the procedures performed above, we found that climate-related risks have no
material impact on the current financial statements under the requirements of EU-IFRS
and no material impact on our key audit matters.
Furthermore, we have read the ‘Other information’ with respect to climate-related risks
as included in the annual report and considered whether such information contains
material inconsistencies with the financial statements or our knowledge obtained
through the audit, in particular as described above, and our knowledge obtained otherwise.
Our key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of
the financial statements. We have communicated the key audit matters to the Board of Directors. The key audit
matters are not a comprehensive reflection of all matters discussed.
Compared to last year, the key audit matters with respect to goodwill and correction of errors have been
removed.
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Valuation of investment property and investment property under development
Description
Investment property and investment property under development (hereinafter ‘investment property’) amount to
EUR 15.7 billion and represent 91% of the Group’s total assets as at 31 December 2024. Investment property
is valued at fair value; therefore, the Group has to make estimates and use assumptions to determine those
fair values. The fair value is, as explained in notes 18 and 19 to the financial statements, determined by the
Board of Directors based on appraisal reports by an independent appraiser (98%) or on the acquisition price of
investment property as a proxy for the fair value when acquired close to the reporting date (2%).
Because the valuation of investment property and investment properties under development is complex and
highly dependent on estimates and significant assumptions (such as estimated rental value and yield/discount
rate, and specifically for investment property under development the development margin) and the availability
of comparable transactions, we consider the valuation of investment property as a key audit matter in our
audit.
Our response
With involvement of KPMG auditors in the Netherlands, Czech Republic, Slovakia, Hungary and Germany, our
procedures for the valuation of investment property included:
— Assessment of the valuation process with respect to the investment property as at 31 December 2024,
including an evaluation of the design and implementation of related internal controls and test of details.
— Verification whether lease data provided to the appraisers is consistent with the property management
systems, and whether any significant changes have occurred since providing the data to the appraisers.
— Evaluation of the competence, capabilities and objectivity of the external appraisal firms.
— Involvement of property valuation experts to verify the appropriateness of the valuation methodology,
determine the mathematical accuracy of the valuation model and verification of the appropriateness of key
assumptions in the valuation process, which consists of estimated rental values and yields/discount rates.
This included assessing the historical accuracy of the assumptions in prior periods, our understanding of
the market and market developments, and a comparison of assumptions and movements therein with
publicly available data.
— Discussion of the results of the valuation process and our findings and observations with management
and the appraisal firms.
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— Evaluation of the adequacy of the disclosures in notes 18 and 19 in respect of investment property in
conformity with EU-IFRS.
Our observation
Overall, we assess that the assumptions and methodologies used, and related estimates resulted in a
valuation of investment property that is deemed reasonable and concurs with the related disclosures in the
financial statements.
Real estate transactions
Description
As part of the normal course of business, real estate transactions take place.
Acquisitions of investment property and investment property under development are significant transactions
that are prone to fraud due to the nature of these transactions.
Transactions often involve a variable consideration (earnouts, rental guarantees, etc.) and are structured as
asset deals or share deals.
We have identified fraud risk in relation to corruption in the context of the use of agents and/or business
partners as part of the acquisition of investment property and investment property under development and
related potential conflicts of interest.
The fraud risk has been allocated to specific transactions/properties (i.e., entities within the group that are
involved in acquisition of real estate) mainly to screen whether fraud risk factors in transactions are present.
Our response
In respect of fraud risks related to transactions with investment property and investment property under
development, we obtained an understanding of management’s anti-fraud controls (for example, counterparty
due diligence, four-eyes principle, procurement procedures for development/construction contracts). Further,
we selected specific transactions to verify whether any fraud risk factors are present, especially in the view of a
possible conflict of interest.
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At group level, we also inspected minutes of Board meetings in which these transactions are discussed to
verify that the governance around the transactions is appropriate, and the required approvals are obtained.
Our observation
Based on our procedures on specific real estate transactions, we have not found any fraud risk factors that
would lead to a potential fraud risk and/or conflict of interest.
Report on the other information included in the annual report
In addition to the financial statements and our auditor’s report thereon, the annual report contains other
information.
Based on the following procedures performed, we conclude that the other information:
• is consistent with the financial statements and does not contain material misstatements; and
• contains the information as required by Part 9 of Book 2 of the Dutch Civil Code for the management report
and other information.
We have read the other information. Based on our knowledge and understanding obtained through our audit of
the financial statements or otherwise, we have considered whether the other information contains material
misstatements.
By performing these procedures, we comply with the requirements of Part 9 of Book 2 of the Dutch Civil Code
and the Dutch Standard 720. The scope of the procedures performed is less than the scope of those performed
in our audit of the financial statements.
The Board of Directors is responsible for the preparation of the other information, including the information as
required by Part 9 of Book 2 of the Dutch Civil Code.
Report on other legal and regulatory requirements and ESEF
Engagement
We were initially appointed by the General Meeting of Shareholders as auditor of CTP N.V. on 16 March 2021,
as of the audit for the year 2021 and have operated as statutory auditor ever since that financial year.
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No prohibited non-audit services
We have not provided prohibited non-audit services as referred to in Article 5(1) of the EU Regulation on specific
requirements regarding statutory audits of public-interest entities.
European Single Electronic Format (ESEF)
CTP N.V. has prepared its annual report in ESEF. The requirements for this are set out in the Delegated
Regulation (EU) 2019/815 with regard to regulatory technical standards on the specification of a single electronic
reporting format (hereinafter: the RTS on ESEF).
In our opinion, the annual report prepared in XHTML format, including the (partly) marked-up consolidated
financial statements as included in the reporting package by CTP N.V., complies in all material respects with the
RTS on ESEF.
The Board of Directors is responsible for preparing the annual report including the financial statements in
accordance with the RTS on ESEF, whereby the Board of Directors combines the various components into one
single reporting package.
Our responsibility is to obtain reasonable assurance for our opinion whether the annual report in this reporting
package complies with the RTS on ESEF. We performed our examination in accordance with Dutch law,
including Dutch Standard 3950N ’Assurance-opdrachten inzake het voldoen aan de criteria voor het opstellen
van een digitaal verantwoordingsdocument’ (assurance engagements relating to compliance with criteria for
digital reporting). Our examination included, among others:
• obtaining an understanding of the entity's financial reporting process, including the preparation of the
reporting package;
• identifying and assessing the risks that the annual report does not comply in all material respects with the
RTS on ESEF and designing and performing further assurance procedures responsive to those risks to
provide a basis for our opinion, including:
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- obtaining the reporting package and performing validations to determine whether the reporting package
containing the Inline XBRL instance document and the XBRL extension taxonomy files has been prepared
in accordance with the technical specifications as included in the RTS on ESEF;
- examining the information related to the consolidated financial statements in the reporting package to
determine whether all required mark-ups have been applied and whether these are in accordance with the
RTS on ESEF.
Description of responsibilities regarding the financial statements
Responsibilities of the Board of Directors for the financial statements
The Board of Directors is responsible for the preparation and fair presentation of the financial statements in
accordance with EU-IFRS and Part 9 of Book 2 of the Dutch Civil Code. Furthermore, the Board of Directors is
responsible for such internal control as management determines is necessary to enable the preparation of the
financial statements that are free from material misstatement, whether due to fraud or error. In that respect the
Board of Directors is responsible for the prevention and detection of fraud and non-compliance with laws and
regulations, including determining measures to resolve the consequences of it and to prevent recurrence.
As part of the preparation of the financial statements, the Board of Directors is responsible for assessing the
company’s ability to continue as a going concern. Based on the financial reporting frameworks mentioned, the
Board of Directors should prepare the financial statements using the going concern basis of accounting unless
the Board of Directors either intends to liquidate the company or to cease operations, or has no realistic
alternative but to do so. The Board of Directors should disclose events and circumstances that may cast
significant doubt on the company’s ability to continue as a going concern in the financial statements.
Our responsibilities for the audit of the financial statements
Our objective is to plan and perform the audit engagement in a manner that allows us to obtain sufficient and
appropriate audit evidence for our opinion.
Our audit has been performed with a high, but not absolute, level of assurance, which means we may not detect
all material errors and fraud during our audit.
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Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the basis of these financial
statements. The materiality affects the nature, timing and extent of our audit procedures and the evaluation of the
effect of identified misstatements on our opinion.
A further description of our responsibilities for the audit of the financial statements is included in the appendix of
this auditor’s report. This description forms part of our auditor’s report.
Amstelveen, 7 March 2025
KPMG Accountants N.V.
H.D. Grönloh RA
Appendix:
Description of our responsibilities for the audit of the financial statements
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Appendix
Description of our responsibilities for the audit of the financial statements
We have exercised professional judgment and have maintained professional scepticism throughout the audit, in
accordance with Dutch Standards on Auditing, ethical requirements and independence requirements. Our audit
included, among others:
• Identifying and assessing the risks of material misstatement of the financial statements, whether due to fraud
or error, designing and performing audit procedures responsive to those risks, and obtaining audit evidence
that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than the risk resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtaining an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of
the company’s internal control.
• Evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by the Board of Directors.
• Concluding on the appropriateness of the Board of Directors’ use of the going concern basis of accounting,
and based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on company’s ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the
related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However,
future events or conditions may cause a company to cease to continue as a going concern.
• Evaluating the overall presentation, structure and content of the financial statements, including the
disclosures.
• Evaluating whether the financial statements represent the underlying transactions and events in a manner
that achieves fair presentation.
We are responsible for planning and performing the group audit to obtain sufficient appropriate audit evidence
regarding the financial information of the entities or business units within the group as a basis for forming an
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opinion on the financial statements. We are also responsible for the direction, supervision and review of the audit
work performed for purposes of the group audit. We bear the full responsibility for the auditor’s report.
We communicate with the Board of Directors regarding, among other matters, the planned scope and timing of
the audit and significant audit findings, including any significant findings in internal control that we identify during
our audit. In this respect, we also submit an additional report to the audit committee in accordance with Article 11
of the EU Regulation on specific requirements regarding statutory audits of public-interest entities. The
information included in this additional report is consistent with our audit opinion in this auditor’s report.
We provide the Board of Directors with a statement that we have complied with relevant ethical requirements
regarding independence, and communicate with them all relationships and other matters that may reasonably be
thought to bear on our independence, and, where applicable, related safeguards.
From the matters communicated with the Board of Directors, we determine the key audit matters: those matters
that were of most significance in the audit of the financial statements. We describe these matters in our auditor’s
report unless law or regulation precludes public disclosure about the matter or when, in extremely rare
circumstances, not communicating the matter is in the public interest.
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KPMG Accountants N.V., a Dutch limited liability company registered with the trade register in the Netherlands under number 33263683, is a member firm of the global organization of independent member firms affiliated with
KPMG International Limited, a private English company limited by guarantee.
Limited assurance report of the
independent auditor on the
sustainability statement
To: the General Meeting of Shareholders of CTP N.V.
Our conclusion
We have performed a limited assurance engagement on the consolidated sustainability statement for 2024 of
CTP N.V. based in Amsterdam (hereinafter: the company) in section ‘ESG’ of the accompanying Annual Report,
including the information incorporated in the sustainability statement by reference (hereinafter: the sustainability
statement).
Based on the procedures performed and the assurance evidence obtained, nothing has come to our attention
that causes us to believe that the sustainability statement is not, in all material respects:
• prepared in accordance with the European Sustainability Reporting Standards (ESRS) as adopted by the
European Commission and in accordance with the double materiality assessment process carried out by the
company to identify the information reported pursuant to the ESRS; and
• compliant with the reporting requirements provided for in Article 8 of Regulation (EU) 2020/852 (Taxonomy
Regulation).
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Basis for our conclusion
We performed our limited assurance engagement on the sustainability information in accordance with Dutch law,
including Dutch Standard 3810N ‘Assurance-opdrachten inzake duurzaamheidsverslaggeving’ (Assurance
engagements relating to sustainability reporting) which is a specified Dutch standard that is based on the
International Standard on Assurance Engagements (ISAE) 3000 (Revised) ’Assurance engagements other than
audits or reviews of historical financial information’. Our responsibilities under this standard are further described
in the section ‘Our responsibilities for the assurance engagement on the sustainability statement’ section of our
report.
We are independent of the company in accordance with the ‘Verordening inzake de onafhankelijkheid van
accountants bij assurance-opdrachten’ (ViO, Code of Ethics for Professional Accountants, a regulation with
respect to independence). Furthermore, we have complied with the ‘Verordening gedrags- en beroepsregels
accountants’ (VGBA, Dutch Code of Ethics for Professional Accountants).
We believe the assurance evidence we have obtained is sufficient and appropriate to provide a basis for our
conclusion.
Emphasis of matters
Emphasis on the context of the new sustainability reporting standards
We draw attention to section ‘Scope and Basis of Preparation’ of the sustainability statement. This disclosure
sets out that the sustainability statement has been prepared in a context of new sustainability reporting standards
requiring entity-specific and temporary interpretations and addressing inherent measurement or evaluation
uncertainties.
Emphasis on the most significant uncertainties affecting the quantitative metrics and monetary amounts
We draw attention to section ‘Scope and Basis of Preparation’ in the sustainability statement that identifies the
quantitative metrics and monetary amounts that are subject to a high level of measurement uncertainty and
discloses information about the sources of measurement uncertainty and the assumptions, approximations and
judgements the company has made in measuring these in compliance with the ESRS.
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The comparability of sustainability information between entities and over time may be affected by the lack of
historical sustainability information in accordance with the ESRS and by the absence of a uniform practice on
which to draw, to evaluate and measure this information. This allows for the application of different, but
acceptable, measurement techniques.
Emphasis on the double materiality assessment process
We draw attention to the Materiality’ sections of the material topics as a result of the double materiality
assessment in the sustainability statement. This section explains future improvements in the ongoing due
diligence and double materiality assessment process, including robust engagement with affected stakeholders.
Due diligence is an on-going practice that responds to and may trigger changes in the company’s strategy,
business model, activities, business relationships, operating, sourcing and selling contexts. The double
materiality assessment process may also be impacted in time by sector-specific standards to be adopted. The
sustainability statement may not include every impact, risk and opportunity or additional entity-specific disclosure
that each individual stakeholder (group) may consider important in its own particular assessment.
Our conclusion is not modified in respect to these matters.
Corresponding information not subject to assurance procedures
No reasonable or limited assurance procedures have been performed on the sustainability statement of prior
year. Consequently, the corresponding sustainability information and thereto related disclosures for the period up
to 2024 have not been subject to reasonable or limited assurance procedures.
Our conclusion is not modified in respect to this matter.
Limitations to the scope of our assurance engagement
In reporting forward-looking information in accordance with the ESRS, the Board of Management of the company
is required to prepare the forward-looking information on the basis of disclosed assumptions about events that
may occur in the future and possible future actions by the company. The actual outcome is likely to be different
since anticipated events frequently do not occur as expected. Forward-looking information relates to events and
actions that have not yet occurred and may never occur. We do not provide assurance on the achievability of this
forward-looking information.
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4
The references to external sources or websites in the sustainability information are not part of the sustainability
information as included in the scope of our assurance engagement. We therefore do not provide assurance on
this information.
Our conclusion is not modified in respect to these matters.
Responsibilities of the Board of Management and the Supervisory Board on the sustainability
statement
The Board of Management is responsible for the preparation of the sustainability statement in accordance with
the ESRS, including the double materiality assessment process carried out by the company as the basis for the
sustainability statement and disclosure of material impacts, risks and opportunities in accordance with the ESRS.
As part of the preparation of the sustainability statement, management is responsible for compliance with the
reporting requirements provided for in Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation The Board of
Management is also responsible for selecting and applying additional entity-specific disclosures to enable users
to understand the company’s sustainability-related impacts, risks or opportunities and for determining that these
additional entity-specific disclosures are suitable in the circumstances and in accordance with the ESRS
Furthermore, the Board of Management is responsible for such internal control as it determines is necessary to
enable the preparation of the sustainability statement that is free from material misstatement, whether due to
fraud or error.
The Supervisory Board is responsible for overseeing the sustainability reporting process including the double
materiality assessment process carried out by the company
Our responsibilities for the assurance engagement on the sustainability statement
Our responsibility is to plan and perform the assurance engagement in a manner that allows us to obtain
sufficient and appropriate assurance evidence for our conclusion.
Our assurance engagement is aimed to obtain a limited level of assurance to determine the plausibility of
sustainability information. The procedures vary in nature and timing from, and are less in extent, than for a
reasonable assurance engagement. The level of assurance obtained in a limited assurance engagement is
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5
therefore substantially less than the assurance that is obtained when a reasonable assurance engagement is
performed.
We apply the quality management requirements pursuant to the Nadere voorschriften kwaliteitsmanagement (NV
KM, regulations for quality management) and accordingly maintain a comprehensive system of quality
management including documented policies and procedures regarding compliance with ethical requirements,
professional standards and applicable legal and regulatory requirements.
Our limited assurance engagement included among others:
— Performing inquiries and an analysis of the external environment and obtaining an understanding of
relevant sustainability themes and issues, the characteristics of the company), its activities and the value
chain and its key intangible resources in order to assess the double materiality assessment process
carried out by the company as the basis for the sustainability statement and disclosure of all material
sustainability-related impacts, risks and opportunities in accordance with the ESRS.
— Obtaining through inquiries a general understanding of the internal control environment, the company’s
processes for gathering and reporting entity-related and value chain information, the information systems
and the company’s risk assessment process relevant to the preparation of the sustainability statement
and for identifying the company’s activities, determining eligible and aligned economic activities and
prepare the disclosures provided for in Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation),
without obtaining assurance evidence about the implementation, or testing the operating effectiveness, of
controls.
— Assessing the double materiality assessment process carried out by the company and identifying and
assessing areas of the sustainability statement, including the disclosures provided for in Article 8 of
Regulation (EU) 2020/852 (Taxonomy Regulation) where misleading or unbalanced information or
material misstatements, whether due to fraud or error, are likely to arise (‘selected disclosures’). We
designed and performed further assurance procedures aimed at assessing that the sustainability
statement is free from material misstatements responsive to this risk analysis.
— Considering whether the description of the double materiality assessment process in the sustainability
statement made by Board of Management appears consistent with the process carried out by the
company;
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— Performing analytical review procedures on quantitative information in the sustainability statement,
including consideration of data and trends;
— Assessing whether the company’s methods for developing estimates are appropriate and have been
consistently applied for selected disclosures. We considered data and trends, however, our procedures
did not include testing the data on which the estimates are based or separately developing our own
estimates against which to evaluate management’s estimates;
— Analysing, on a limited sample basis, relevant internal and external documentation available to the
company (including publicly available information or information from actors throughout its value chain)
for selected disclosures;
— Reading the other information in the annual report to identify material inconsistencies, if any, with the
sustainability statement;
— Considering whether:
— the disclosures provided to address the reporting requirements provided for in Article 8 of
Regulation (EU) 2020/852 (Taxonomy Regulation) for each of the environmental objectives,
reconcile with the underlying records of the company and are consistent or coherent with the
sustainability statement;
— the disclosures provided to address the reporting requirements provided for in Article 8 of
Regulation (EU) 2020/852 (Taxonomy Regulation) appear reasonable, in particular whether the
eligible economic activities meet the cumulative conditions to qualify as aligned and whether the
technical screening criteria are met; and
— the key performance indicators disclosures have been defined and calculated in accordance with
the Taxonomy reference framework as defined in Appendix 1 Glossary of Terms of the CEAOB
Guidelines on limited assurance on sustainability reporting adopted on 30 September 2024 , and
in compliance with the reporting requirements provided for in Article 8 of Regulation (EU)
2020/852 (Taxonomy Regulation), including the format in which the activities are presented;
— Considering the overall presentation, structure and the fundamental qualitative characteristics of
information (relevance and faithful representation: complete, neutral and accurate) reported in the
sustainability statement, including the reporting requirements provided for in Article 8 of Regulation (EU)
2020/852 (Taxonomy Regulation); and
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— Considering, based on our limited assurance procedures and evaluation of the assurance evidence
obtained, whether the sustainability statement as a whole, is free from material misstatements and
prepared in accordance with the ESRS.
Amstelveen, 7 March 2025
KPMG Accountants N.V
H.D. Grönloh R A
344
CTP N.V. Annual Report 2024
Appendices
7
345
Appendices
CTP N.V. Annual Report 2024
7.1 Group Structure 346
7.2 EPRA Appendices 352
7.2.1 EPRA Financial Performance Metrics 352
7.2.2 EPRA Earnings 353
7.2.3 EPRA Net Asset Value Metrics 354
7.2.4 EPRA NIY and ‘topped-up’ NIY 355
7.3 Materiality Appendices 356
7.3.1 Material Topics 356
7.3.2 Climate 366
7.3.2.1 Energy 366
7.3.2.2 Emissions 367
7.3.2.3 Intensities 367
7.3.3 Water 368
7.3.4 Waste 369
7.3.5 New BREEAM Certifications 369
7.3.6 New EPC certifications 370
7.3.7 New hires and new hire rate 370
7.3.8 Taxes 370
7.3.9 Absentee rate 370
7.4 ESRS Index 371
7.5 TCFD Index 375
7.6 EPRA sBPR Index 376
7.7 GRI INDEX 377
7.8 Property List 380
7.9 Glossary 385
7.10 Disclaimer 388
Section 7
346
Appendices
CTP N.V. Annual Report 2024
7.1 Group Structure
CTP GROUP STRUCTURE CHART AS AT 31 DECEMBER 2024
2
CTP N.V. Annual Report 2024
ctp.eu
7.1 Group Structure
CTP GROUP STRUCTURE CHART AS AT 31 DECEMBER 2024
Continues on the pages 6-7
Continues on the pages 2-5
Remon Leonard Vos
Person with significant control
100%
100%
>73%
100%
100%100%
Stichting Administratiekantoor Multivest
Multivest B.V.
CTP Holding B.V.
CTP N.V.
CTP Invest, spol. s r.o. CTP Property B.V.CTP Deutschland B.V.
Continues on the pages 347-349 Continues on the pages 350-351
347
Appendices
CTP N.V. Annual Report 2024
3
CTP N.V. Annual Report 2024
ctp.eu
Czech Republic
CTP Property Czech, spol. s r.o. 100%
CTP X, spol. s r.o. 100%
CTPark Brno Retail, spol. s r.o. 100%
CTPark Brno III, spol. s r.o. 100%
CTP Equestrian Club Club, spol. s r.o. 100%
CTP XIV, spol. s r.o. 100%
CTP II, spol. s r.o. 100%
CTPark Prague North III, spol. s r.o. 100%
CTP III, spol. s r.o. 100%
CTP V, spol. s r.o. 100%
CTPark Stříbro, spol. s r.o. 100%
CTP XV, spol. s r.o. 100%
CTP XVI, spol. s r.o. 100%
CTP Forest, spol. s r.o. 100%
Clubco Vlněna, spol. s r.o. 100%
CTPark Blučina, spol. s r.o. 100%
CTP Barrandov, spol. s r.o. 100%
CTP XXII, spol. s r.o. 100%
CTPark Lysá nad Labem, spol. s r.o. 100%
CTP IQ Ostrava, spol. s r.o. 100%
CTP XII, spol. s r.o. 100%
CTP XI, spol. s r.o. 100%
CTP IV, spol. s r.o. 100%
CTP VI, spol. s r.o. 100%
Spielberk Business Park, spol. s r.o. 100%
CTZone Ostrava, spol. s r.o. 100%
CTP Energy CZ, spol. s r.o. 100%
CTP VIII, spol. s r.o. 100%
CTP XXIV, spol. s r.o. 100%
CTPark Ostrava Hrušov, spol. s r.o. 100%
CTPark Nýřany, spol. s r.o. 100%
CTP Nová Zvonařka, spol. s r.o. 100%
Clubco Nupaky, spol. s r.o. 100%
Clubco Ostrava, spol. s r.o. 100%
CTPark Tošanovice a.s. 100%
CTP XXV, spol. s r.o. 100%
CTP XXVI, spol. s r.o. 100%
CTP XXVII, spol. s r.o. 100%
CTP XXVIII, spol. s r.o. 100%
RTC Real a.s. 100%
CTP XXX, spol. s r.o. 100%
CTP XXXI, spol. s r.o. 100%
CTP XXXII, spol. s r.o. 100%
CTP Hotel Pilsen, spol. s r.o. 100%
L
CTP Hotel Operations Pilsen, spol. s r.o. 90%
10% CTP Invest, spol. s r.o.
CTP Hotel Prague, spol. s r.o. 100%
L
CTP Hotel Operations Prague, spol. s r.o. 90%
10% CTP Invest spol. s.r.o.
Spielberk Business Park II, spol. s r.o. 100%
L
CTP Hotel Operations Brno, spol. s r.o. 100%
CTP CEE Properties, spol. s r.o. 100%
Romania
CTP Invest Bucharest SRL 100%
L
Universal Management SRL 100%
L
CTPark Management Turda SRL 100%
L
CTPark Management Afumati SRL 100%
CTPark Theta SRL 100%
CTPark Psi SRL 100%
CTPark Zeta SRL 100%
CTPark Epsilon SRL 100%
CTPark Iota SRL 100%
CTPark Miu SRL 100%
CTPark Omicron SRL 100%
CTPark Rho SRL 100%
CTPark KM23 North SRL 100%
Forest Property Invest SRL 100%
CTP Solar SRL 100%
CTPark Arad North SRL 100%
CTPark Sibiu East SRL 100%
CTPark Craiova East SRL 100%
CTPark Oradea North SRL 100%
CTPark Timisoara East SRL 100%
CTPark Brasov SRL 100%
CTPark Brasov West SRL 100%
CTPark Bucharest South II SRL 100%
CTPark Chitila SRL 100%
CTPark Pitesti SRL 100%
CTPark Pitesti East SRL 100%
CTPark Timisoara North SRL 100%
CTPark Dragomiresti SRL 100%
CTPark Oradea South SRL 100%
Logistics Hub Chitila SRL 100%
North Logistics Hub SRL 100%
Elgan Automotive SRL 100%
Industrial Park West SRL 100%
See Exclusive Development SRL 100%
Hungary
CTP Management Hungary Kft. 100%
CTPark Twelve Kft. 100%
CTPark Thirteen Kft. 100%
CTPark Fourteen Kft. 100%
CTPark Fifteen Kft. 100%
CTPark Sixteen Kft. 100%
CTPark Seventeen Kft. 100%
Office Campus Real Estate Kft. 100%
CTP Energy Hungary Kft. 100%
CTPark Eighteen Kft. 100%
CTPark Nineteen Kft. 100%
CTPark Twenty Kft. 100%
CTPark Twenty One Kft. 100%
CTPark Twenty Two Kft. 100%
CTPark Twenty Three Kft. 100%
CTPark Twenty Four Kft. 100%
CTPark Twenty Five Kft. 100%
CTPark Twenty Six Kft. 100%
CTPark Twenty Seven Kft. 100%
CTPark Twenty Eight Kft. 100%
CTPark Twenty Nine Kft. 100%
CTPark Thirty Kft. 100%
CTPark Thirty One Kft. 100%
CTP Invest, spol. s r.o.
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CTP Invest, spol. s r.o.
Poland
CTP Invest Poland sp. z o.o. 100%
CTPark Zabrze sp. z o.o. 100%
CTP Beta Poland sp. z o.o. 100%
CTP Delta Poland sp. z o.o. 100%
CTP Zeta Poland sp. z o.o. 100%
CTP Epsilon Poland sp. z o.o. 100%
CTP Iota Poland sp. z o.o. 100%
CTP Dystrybucja sp. z o.o. 100%
CTP Lambda Poland sp. z o.o. 100%
CTP Mu Poland sp. z o.o. 100%
CTP Xi Poland sp. z o.o. 100%
CTP Tau Poland sp. z o.o. 100%
CTP Energy Poland sp. z o.o. 100%
CTP Pi Poland sp. z o.o. 100%
CTP Rho Poland sp. z o.o. 100%
CTP Chi Poland sp. z o.o. 100%
CTP Omega Poland sp. z o.o. 100%
CTP Property Alpha Poland sp. z o.o. 100%
CTP Property Gamma Poland sp. z o.o. 100%
CTP Property Delta Poland sp. z o.o. 100%
CTP Property Epsilon Poland sp. z o.o. 100%
CTP Property Eta Poland sp. z o.o. 100%
CTP Property Zeta Poland sp. z o.o. 100%
CTP Property Theta Poland sp. z o.o. 100%
CTP Property Iota Poland sp. z o.o. 100%
CTP Property Kappa Poland sp. z o.o. 100%
CTP Property Lambda Poland sp. z o.o. 100%
CTP Property Mu Poland sp. z o.o. 100%
CTP Property Nu Poland sp. z o.o. 100%
Wiskitki Project sp. z o.o. 100%
Slovakia
CTP Invest SK, spol. s r.o. 90%
L
10% CTP Property Czech, spol. s r.o.
CTPark Čierny Les, spol. s r.o. 90%
L
10% CTP Property Czech, spol. s r.o.
CTPark Prešov North, spol. s r.o. 90%
L
10% CTP Property Czech, spol. s r.o.
CTPark Trnava II, spol. s r.o. 90%
L
10% CTP Property Czech, spol. s r.o.
SK24 CTP Omega SK, spol. s r.o. 90%
L
10% CTP Property Czech, spol. s r.o
CTPark Košice II, spol. s r.o. 90%
L
10% CTP Property Czech, spol. s r.o
CTP Dunaj s.r.o. 90%
L
10% CTP Property Czech, spol. s r.o.
CTP Solar SK, spol. s r.o. 90%
L
10% CTP Property Czech, spol. s r.o.
CTPark Banská Bystrica, spol. s r.o. 90%
L
10% CTP Property Czech, spol. s r.o.
CTPark Land SK 1, spol. s r.o. 90%
L
10% CTP Property Czech, spol. s r.o.
CTP Energy SK, spol. s r.o. 90%
L
10% CTP Property Czech, spol. s r.o.
CTPark Trnava III, spol. s r.o. 90%
L
10% CTP Property Czech, spol. s r.o.
Netherlands
CTP Invest B.V. 100%
CTP Alpha B.V. 100%
CTP Beta B.V. 100%
CTP Gamma B.V. 100%
CTPark Bremen B.V. 100%
CTP Zeta B.V. 100%
CTP Energy B.V. 100%
CTP Lambda B.V. 100%
CTP ALC B.V. 100%
CTP Mu B.V. 100%
Multifin B.V. 100%
Germany
L
CTP Germany II GmbH 100%
CTP Baltic Holding B.V. 100%
Latvia
L
Samesova SIA 100%
L
Vojtova SIA 100%
L
Zemankova SIA 100%
Lithuania
L
UAB Samesova 100%
L
UAB Vojtova 100%
L
UAB Zemankova 100%
Estonia
L
Samesova OÜ 100%
L
Vojtova OÜ 100%
L
Zemankova OÜ 100%
CTP Turkish Holding B.V. 100%
Turkey
L
CTP ALPHA GAYRİMENKUL
VE İNŞAAT LİMİTED ŞİRKETİ 100%
L
CTP BETA GAYRİMENKUL
VE İNŞAAT LİMİTED ŞİRKETİ 100%
L
CTP GAMMA GAYRİMENKUL
VE İNŞAAT LİMİTED ŞİRKETİ 100%
CTP Mediterranean Holding B.V. 100%
Egypt
L
CTP Real Estate 90%
10% CTP Baltic Holding B.V.
L
CTP Real Estate Development 90%
10% CTP Baltic Holding B.V.
L
CTP Invest 90%
10% CTP Baltic Holding B.V.
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Spain
Global Guanaco, S.L.U. 100%
France
CTP France 100%
CTP Alpha France 100%
CTP Beta France 100%
Italy
CTP Italy S.r.l. 100%
CTP Alpha S.r.l. 100%
CTP Beta S.r.l. 100%
United Kingdom
CTP Invest Ltd 100%
Denmark
CTP Invest Denmark ApS 100%
CTP Invest doo Beograd-Novi Beograd 100%
CTP Energy doo Beograd-Novi Beograd 100%
CTP Sigma doo Beograd-Novi Beograd 100%
CTP Omicron doo Beograd-Novi Beograd 100%
CTP Phi doo Beograd-Novi Beograd 100%
CTP Rho doo Beograd-Novi Beograd 100%
CTP Tau doo Beograd-Novi Beograd 100%
CTP Property Alpha doo Beograd-Novi Beograd 100%
CTP Property Beta doo Beograd-Novi Beograd 100%
CTP Property Gamma doo Beograd-Novi Beograd 100%
CTP Property Delta doo Beograd-Novi Beograd 100%
CTP Property Kappa doo Beograd-Novi Beograd 100%
CTP Property Lambda doo Beograd-Novi Beograd 100%
Serbia
Bulgaria
CTP Invest EOOD 100%
CTPark Beta EOOD 100%
CTPark Gamma EOOD 100%
CTPark Delta EOOD 100%
CTPark Epsilon EOOD 100%
L
Project Vrajdebna EOOD 100%
CTPark Zeta EOOD 100%
L
CTPark Kappa EOOD 100%
CTPark Eta EOOD 100%
L
CTPark Lambda EOOD 100%
CTPark Theta EOOD 100%
CTPark Iota EOOD 100%
CTPark Sofia Ring Road EOOD 100%
CTPark Sofia EOOD 100%
CTP Energy Bulgaria EOOD 100%
CTPark Mu EOOD 100%
Austria
CTP Beta GmbH 100%
CTP Invest Immobilien GmbH 100%
CTP Alpha GmbH 100%
CTP Gamma GmbH 100%
CTP Delta GmbH 100%
CTP Epsilon GmbH 100%
CTP Zeta GmbH 100%
CTP Eta GmbH 100%
CTP Theta GmbH 100%
CTP Iota GmbH 100%
CTP Kappa GmbH 100%
CTP Energy GmbH 100%
CTP Lambda GmbH 100%
CTP Mu GmbH 100%
CTP Nu GmbH 100%
CTP Xi GmbH 100%
CTP Omicron GmbH 100%
CTP Pi GmbH 100%
Germany
CTP Invest Germany GmbH 100%
CTP Energy Germany GmbH 100%
CTP Invest, spol. s r.o.
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Czech Republic
CTPark Brno, spol. s r.o. 100%
CTPark Prague West, spol. s r.o. 100%
CTPark Cerhovice, spol. s r.o. 100%
CTP Vlněna Business Park, spol. s r.o. 100%
CTPark Plzeň, spol. s r.o. 100%
CTPark Brno Líšeň East, spol. s r.o. 100%
CTP XVII, spol. s r.o. 100%
CTP CEE Sub Holding II, spol. s r.o. 100%
Poland
L
CTPark Konik sp. z o.o. 100%
L
CTPark Natolin sp. z o.o. 100%
L
CTPark Raszyn sp. z o.o. 100%
L
CTPark Toruń sp. z o.o. 100%
CTPark Brno Líšeň II, spol. s r.o. 100%
CTPark Aš II, spol. s r.o. 100%
CTP CEE Sub Holding, spol. s r.o. 100%
Poland
L
CTPark Iłowa sp. z o.o. 100%
L
CTP Gamma Poland sp. z o.o. 100%
L
CTP Property Beta Poland sp. z o.o. 100%
CTP Borská Pole, spol. s r.o. 100%
CTP Vysočina, spol. s r.o. 100%
CTPark Ostrava, spol. s r.o. 100%
CTP Moravia South, spol. s r.o. 100%
CTPark Mladá Boleslav, spol. s r.o. 100%
CTP Bohemia North, spol. s r.o.. 100%
CTPark Brno Líšeň West, spol. s r.o. 100%
CTP Moravia North, spol. s r.o. 100%
CTP Pilsen Region, spol. s r.o. 100%
CTP Bohemia West, spol. s r.o. 100%
CTPark Ostrava Poruba, spol. s r.o. 100%
CTPark České Velenice, spol. s r.o. 100%
CTPark Hranice, spol. s r.o. 100%
CTP XXIII, spol. s r.o. 100%
CTPark Prague Airport, spol. s r.o. 100%
CTPark Prague East, spol. s r.o. 100%
CTP Domeq Brno, spol. s r.o. 100%
CTP Ponávka Business Park, spol. s r.o. 100%
CTP Solar I, a.s. 100%
CTP Bohemia South, spol. s r.o. 100%
CTP Alpha, spol. s r.o. 100%
CTPark Chrastava a.s. 100%
CTPark Ostrava Radvanice, spol. s r.o. 100%
CTP Solar II, a.s. 100%
CTP Solar III, spol. s r.o. 100%
Romania
CTP Contractors SRL 100%
CTPark Alpha SRL 100%
CTPark Beta SRL 100%
CTPark Gamma SRL 100%
CTPark Delta SRL 100%
CTPark Bucharest SRL 100%
CTPark Bucharest West I SRL 100%
CTPark Deva II SRL 100%
CTPark Bucharest West II SRL 100%
CTPark Kappa SRL 100%
CTPark Bucharest II SRL 100%
CTPark Lambda SRL 100%
CTPark Omega SRL 100%
CTPark Phi SRL 100%
CTPark Sigma SRL 100%
CTPark Tau SRL 100%
CTPark Eta SRL 100%
CTPark Bucharest A1 SRL 100%
CTPark Bucharest Upsilon SRL 100%
Hungary
CTPark Alpha Kft. 100%
CTPark Beta Kft. 100%
CTPark Gamma Kft. 100%
CTPark Delta Kft. 100%
CTPark Biatorbágy Kft. 100%
CTPark Arrabona Kft. 100%
CTPark Seven Kft. 100%
CTPark Eight Kft. 100%
CTPark Ten Kft. 100%
CTPark Nine Kft. 100%
CTPark Eleven Kft. 100%
Germany
CTP Germany GmbH 100%
L
CTP Germany V GmbH 90%
10% CTP Invest, spol. s r.o
CTP Germany VI GmbH 100%
CTP Germany VII GmbH 100%
CTP Germany VIII GmbH 100%
CTP Germany IX GmbH 100%
CTP Germany X GmbH 100%
CTP Germany III GmbH 100%
CTP Germany IV GmbH 100%
CTP Germany XI GmbH 100%
CTP Germany XII GmbH 100%
CTP Germany XIII GmbH 100%
CTP Property B.V.
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Hong Kong
CTP Invest Hong Kong Limited 100%
China
CTP Consulting (Shenzhen) Co., Ltd. 100%
Denmark
CTP Alpha Denmark ApS 100%
CTP Beta Denmark ApS 100%
Slovakia
CTP Alpha SK, spol. s r.o. 90%
L
10% CTP CEE Sub Holding, spol. s r.o.
CTPark Krásno nad Kysucou, spol. s r.o. 90%
L
10% CTP CEE Sub Holding, spol. s r.o.
CTP Slovakia, s. r. o. 90%
L
10% CTP CEE Sub Holding, spol. s r.o.
CTPark Bratislava, spol. s r.o. 90%
L
10% CTP CEE Sub Holding, spol. s r.o.
CTPark Hlohovec, spol. s r.o. 90%
L
10% CTP CEE Sub Holding, spol. s r.o.
CTPark Nitra, spol. s r.o. 90%
L
10% CTP CEE Sub Holding, spol. s r.o.
CTPark Nove Mesto, spol. s.r.o. 90%
L
10% CTP CEE Sub Holding, spol. s r.o.
CTPark Košice, spol. s r.o. 90%
L
10% CTP CEE Sub Holding, spol. s r.o.
CTPark Prešov s.r.o. 90%
L
10% CTP CEE Sub Holding, spol. s r.o.
CTPark Žilina Airport, spol. s r.o. 90%
L
10% CTP CEE Sub Holding, spol. s r.o.
CTPark Námestovo, spol. s r.o. 90%
L
10% CTP CEE Sub Holding, spol. s r.o.
Serbia
CTP Alpha doo Beograd-Novi Beograd 100%
CTP Beta doo Beograd-Novi Beograd 100%
CTP Gamma doo Beograd-Novi Beograd 100%
CTP Delta doo Beograd-Novi Beograd 100%
CTP Epsilon doo Beograd-Novi Beograd 100%
CTP Kappa doo Beograd-Novi Beograd 100%
CTP Lambda doo Beograd 100%
Poland
CTPark Opole sp. z o.o. 100%
CTP Eta Poland sp. z o.o. 100%
CTP Nu Poland sp. z o.o. 100%
CTP Sigma Poland sp. z o.o. 100%
Netherlands
CTP Portfolio Finance Czech B.V. 100%
Czech Republic
L
CTPark Modřice, spol. s r.o. 100%
L
CTPark Bor, spol. s r.o. 100%
CTP Epsilon B.V. 100%
CTP Theta B.V. 100%
CTP Eta B.V. 100%
CTP Kappa B.V. 100%
CTP Nu B.V. 100%
CTP Xi B.V. 100%
CTP Omicron B.V. 100%
CTP Pi B.V. 100%
CTP Rho B.V. 100%
CTP Property B.V.
352
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CTP N.V. Annual Report 2024
7.2 EPRA Appendices
7.2.1 EPRA Financial Performance Metrics
Indicator 2024 2023
1. EPRA EARNINGS
a. EPRA EPS 0.80 0.69
b. Company Specific Adjusted EPRA EPS 0.80 0.73
2. EPRA NAV METRICS
a. EPRA Net Reinstatement Value 18.54 16.36
b. EPRA Net Tangible Assets 18.08 15.92
c. EPRA Net Disposal Value 15.58 14.90
3. EPRA YIELD METRICS
a. EPRA Net Initial Yield (NIY) 5.45% 5.56%
b. EPRA ‘Topped-up’ NIY 5.62% 5.78%
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CTP N.V. Annual Report 2024
7.2.2 EPRA Earnings
(€million) 2024 2023
Earnings per IFRS income statement 1,081.4 922.6
Adjustments to calculate EPRA Earnings, exclude:
Changes in value of investment properties, development
properties held for investment and other interests
941.5 878.7
Profits or losses on disposal of investment properties,
development properties held for investment and other interests
-2.3 3.7
Profits or losses on sales of trading properties including
impairment charges in respect of trading properties.
Tax on profits or losses on disposals 0.4 -0.1
Negative goodwill / goodwill impairment
Changes in fair value of financial instruments and associated
close-out costs
-1.9 -1.7
Acquisition costs on share deals and non-controlling joint venture
interests
Tax in respect of EPRA adjustments -219.7 -265.6
Adjustments above in respect of joint ventures (unless already
included under proportional consolidation)
Non-controlling interests in respect of the above
EPRA Earnings 363.4 307.7
Average number of shares (in million) 456.8 446.1
EPRA Earnings per Share (EPS) 0.80 0.69
(€million) 2024 2023
Adjustments to calculate Company specific adjusted EPRA
Earnings, exclude:
Impairment/depreciation on property , plant and equipment
FX related to company restructuring, intra-group transfer of
SPV's
5.9 9.2
Non-recurring financing cost (i.e., pre-payment fees, impairment
arrangement fees, etc.)
20.3 -6.6
Non-recurring items unrelated to operational performance
(i.e., donations, transaction advisory, write-offs, etc.)
-23.5 -22.9
Tax in respect of Company specific adjustments -3.3 4.5
Company specific adjusted EPRA Earnings 364.0 323.5
Company specific adjusted EPRA EPS 0.80 0.73
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CTP N.V. Annual Report 2024
7.2.3 EPRA Net Asset Value Metrics
(€million) EPRA NRV EPRA NTA EPRA NDV
31 December 2024 31 December 2023 31 December 2024 31 December 2023 31 December 2024 31 December 2023
IFRS Equity attributable to shareholders 7,351.2 6,166.9 7,351.2 6,166.9 7,351.2 6,166.9
Include / Exclude:
i) Hybrid instruments
Diluted NAV 7,351.2 6,166.9 7,351.2 6,166.9 7,351.2 6,166.9
Include:
ii.a) Revaluation of IP (if IAS 40 cost option is used)
ii.b) Revaluation of IPUC (if IAS 40 cost option is used)
ii.c) Revaluation of other non-current investments
iii) Revaluation of tenant leases held as finance leases
iv) Revaluation of trading properties
Diluted NAV at Fair Value 7,351.2 6,166.9 7,351.2 6,166.9 7,351.2 6,166.9
Exclude:
v) Deferred tax in relation to fair value gains of IP -1,365.9 -1,162.3 -1,365.9 -1,162.3
vi) Fair value of financial instruments -22.0 16.1 -22.0 16.1
vii) Goodwill as a result of deferred tax 38.8 38.8 38.8 38.8 38.8 38.8
viii.a) Goodwill as per the IFRS balance sheet (net of vii)) 132.3 132.3 132.3 132.3
viii.b) Intangibles as per the IFRS balance sheet 8.4 5.4
Include:
ix) Fair value of fixed interest rate debt 195.4 683.7
x) Revaluation of intangibles to fair value
xi) Real estate transfer tax 73.4 59.4
NAV 8,773.6 7,333.7 8,559.4 7,136.6 7,375.4 6,679.5
Fully diluted number of shares (in million) 473 448 473 448 473 448
NAV per share 18.54 16.36 18.08 15.92 15.58 14.90
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CTP N.V. Annual Report 2024
7.2.4 EPRA NIY and ‘topped-up’ NIY
(€million) 31 December 2024 31 December 2023
Investment property – wholly owned 15,732.1 12,478.9
Investment property – share of JVs/Funds 0.0 0.0
Trading property (including share of JVs) 0.0 0.0
Less: developments 1,076.8 1,359.6
Less: landbank 1,292.4 919.8
Completed property portfolio 13,362.9 11,119.4
Allowance for estimated purchasers’ costs 0.0 0.0
Gross up completed property portfolio valuation 13,362.9 11,119.4
Annualised cash passing rental income 745.4 637.7
Property outgoings 17.3 20.0
Annualised net rents 728.1 617.7
Add: notional rent expiration of rent free periods or
other lease incentives
23.1 25.1
Topped-up net annualised rent 751.2 642.8
EPRA NIY 5.45% 5.6%
EPRA “topped-up” NIY 5.62% 5.8%
356
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CTP N.V. Annual Report 2024
7.3 Materiality Appendices
7.3.1 Material Topics
ESRS 2 SBM-3-48
Topic Sub-topic
Sub-
sub-topic IROs Driver of IRO Effects of IRO
Positive /
Negative
(only for
impact)
Actual /
Potential Time horizon
Impact ma-
teriality
Financial
materiality
Addressed
by the ad-
ministrative,
manage-
ment, and
supervisory
bodies
Climate
change
Climate
change ad-
aptation
N/A Impact Corporate activities with no consid-
eration of climate change
Generation of GHG emissions (Scope
1,2) leading to the negative impact
on the environment and society (cor-
porate offices, vehicles, CTP parks,
portfolio)
Negative Actual Short-term* Material N/A Yes
N/A Impact Activities in the value chain with no
consideration of climate change
Generation of GHG emissions (Scope
3) leading to the negative impact on
the environment and society (use of
construction materials, operation of
downstream leased assets, use of
sold products).
Negative Actual Short-term* Material N/A Yes
N/A Impact Corporate activities with a consid-
eration of climate change
Generation of GHG emissions (Scope
1,2) leading to the negative impact
on the environment and society (cor-
porate offices, vehicles, CTP parks,
portfolio)
Positive Actual Short-term* Material N/A Yes
N/A Impact Activities in the value chain with a
consideration of climate change
Generation of GHG emissions (Scope
3) leading to the negative impact on
the environment and society (use of
construction materials, operation of
downstream leased assets, use of
sold products).
Positive Actual Short-term* Material N/A Yes
N/A Risk Increased frequency and intensity
of extreme weather events (i.e.,
flood, high temperatures, inclement
weather in coastal regions) -ex-
pected to increase depending on the
scenario (physical risk of climate
change)
Direct exposure of owned or con-
trolled assets and operations to
actual or potential physical impacts
of climate change. Risk of increased
costs of operations, affected
physical assets and surrounding
infrastructure
N/A Potential Short-term* N/A Material Yes
357
Appendices
CTP N.V. Annual Report 2024
Topic Sub-topic
Sub-
sub-topic IROs Driver of IRO Effects of IRO
Positive /
Negative
(only for
impact)
Actual /
Potential Time horizon
Impact ma-
teriality
Financial
materiality
Addressed
by the ad-
ministrative,
manage-
ment, and
supervisory
bodies
N/A Risk Increased pricing of GHG emissions
(transitional risk)
The risk is related with the indirect
effect of carbon pricing for the con-
struction cost (e.g., higher carbon
prices for construction materials
manufacturers, higher prices of
energy resources and transportation
services). Inclusion of buildings and
transport into ETS II will further
increase the level of risk.
N/A Potential Short-term* N/A Material Yes
N/A Risk Growing regulatory pressure,
tenant, and investors requirements
regarding the emission intensity of
buildings (transitional risk)
Risk of increased capital expend-
iture. Risk of decreased market
demand as more stringent require-
ments within the EU pose an addi-
tional risk associated with interna-
tional competition.
N/A Actual Short-term* N/A Material Yes
N/A Oppor-
tunity
Assessment of climate change risks
and adaptation to such risks for
existing and new developments
Help preserve physical assets value
over the long-term and maintain
stable insurance rates. Removes
risk from tenants to drive tenant
demand. Implementation of new
technologies lead to operational cost
reductions
N/A Actual Short-term* N/A Material Yes
Climate
change miti-
gation
N/A Impact Implementation of actions to reduce
GHG emissions in Scope 1 and 2 and
reach carbon neutrality by 2050.
Reduction of greenhouse gas emis-
sions in Scope 1 and 2 contributing
the positive impact on the environ-
ment and society
Positive Actual Medi-
um-term*
Material N/A Yes
N/A Impact Implementation of actions to reduce
GHG emissions in Scope 3 and reach
carbon neutrality by 2050.
Reduction of greenhouse gas emis-
sions in Scope 3 contributing the
positive impact on the environment
and society
Positive Actual Medi-
um-term*
Material N/A Yes
N/A Risk Generation of the GHG emissions
in the construction process and the
requirement to reduce it (embodied
and operational emissions)
Increased operating costs (i.e.,
higher compliance costs), reduced
demand for goods and services due
to shift in consumer preferences ç
N/A Actual Short-term* N/A Material Yes
358
Appendices
CTP N.V. Annual Report 2024
Topic Sub-topic
Sub-
sub-topic IROs Driver of IRO Effects of IRO
Positive /
Negative
(only for
impact)
Actual /
Potential Time horizon
Impact ma-
teriality
Financial
materiality
Addressed
by the ad-
ministrative,
manage-
ment, and
supervisory
bodies
N/A Oppor-
tunity
Provision of products that follow
sustainable design rules (managing
the lifecycle impacts and reducing
embodied carbon footprint)
Increased revenue thanks to ad-
dressing customer demand for more
sustainable products and services as
well as by meeting evolving environ-
mental and social regulation
N/A Actual Short-term* N/A Material Yes
N/A Oppor-
tunity
Management of tenant sustaina-
bility impacts through green lease
agreements
Increase tenant demand, satisfac-
tion, and retention, decrease direct
operating costs (thanks to estab-
lishing systematic measurement
and communication of resource
consumption data, creating shared
performance goals, and mandating
minimum sustainability perfor-
mance), design requirements that
impact asset value appreciation
N/A Actual Short-term* N/A Material Yes
Energy N/A Impact Electricity consumption in the CTP
Group from corporate offices, CTP
parks and any areas included in the
Scope 1 and 2.
GHG emissions related to the
production and consumption of
electricity
Negative Actual Short-term* Material N/A Yes
N/A Impact Electricity consumption from the
downstream leased assets
GHG emissions related to the
production and consumption of
electricity
Negative Actual Short-term* Material N/A Yes
N/A Impact Electricity consumption resulting
from the construction processes
GHG emissions related to the
production and consumption of
electricity
Negative Actual Short-term* Material N/A Yes
N/A Risk High reliance on energy utility
providers (not owned or controlled
by the company) in the use stage of
CTP products. Provision of products
(new developments) not equipped
with solutions enabling reduced
reliance on grid energy and effective
energy management
Increased costs related to transi-
tioning to low-energy use build-
ings. All new buildings are built as
solar-ready (i.e., the roof could bare
the additional load from the PV
systems).
N/A Actual Short-term* N/A Material Yes
359
Appendices
CTP N.V. Annual Report 2024
Topic Sub-topic
Sub-
sub-topic IROs Driver of IRO Effects of IRO
Positive /
Negative
(only for
impact)
Actual /
Potential Time horizon
Impact ma-
teriality
Financial
materiality
Addressed
by the ad-
ministrative,
manage-
ment, and
supervisory
bodies
N/A Risk High reliance on energy utility
providers (not owned or controlled
by the company) in the use stage of
CTP products. Provision of products
(existing portfolio) not equipped
with solutions enabling reduced
reliance on grid energy and effective
energy management
Increased costs related to transi-
tioning to low-energy use buildings.
For the existing portfolio of build-
ings, the reconstruction of the roofs
could involve high cost.
N/A Actual Short-term* N/A Material Yes
N/A Risk Increased production costs due to
shifts in energy costs
Decreased revenue due to higher
costs of construction materials
N/A Actual Short-term* N/A Material Yes
N/A Risk Pressure from regulators and
tenants to improve asset energy
efficiency in new developments
Increased construction costs in the
design of buildings to meet EPC
requirements and zero-energy build-
ings from 2030.
N/A Actual Short-term* N/A Material Yes
N/A Risk Pressure from regulators and
tenants to improve asset energy
efficiency in existing assets.
Increased large-scale refurbishment
costs to meet EPC requirements.
N/A Actual Short-term* N/A Material Yes
N/A Oppor-
tunity
Reduction of energy demand
resulting from the installation of
renewable energy sources in CTP
asset portfolio (i.e., photovoltaic
installations, wind turbines, energy
storage)
Opportunity directly through
monetizing solar capacity as a
new revenue stream. Opportunity
indirectly through premium rent
thanks to reduction of the operating
cost, improved energy security, and
compliance to tenants’ client’s ESG
requirements.
N/A Actual Short-term* N/A Material Yes
N/A Oppor-
tunity
Reducing the reliance on fossil fuel
by converting existing buildings and
new developments to all-electric
Enhance asset value N/A Potential Short-term* N/A Material Yes
N/A Oppor-
tunity
Improving building energy per-
formance and ability to measure
consumption
Potential for increased tenant
demand and rental rates that drive
asset value appreciation and reputa-
tion for resource conservation
N/A Actual Short-term* N/A Material Yes
Circular
economy
Waste N/A Impact Waste generated during construc-
tion works
Production and waste management
require the use of natural resourc-
es such as energy, water, and raw
materials. Waste treatment and
disposal processes can also generate
additional resource consumption,
which contributes to further envi-
ronmental pressures.
Negative Actual Short-term Material N/A Yes
360
Appendices
CTP N.V. Annual Report 2024
Topic Sub-topic
Sub-
sub-topic IROs Driver of IRO Effects of IRO
Positive /
Negative
(only for
impact)
Actual /
Potential Time horizon
Impact ma-
teriality
Financial
materiality
Addressed
by the ad-
ministrative,
manage-
ment, and
supervisory
bodies
Resources
inflows,
including re-
source use
N/A Impact Use of resources (products includ-
ing packaging, materials, water)
related to the business (own opera-
tions and value chain).
Depletion of natural resources Negative Actual Short-term Material N/A Yes
Own work-
force
Working
conditions
Secure em-
ployment
Impact Providing secure employment on
the basis of a contract of employ-
ment; providing the notice period
according to the labour law (555
permanent and 112 temporary em-
ployees in 2022). Ensuring employ-
ees understand the resources and
worker protections that are offered
to them including labour rights and
human rights. Providing indefinite
contracts.
Increase job satisfaction for employ-
ees and ensure stability
Positive Actual Short-term Material N/A Yes
Adequate
wages
Impact The company uses fixed salary
structures that ensure that people
are paid fairly and equally. CTP
pays competitive salaries to attract
strong candidates at all job levels
Increased employee satisfaction,
turnover reduction
Positive Actual Short-term Material N/A Yes
Social dia-
logue / the
existence of
works coun-
cils and the
information,
consultation,
and partici-
pation rights
of workers
Impact Employee satisfaction monitoring
in place (including, e.g., continuous
feedback, where performance is
a part of regular conversations.
Long-term performance evaluations
are conducted quarterly or annually,
and KPIs are reviewed together with
managers during feedback sessions)
Getting to know employee satisfac-
tion and the feeling of being listened
to by employees
Positive Actual Short-term Material N/A Yes
Work-life
balance
Impact Providing Group-wide events (e.g.,
the Company offers sports club
membership cards to its staff to
participate in sports. It also organ-
izes internal annual events such as
the CT Gala, which takes place at
the end of each year).
Increase in job satisfaction for
employees Promotion of healthy
lifestyles among employees
Positive Actual Short-term Material N/A Yes
361
Appendices
CTP N.V. Annual Report 2024
Topic Sub-topic
Sub-
sub-topic IROs Driver of IRO Effects of IRO
Positive /
Negative
(only for
impact)
Actual /
Potential Time horizon
Impact ma-
teriality
Financial
materiality
Addressed
by the ad-
ministrative,
manage-
ment, and
supervisory
bodies
Health and
safety
Impact Management of health & safety in
the workplace by means of acoustic
comfort, daylight, ergonom-
ic workplace, physical activity,
thermal comfort. Safety measures:
availability of medical personnel,
communicating safety information,
communicating safety informa-
tion Private medical care to its
employees
Impact on employee health and
safety, maintain no fatalities within
its operations
Positive Actual Short-term Material N/A No
Equal treat-
ment and
opportunities
for all
Gender
equality and
equal pay for
work of equal
value
Impact Employees trained in Code of Con-
duct and anti-harassment policy
each year
Employee satisfaction, inclusive
workplace, increasing awareness
among employees
Positive Actual Short-term Material N/A Yes
Training and
skills devel-
opment
Impact Providing training and development
adjusted to employee’s needs, im-
plemented training procedures and
policies (locally specific)
Development for employees’ careers
is provided, thus influencing the
desire to stay with the organization
for the long term
Positive Actual Short-term Material N/A Yes
Entity
specific -Re-
cruitment
Impact Standardized approach focusing on
talent attraction and further devel-
opment with the support of CTP’s
management team. CTP values
promoted (no clear policy describing
recruitment process)
Increased job satisfaction, providing
development opportunities
Positive Actual Short-term Material N/A Yes
Measures
against
violence and
harassment
in the work-
place
Impact Implemented policies against un-
ethical behaviour and an established
committee to deal with misconduct
in the subject of ethics. CTP’s
employees receive an annual hour-
long training on all topics related to
compliance
Ensuring the safety of employees
and a sense of being taken care of by
the employer
Positive Actual Short-term Material N/A Yes
Diversity Impact Ensuring equal opportunities in the
workplace, access to training and
career development, equal treat-
ment in terms of employment condi-
tions and promotion opportunities,
implemented Code of Conduct.
Monitoring of the KPI related to
men/women ratio.
Increase from employee satisfaction
with workplace, sense of develop-
ment
Positive Actual Short-term Material N/A Yes
362
Appendices
CTP N.V. Annual Report 2024
Topic Sub-topic
Sub-
sub-topic IROs Driver of IRO Effects of IRO
Positive /
Negative
(only for
impact)
Actual /
Potential Time horizon
Impact ma-
teriality
Financial
materiality
Addressed
by the ad-
ministrative,
manage-
ment, and
supervisory
bodies
Workers in
the value
chain
Working
conditions
Health and
safety
Impact A standard agreement concluded
with every contractor provides for
the obligation to strictly comply
with CTP OHS standards, regular
audits of safety systems in place at
the site
Impact on employee health & safety
in the value chain
Positive Actual Short-term Material N/A No
Secure em-
ployment
Oppor-
tunity
Monitor compliance with the code
among suppliers and business
partners
Increased reputation through
supplier compliance and visible CTP
commitment
N/A Potential Short-term N/A Material No
Equal treat-
ment and
opportunities
for all
Measures
against
violence and
harassment
in the work-
place
Impact Occurrence of a channel for report-
ing violations; suppliers may submit
violations/comments by e-mail and
phone
Impact on communication and ethi-
cal culture within the value chain
Positive Actual Short-term Material N/A Yes
Business
conduct
Corporate
culture
Entity spe-
cific -Ethical
business
conduct
Impact Management of internal business
ethics within the company and
maintaining ethical standards
based on implemented policies and
procedures. Employee training,
oversight, and policies, procedures
and enforcement systems focused
on transparency and appropriate
disclosures. Management of the risk
management. Conducting business
with integrity to ensure accounta-
bility in areas such as human rights
and due diligence, environmental
compliance, and anti-competitive
behavior.
Impact on ethical corporate culture
and increasing awareness among
employees
Positive Actual Short-term Material N/A Yes
363
Appendices
CTP N.V. Annual Report 2024
Topic Sub-topic
Sub-
sub-topic IROs Driver of IRO Effects of IRO
Positive /
Negative
(only for
impact)
Actual /
Potential Time horizon
Impact ma-
teriality
Financial
materiality
Addressed
by the ad-
ministrative,
manage-
ment, and
supervisory
bodies
Entity spe-
cific -Board
oversight
Impact Implementing policies and prac-
tices to ensure compliance with
regulations and to manage potential
business risks that allow for the
successful performance of the
business. Example: staying aware of
any new regulations that may arise,
as well as changes in existing reg-
ulations. Board oversight on CTP’s
sustainability commitments, setting
ambitious targets, oversight on the
implemented policies, procedures,
ensuring transparency.
Improved environmental practices
within the organisation, such as
reduced carbon emissions, resource
conservation, and biodiversity
protection, benefiting the environ-
ment. Implementation of socially
responsible initiatives, ethical
business practices, and community
engagement, contributing to positive
social impacts and sustainable devel-
opment.
Positive Actual Short-term Material N/A Yes
Entity spe-
cific -Board
oversight
Oppor-
tunity
Board oversight on CTP’s sus-
tainability commitments, setting
ambitious targets, oversight on the
implemented policies, procedures,
ensuring transparency.
Increased long-term revenue growth
due to attracting environmentally
and socially responsible investors.
Reducing operational costs through
efficiency improvements and en-
hancing brand reputation, leading to
increased market competitiveness
and long-term profitability. Potential
new business opportunities,
N/A Actual Medi-
um-term
N/A Material Yes
Protection
of whis-
tle-blowers
N/A Oppor-
tunity
Ensuring availability of the griev-
ance mechanism for internal (em-
ployees), and external stakeholders
(suppliers, business partners, etc.)
Reducing costly legal disputes and
reputational risks, enhance stake-
holder relationships, and attract
socially responsible investors,
ultimately enhancing the company’s
financial performance, competitive-
ness, and long-term sustainability
N/A Actual Short-term N/A Material Yes
N/A Risk Non-compliance with regulatory
requirements on the grievance
mechanism, lack of appropriate
management and monitoring of the
implemented system
Potential legal penalties, reputation-
al damage, increased operational
costs to rectify issues, and loss of
stakeholder trust
N/A Potential Short-term N/A Material Yes
364
Appendices
CTP N.V. Annual Report 2024
Topic Sub-topic
Sub-
sub-topic IROs Driver of IRO Effects of IRO
Positive /
Negative
(only for
impact)
Actual /
Potential Time horizon
Impact ma-
teriality
Financial
materiality
Addressed
by the ad-
ministrative,
manage-
ment, and
supervisory
bodies
Management
of relation-
ships with
suppliers
including
payment
practices
Entity spe-
cific -Supply
chain man-
agement
Impact Integrating ESG criteria to ensure
suppliers are conducting their busi-
ness in an environmentally, socially,
and economically responsible way.
Example: components of Supply
Chain Management – Planning,
Information, Sourcing, Inventory,
Production, Transportation, And
Return of goods
Impact on sustainability in the value
chain by ensuring that suppliers
operate in line with sustainable
development principles
Positive Actual Short-term Material N/A Yes
Entity spe-
cific -Supply
chain man-
agement
Risk Failure to establish a due diligence
system in accordance with the UN
Guiding Principles on Business and
Human Rights (UNGPs) and OECD
Guidelines for Multinational Enter-
prises. No control over the supply
chain -insufficient monitoring and
management processes.
Reputational damage leading to loss
of customers and investors
N/A Potential Short-term N/A Material Yes
Entity spe-
cific -Supply
chain man-
agement
Risk Incidents and non-compliance with
working conditions regulated by law,
such as minimum wage and safety
standards as well as human rights
in the supply chain.
Damaged reputation if suppliers/
subcontractors act in ways not con-
sistent with company’s values.
N/A Potential Short-term N/A Material Yes
Entity spe-
cific -Supply
chain man-
agement
Oppor-
tunity
Implementation of a due diligence
system in accordance with the UN
Guiding Principles on Business and
Human Rights (UNGPs) and OECD
Guidelines for Multinational Enter-
prises. Ongoing data monitoring
throughout the supply chain.
Increasing long-term revenue
growth by attracting responsible
investors and customers, improved
brand reputation, increased market
competitiveness
N/A Potential Short-term N/A Material Yes
Corruption
and bribery
Prevention
and detec-
tion including
training
Impact Training on Anti-corruption Policy
(as a part of a training on Code
of Conduct), training for at-risk
employees, Implemented policies,
procedures, and actions in place
regarding corruption and bribery,
training for at-risk employees
Impact on ethical corporate culture
and increasing awareness among
employees
Positive Actual Short-term Material N/A Yes
365
Appendices
CTP N.V. Annual Report 2024
Topic Sub-topic
Sub-
sub-topic IROs Driver of IRO Effects of IRO
Positive /
Negative
(only for
impact)
Actual /
Potential Time horizon
Impact ma-
teriality
Financial
materiality
Addressed
by the ad-
ministrative,
manage-
ment, and
supervisory
bodies
Incidents Risk Identified violations of corruption
and bribery
Additional costs due to financial pen-
alties, legal proceedings, decreased
the company’s reputation among
employees, tenants, investors, and
the public.
N/A Potential Medi-
um-term
N/A Material Yes
Incidents Risk Identified violations of corruption
and bribery
Decreased revenues due to damaged
reputation and loss of trust as a
responsible company
N/A Potential Medi-
um-term
N/A Material Yes
Incidents Oppor-
tunity
Implementation of the anti-corrup-
tion and bribery policies and proce-
dures, monitoring and management
of this area.
Increased long-term revenue growth
due to increased credibility, access
to new markets, access to the public
sector incentives.
N/A Potential Medi-
um-term
N/A Material Yes
Entity
specific
-Sustainable
design and
green certifi-
cation
N/A Impact Sustainable design seeks to reduce
negative impacts on the environ-
ment, and the health and comfort
of building occupants, thereby
improving building performance.
Example: New construction and/or
existing green building certification
schemes: BREEAM, LEED etc.
Impact on promotion of the social
and environmental responsibility
within the real estate sector
Positive Actual Short-term Material N/A Yes
N/A Oppor-
tunity
Obtaining BREEAM certification for
investments
Increased revenues due to higher
market value of asset, enhanced
market positioning, attracting new
tenants.
N/A Actual Short-term N/A Material Yes
N/A Risk Below-cost pricing, decreased
margins
Financial losses, reduced profitabil-
ity, and potential long-term viability
issues for the company.
N/A Actual Short-term N/A Material Yes
366
Appendices
CTP N.V. Annual Report 2024
7.3.2 Climate
7.3.2.1 Energy
ENERGY INSIDE THE ORGANISATION
GRI 302-1
Category Units Baseline 2023 2024
Fuel Consumption
(Scope 1)
Total MWh 16,856 15,622
Corporate offices (Natural gas) MWh 610 690
Corporate vehicles (petrol/diesel) MWh 5,117 6,572
Jet fuels MWh 10,702 7,016
CTParks (Natural gas) MWh 309 -
Portfolio (Natural gas) MWh 117 1,343
District Heating
(Scope 2)
Total MWh 2,330 1,361
Corporate offices MWh 163 1,361
Portfolio MWh 2,168 -
Electricity
(Scope 2)
Total MWh 8,650 11,446
Corporate offices MWh 855 971
Of which renewables MWh 375 541
CTParks MWh 3,264 3,430
Of which renewables MWh 1,595 2,271
Portfolio MWh 4,531 7,045
Of which renewables MWh 939 2,459
ENERGY OUTSIDE THE ORGANISATION
GRI 302-2
Category Units Baseline 2023 2024
Category 13 Downstream Leased Assets 1,194,666 1,586,800
Natural gas MWh 512,548 495,548
District heating MWh 48,628 68,751
Electricity MWh 633,490 1,022,501
Purchased renewables MWh 259,769 364,496
Renewables provided by CTP Energy MWh 5,716 8,947
EPRA ENERGY PORTFOLIO
EPRA
Category Units 2023 2024
Fuel Consumption [Fuel-abs/fuel-LfL] MWh 512,665 496,891
District Heating [DH&C-abs/ DH&C-LfL] MWh 50,796 68,751
Electricity [Elec-abs/Elec-LfL] MWh 638,021 1,022,501
CTP ENERGY
EPRA
Category Units Baseline 2023 2024
Installed Capacity MWp 100 138
Solar energy produced MWh 22,898 36,785
Of which exported to the grid MWh 17,043 26,393
Of which used by CTP or tenants MWh 5,776 8,960
367
Appendices
CTP N.V. Annual Report 2024
7.3.2.2 Emissions
GHG EMISSIONS BY CATEGORY
Category Units Baseline 2023 2024
Scope 1 Total 6,782 6,488
Corporate offices (all fuels) tCO
2
e 112 124
Corporate vehicles (petrol/diesel) tCO
2
e 1,280 1,647
Jet fuels tCO
2
e 2,802 1,754
CTParks (Natural gas) tCO
2
e 57 -
Portfolio (Natural gas) tCO
2
e 22 242
Refrigerants tCO
2
e 2,509 2,721
Scope 2 (Location-based) Total 4,218 5,216
Corporate offices (District Heating) tCO
2
e 54 53
Corporate offices (Electricity) tCO
2
e 341 436
CTParks (Electricity) tCO
2
e 1,186 1,467
Portfolio (District Heating) tCO
2
e 650 504
Portfolio (Electricity) tCO
2
e 1,987 2,756
Scope 2 (Market-based) Total 3,935 2,889
Corporate offices (District Heating) tCO
2
e 54 53
Corporate offices (Electricity) tCO
2
e 223 190
CTParks (Electricity) tCO
2
e 1,306 609
Portfolio (District Heating) tCO2e 650 504
Portfolio (Electricity) tCO2e 1,701 1,533
Scope 3 Total 581,002 963,234
Category 1: Goods and Services tCO
2
e 213,308 370,525
Category 6: Business travel tCO
2
e 184 1,024
Category 13: Downstream leased assets Total 367,510 591,684
Category 13: Natural gas tCO
2
e 94,293 89,199
Category 13: District Heating tCO
2
e 14,595 19,127
Category 13: Electricity tCO
2
e 258,621 483,359
Category 13: Electricity (Market-based) tCO
2
e N/A 277,559
EPRA GHG PORTFOLIO
EPRA
Category Units Baseline 2023 2024
Scope 1 [GHG-Dir-Abs] tCO
2
e 2,588 2,962
Scope 2 Location-Based [GHG-indir-Abs] tCO
2
e 3,823 4,727
Scope 2 Market-Based [GHG-indir-Abs tCO2e 3,658 2,645
Scope 3: Category 13: Downstream Leased Assets tCO
2
e 367,510 591,684
7.3.2.3 Intensities
INTENSITIES
ENERGY-INT GHG-INT
Category Units Baseline 2023 2024
Energy consumption [Energy-Int] kWh/m
2
136.12 121.72
GHG emission [GHG-Int] kgCO
2
e/m
2
47.97 73.38
SEGMENTATION BY COUNTRY
Country MWh
tCO2e (Loca-
tion-based)
Austria 7,622 974
Bulgaria 20,013 8,107
Czech Republic 620,369 301,269
Germany 425,859 115,855
Hungary 78,991 17,487
Netherlands 18,644 5,525
Poland 42,766 25,335
Romania 183,434 44,975
Serbia 73,986 55,673
Slovakia 125,370 19,745
Total 1,597,054 594,944
368
Appendices
CTP N.V. Annual Report 2024
7.3.3 Water
GREPRA WATER-ABS, EPRA WATER-LFL GRI 303-3 GRI 303-1, GRI 303-2 GRI 306-3, GRI 306-4, GRI 306-5
The 2024 DMA did not identify water-related issues as material to CTP. However, the Company prioritises
a responsible approach toward water management as part of its broader business strategy, taking into
consideration, among others, the alignment criteria of the EU taxonomy.
To demonstrate its commitment, CTP has set a target to reduce the water intensity (cubic metres of
water consumedm³/sqm of GLA) of the portfolio by 15% in 2026 compared to 2022.
The Group considers its interaction with water from two perspectives:
1. consumption of drinking water; and
2. support for the natural water cycle.
CTP is responsible for the consumption of drinking water used, which is mostly related to the Group’s cor-
porate activities and is limited in amount.
For its portfolio, CTP uses standards created by the EU taxonomy criteria to reduce water consump-
tion, such as water-efficient fixtures. CTP installs state-of-the-art grey water and rainwater systems
where feasible. In addition to providing efficient technical solutions, CTP encourages clients to reduce water
consumption through green lease clauses.
CTP reports water consumption for its own operations, i.e., corporate offices, its parks, and buildings.
CTP’s support for the natural water cycle includes biodiverse landscaping at its parks that limit paving
and help to retain groundwater, as well as the installation of rainwater and grey-water systems where fea-
sible. As CTP’s assets are land intensive, these measures help to mitigate the Company’s negative impact
on climate-related water risks, such as water stress.
CTP reviews its portfolio for buildings in high water stress areas. This review indicates that around
17% of the buildings are located in such areas as defined by the Aqueduct Water Risk Atlas.
For data collection, CTP uses an internally developed, evidence-based platform. Figures for Q4 are
estimated by extrapolating known figures.
To identify operations located in high water stress areas, 40% and upward, CTP uses the Aqueduct
Water Risk Atlas.
WATER WITHDRAWAL CORPORATE OPERATIONS
EPRA
Category Units All areas Water stress areas
2023 2024 2023 2024
Surface Water m
3
- - - -
Groundwater m
3
- - - -
Municipal water m
3
10,923 209,373 4,353 20,721
Unknown m
3
- - - -
WATER WITHDRAWAL CTPARKS
EPRA
Category Units All areas Water stress areas
2023 2024 2023 2024
Surface Water m
3
- - - -
Groundwater m
3
16,293 27,898 5,000 26,381
Municipal water m
3
24,266 16,946 - -
Unknown m
3
11,088 7,217 3,855 -
WATER WITHDRAWAL PORTFOLIO
EPRA
Category Units All areas Water stress areas
2023 (LfL) 2024 (LfL) 2023 (LfL) 2024 (LfL)
Surface Water Landlord-controlled m
3
- - - -
Surface Water Client-controlled m
3
3,280 - - -
Groundwater Landlord-controlled m
3
7,244 - 7,230 -
Groundwater Client-controlled m
3
282,221 271,317 122,550 92,181
Municipal water Landlord-controlled m
3
38,296 40,060 8,489 -
Municipal water Client-controlled m
3
1,440,287 1,778,785 88,185 216,907
Unknown Landlord-controlled m
3
- - -
Unknown Client-controlled m
3
- 1,242 -
Totals [Water-abs/WaterLfL] m
3
1,771,328 2,091,403 226,454 309,088
WATER INTENSITY
Category Units Baseline 2023 2024 Targets 2026
Water consumption [Water-Int] m
3
/m
2
0.19 0.20 -20%
369
Appendices
CTP N.V. Annual Report 2024
7.3.4 Waste
GREPRA WASTE-ABS, EPRA-WASTE-LFL GRI 306-3, GRI 306-4, GRI 306-5, GRI 306-1, GRI 306-2
The 2024 DMA identified resource use and circular economy as a material topic. CTP connects this material
topic to is construction activities and not waste produced during daily operations, either in its own opera-
tions or in the portfolio. See Section 4.7.1.2 for more information on this material topic. This section of the
report is focused on alignment with the GRI and EPRA sBPR disclosures and discloses figures related to
normal daily operations.
For data collection, CTP uses an internally developed, evidence-based platform. Figures for Q4 are
estimated by extrapolating known figures.
WASTE GENERATION CORPORATE OFFICES
EPRA
Category Units 2023 2024
Landfill t 38 51
Incineration t 2 4
Reuse t - -
Waste to energy t - -
Recycling t 5 32
Other/Unknown t 16 1
Totals t 60 88
WASTE GENERATION AND DISPOSAL ROUTES CTPARKS
EPRA
Category Units 2023 2024
Landfill t 207 288
Incineration t 1 9,455
Reuse t - 0
Waste to energy t 2 -
Recycling t 2 -
Other/Unknown t 371 3
Totals t 583 9,746
WASTE GENERATION AND DISPOSAL ROUTES PORTFOLIO
EPRA
Category Units 2023 2024
Landfill t 2,347 2,536
Incineration t 1,699 2,235
Reuse t 177 8
Waste to energy t 146 436
Recycling t 1,664 1,034
Other/Unknown t 5,131 156
Totals [Waste-abs/Waste-LfL] t 11,165 6,406
7.3.5 New BREEAM Certifications
EPRA
BREEAM Certificate Type & Level No of Certificates
At least 8 points
ENE1
In Use
Outstanding -
Excellent 11 N/A
Very good - N/A
Good - N/A
Total in use 11 N/A
New construction
Outstanding 1 1
Excellent 11 11
Very good 2 2
Total New Constructions 14 14
Share of BREEAM New Construction with at least 8 points in
ENE1
100%
370
Appendices
CTP N.V. Annual Report 2024
7.3.6 New EPC certifications
EPRA
EPC Certificate Type & Level No of Certificates Share
EPC A (Including better than A) 16 80%
EPC B 3 15%
EPC C 1 5%
EPC D 0 0%
Total 20 100%
Share of A or better 16 80%
7.3.7 New hires and new hire rate
EPRA
2024 2023
Absolute Rate Absolute Rate
Gender
Male 140 41% 159 42%
Female 186 38% 126 38%
Age Category
Under 30 years old 65 59% 51 49%
30-50 years old 228 38% 203 40%
Over 50 years old 33 27% 24 34%
Totals 326 40% 285 40%
7.3.8 Taxes
GRI 207-1, GRI 207-2, GRI 207-3, GRI 207-4
CTP ensures compliance with all applicable tax regulations. Due to the way in which CTP is structured, the
Company does not qualify for Real Estate Investment Trust (REIT) regimes. CTP’s Tax Policy can be found
on the Company’s website.
7.3.9 Absentee rate
CTP’s absentee rate is 1%
1
, with a total of 14,246 lost days recorded in 2024.
1 Absentee rate includes any legal reason for absenteeism but excludes maternity leave.
371
Appendices
CTP N.V. Annual Report 2024
7.4 ESRS Index
ESRS 2 BP-2-16, ESRS 2 IRO-2-56
Disclosure Paragraph Page Comments
ESRS 2 General disclosures
1. Basis for preparation
BP-1 General basis for the preparation of the
sustainability statements
5 95
BP-2 Disclosures in relation to specific circumstances 9 96
10 96
11 96
13 96
14 96
15 97
16 371-374
2. Governance
GOV-1 The role of the administrative, management
and supervisory bodies
21 135, 164,
172, 195
22 175, 176
23 98
GOV-2 Information provided to and sustainability
matters addressed by the undertaking’s
administrative, management and supervisory bodies
26 98, 173, 174
GOV-3 Integration of sustainability-related
performance in incentive schemes
29 177
GOV-4 Statement on sustainability due diligence 32 141, 142
GOV-5 Risk management and internal controls over
sustainability reporting
36 99, 203-209
3. Strategy
SBM-1 Market position, strategy, business model(s)
and value chain
40 100
41 100
42 100
SBM-2 Interests and views of stakeholders 45 102
SBM-3 Material impacts, risks and opportunities and
their interaction with strategy and business model(s)
48 104, 123,
356
4. Impact, risks and opportunity management
IRO-1 Description of the processes to identify and
assess material impacts, risks and opportunities
51 104, 105
Disclosure Paragraph Page Comments
53 104, 105
IRO-2 Disclosure Requirements in ESRS covered by
the undertaking’s sustainability statements
56 104, 105,
371-374
59 104, 105
ESRS E1 Climate Change
ESRS E1-GOV-3 13 177
E1-1 Transition plan for climate change mitigation 14 109
16 109
Impacts, risks, and opportunity management
ESRS 2 SBM-3 – Material impacts, risks and
opportunities and their interaction with strategy and
business model
18 110, 112
19 110, 112
ESRS 2 IRO-1 – Description of the processes to
identify and assess material climate-related impacts,
risks and opportunities
20 112, 123
21 112
E1-2 Policies related to climate change mitigation and
adaptation
22 113
24 113
25 113
E1-3 Actions plans and recourses in relation to climate
change policies and targets
26 113, 114
28 114
29 114
Metric and targets
E1-4 Targets related to climate change mitigation and
adaptation
30 115
33 115
34 115
E1-5 Energy consumption and mix 35 116
37 116
38 116
39 116
40 117
372
Appendices
CTP N.V. Annual Report 2024
Disclosure Paragraph Page Comments
41 117
42 117
43 117
E1-6 Gross scopes 1, 2, 3 and total GHG emissions 44 120
46 120, 121
47 120
48 120
49 120
50 120
51 120, 122
52 120
53 122
54 122
55 122
E1-7 GHG removals and GHG mitigation projects
financed through carbon credits
Not Material
E1-8 Internal carbon pricing Not Material
E1-9 Potential financial effects from material physical
risks, material transition risks and climate-related
opportunities.
66 123
67 123, 147
68 123
69 123
ESRS E2 Pollution Not Material
ESRS E3 Water and marine sources Not Material
ESRS E4 Biodiversity and ecosystems Not Material
ESRS E5 Resource use and Circular Economy
ESRS 2 IRO-1 – Description of the processes to
identify and assess material resource use and circular
economy-related impacts, risks and opportunities
11 124
E5-1 Policies related to resource use and circular
economy
12 124
14 124
15 N/A Not applicable
16 N/A Not applicable
ESRS 2 62 124
Disclosure Paragraph Page Comments
E5-2 Actions and resources related to resource use
and circular economy
17 125
19 125
20 Not applicable
ESRS 2 62 125
E5-3 Targets related to resource use and circular
economy
21 125
23 125
24 Not applicable
25 Not applicable
26 Not applicable
27 Not applicable
ESRS 2 72 125
E5-4 Resource inflows 28 126
30 126
31 126
32 126
E5-5 Resource outflows 33 126
35 126
36 126
37 126
38 126
39 126
40 126
E5-6 Anticipated financial effects from material
resource use and circular economy-related risks and
opportunities
41 126
43 126
ESRS S1 Own workforce
ESRS 2 SBM-2 – Interests and views of stakeholders 12 128
ESRS 2 SBM-3 – Material impacts, risks and
opportunities and their interaction with strategy and
business model
13 128
14 128
15 129
16 129
373
Appendices
CTP N.V. Annual Report 2024
Disclosure Paragraph Page Comments
S1-1 Policies related to own workforce 17 129, 130
19 129, 130
20 129, 130
21 129, 130
22 129
23 130
24 129, 130
ESRS 2 62 130
S1-2 Processes for engaging with own workers and
workers’
25 130
27 130
28 130
29 Process developed
S1-3 Processes to remediate negative impacts and
channels for own worders to raise concerns
30 130
32 130
33 130
34 130
S1-4 Taking action on material impacts on own
workforce, and approaches to mitigating material risks
and pursuing material opportunities related to own
workforce, and effectiveness of those actions
35 130
37 130, 131
38 131
39 130
40 131
41 130, 131
42 130, 131
43 130
Metrics and targets
S1-5 Targets related to managing material negative
impacts, advancing positive impacts, and managing
material risks and opportunities
44 131
45 131
ESRS 2 72 N/A
S1-6 Characteristics of the undertaking’s employees 48 132-134
50 132-134
Disclosure Paragraph Page Comments
S1-7 Characteristics of non-employee workers in the
undertaking’s own workforce
53 134
55 134
S1-8 Collective bargaining coverage and social dialogue 58 134
60 134
63 134
S1-9 Diversity indicators 64 135
66 135
S1-10 Adequate wages 67 135
69 135
S1-11 Social protection 72 135
74 135
S1-12 Persons with disabilities Not Material
S1-13 Training and skills development indicators 81 135
83 135
S1-14 Health and safety indicators 86 135
88 135
S1-15 Work-life balance indicators 91 136
93 136
S1-16 Compensation indicators (pay gap and total
compensation)
95 136
97 136
S1-17 Incidents, complaints, and severe human rights
impacts and incidents
100 136, 137
102 136, 137
103 136, 137
104 136
ESRS S2 Workers in the value chain
ESRS 2 SBM-2 Interests and views of stakeholders 9 137
ESRS 2 SBM-3 Material impacts, risks and
opportunities and their interaction with strategy and
business model
10 137, 138
11 137, 138
12 138
13 137, 138
S2-1 Policies related to value chain workers 14 138
374
Appendices
CTP N.V. Annual Report 2024
Disclosure Paragraph Page Comments
16 138
17 138
18 138
19 138
ESRS 2 62 138
S2-2 Processes of engaging with value chain workers
about impacts
20 139
22 139
23 139
S2-3 Processes to remediate negative impacts and
channels for value chain workers to raise concerns
25 139
27 139
28 139
29 Not applicable to
CTP
S2-4 Taking action on material impacts on value chain
workers, approaches to mitigating material risks and
pursuing material opportunities related to value chain
workers, and the effectiveness of those actions
30 139
31 139
32 139
33 139
34 139
35 139
36 139
37 139
38 139
ESRS 2 62
Metrics and targets
S2-5 Targets related to managing material negative
impacts, advancing positive impacts, and managing
material risks and opportunities
39 Not applicable
41
42
ESRS 2 72 139
ESRS S3 Affected communities Not Material
Disclosure Paragraph Page Comments
ESRS S4 Consumers and end-users Not Material
ESRS G1 Business Conduct
Impacts, risks, and opportunity management
ESRS 2 GOV-1 – The role of the administrative,
management and supervisory bodies
5 142
ESRS 2 IRO-1 – Description of the processes to
identify and assess material impacts, risks and
opportunities
6 143
G1-1 Corporate culture and business conduct policies 7 143, 144
9 143
10 143, 144
G1-2 Management of relationships with suppliers 12 145
14 145
15 145
G1-3 Prevention and detection of corruption/bribery 16 145
18 145
19 Not applicable to
CTP
20 145
21 145
Metrics and targets
G1-4 Confirmed incidents of corruption or bribery 22 145
24 145
26 145
G1-5 Political influence and lobbying activities Not Material
G1-6 Payment practices 31 146
33 146
375
Appendices
CTP N.V. Annual Report 2024
7.5 TCFD Index
Theme Recommendations Page
Governance
Disclose the organi-
sation’s governance
around climate-related
risks and opportunities.
A. Describe the Board’s
oversight of climate
related risks and oppor-
tunities
95
B. Describe management’s
role in assessing and
managing climate- re-
lated risks and opportu-
nities.
95
Strategy
Disclose the actual and
potential impacts of
climate-related risks
and opportunities on the
organisation’s business-
es, strategy, and finan-
cial planning where such
information is material.
A. Describe the climate-re-
lated risks and opportu-
nities the organization
has identified over the
short, medium, and long-
term.
110, 339
B.
Describe the impact of
climate-related risks
and opportunities on the
organisation’s busi-
nesses, strategy, and
financial planning. 110
C. Describe the resilience
of the organisation’s
strategy, taking into
consideration different
climate related scenar-
ios, including a 2˚C or
lower scenario.
110
Risk Management
Disclose how the or-
ganisation identifies,
assesses, and manages
climate-related risks.
A. Describe the organ-
isation’s process for
identifying and assessing
climate-related risks.
110
B. Describe the organ-
isation’s process for
managing climate-relat-
ed risks.
110
C. Describe how processes
for identifying, as-
sessing, and managing
climate- related risks
are integrated into the
organisation’s overall
risk management
110
Metrics and Targets
Disclose the metrics and
targets used to assess
and manage relevant
climate-related risks
and opportunities where
such information is
material.
A. Disclose the metrics
used by the organisation
to assess climate related
risks and opportunities
in line with its strategy
and risk management
process.
120
B. Disclose Scope 1, Scope
2 and, if appropriate,
Scope 3 greenhouse gas
(GHG) emissions and the
related risks.
120
C. Describe the targets
used by the organisation
to manage climate-re-
lated risks and opportu-
nities and performance
against targets.
115
376
Appendices
CTP N.V. Annual Report 2024
7.6 EPRA sBPR Index
EPRA code Indicator
GRI Standard
Disclosure Page
Environmental Sustainability Per-
formance Measures
Elec-Abs Total electricity consumption 302-1 366
Elec-LfL Like-for-like total electricity con-
sumption
302-1 366
DH&C-Abs Total district heating & cooling
consumption
302-1 366
DH&C LfL Like-for-like total district heating
& cooling consumption
302-1 366
Fuel-Abs Total fuel consumption 302-1 366
Fuel-LfL Like-for-like total fuel consump-
tion
302-1 366
Energy-Int Building energy intensity 302-3 366
GHG-Dir-Abs Total direct greenhouse gas (GHG)
emissions
305-1 367
GHG Indir-Abs Total indirect greenhouse gas
(GHG) emissions
305-2 367
GHG-Int Greenhouse gas emissions intensity
from building energy consumption
305-4 367
Water-Abs Total water consumption 303-1 368
Water-LfL Like-for-like total water consump-
tion
303-1 368
Water-Int Building water intensity 368
Waste-Abs Total weight of waste by disposal
route
306-4, 306-5 369
Waste-LfL Like-for-like total weight of waste
by disposal route
306-4, 306-5 369
Cert-total Type and number of sustainably
certified assets
147
Social Performance Measures Indicator GRI Standard
Disclosure
Reference
Diversity-Emp Employee gender diversity 405-1 132
Diversity-Pay Gender pay ratio 405-2 136
Emp-Training Training and development 404-1 135
Emp-Dev Employee performance appraisals 404-3 135
Emp-Turnover New hires and turnover 401-1 137
EPRA code Indicator
GRI Standard
Disclosure Page
H&S-Emp Employee health and safety 403-2 140
H&S-Asset Asset health and safety measures 416-1 134
H&S-Comp Asset health and safety compliance 416-2 135
Compty-Eng Community engagement, impact
assessments and development
programs
413-1 149
Governance Performance Meas-
ures
Indicator GRI Standard
Disclosure
Reference
Gov-Board Composition of the highest govern-
ance body
2-9 164
Gov-Select Process for nominating and select-
ing the highest governance body
2-10 171
Gov-Col Process for managing conflicts of
interest
2-15 172
Overarching Recommendations Page
7.1 Organisational boundaries 95
7.2 Coverage 116, 120
7.3 Estimation of landlord-ob-
tained utility consumption
116, 120
7.4 Third Party Assurance 95
7.5 Boundaries – reporting on land-
lord and tenant utility consumption
116, 120
7.6 Normalisation
7.7 Segmental analysis (by proper-
ty type, geography etc.)
367
7.8 Disclosure on own offices 366
7.9 Narrative on performance 120
7.10 Location of EPRA Sustain-
ability Performance Measures in
companies’ reports
All items have
been tagged
appropriatly
7.11 Reporting period 1-1-2024 to
31-12-2024
7.12 Materiality 104, 356-365
377
Appendices
CTP N.V. Annual Report 2024
7.7 GRI INDEX
GRI Standard Page Comments/Other references
General disclosures
1. The organisation and its reporting practices
2-1 Organisational details 389
2-2 Entities included in the organisation’s
sustainability reporting
95
2-3 Reporting period, frequency, and contact
point
1-1-2024 to 31-12-2024
Annually
esg@ctp.eu
2-4 Restatement of information 96
2-5 External assurance 95
2. Activities and workers
2-6 Activities, value chain, and other business
relationships
100, 101
2-7 Employees 132, 133
2-8 Workers who are not employees 134
3. Governance
2-9 Governance structure and composition 171, 172
2-10 Nomination and selection of the highest
governance body
171
2-11 Chair of the highest governance body 165
2-12 Role of the highest governance body in
overseeing the management of impacts
98
2-13 Delegation of responsibility for managing
impacts
98
2-14 Role of the highest governance body in
sustainability reporting
98
2-15 Conflicts of interest 172
2-16 Communication of critical concerns 136
2-17 Collective knowledge of the highest gov-
ernance body
164-170
2-18 Evaluation of the performance of the
highest governance body
-
2-19 Remuneration policies 179, 180
2-20 Process to determine remuneration 179, 180
2-21 Annual total compensation ratio 136
GRI Standard Page Comments/Other references
4. Strategy, policies, and practices
2-22 Statement on sustainable development
strategy
16
2-23 Policy commitments 4.7.1.1.3, 4.7.1.2.2, 4.7.2.1.3, 4.7.2.2.3,
4.7.3.1.4
2-24 Embedding policy commitments -
2-25 Processes to remediate negative impacts -
2-26 Mechanisms for seeking advice and rais-
ing concerns
-
2-27 Compliance with laws and regulations -
2-28 Membership associations -
5. Stakeholder engagement
2-29 Approach to stakeholder engagement 102, 103
2-30 Collective bargaining agreements 134
Material topics
3-1 Process to determine material topics 104, 105
3-2 List of material topics 356-363
GRI material topic standards
201: Economic performance 2016
201-1 Direct economic value generated and
distributed
28, 29
201-2 Financial implication and other risks and
opportunities due to climate change
123
202: Market presence 2016
202-1 Ratios and standard entry level wage by
gender compared to local minimum wage
135
202-2 Proportion of senior management hired
from local community
-
203: Indirect economic impact 2016
203-1 Infrastructure investments and services
supported
-
204: Procurement practices - 2016
204-1 Proportion of spending on local provid-
ers
-
205: Anti-corruption - 2016
205-1 Operations assessed for risks related to
corruption
144
378
Appendices
CTP N.V. Annual Report 2024
GRI Standard Page Comments/Other references
205-2 Communication and training about anti-
corruption policies and procedures
143, 144
205-3 Confirmed incidents of corruption and
actions taken
145
206: Anti-competitive behaviour - 2016
206-1 Legal actions for anticompetitive behav-
iour, anti-trust, and monopoly practices
145
302: Energy - 2016
3-3 Management of material topics 110, 112
302-1 Energy consumption within the organi-
sation
366
302-2 Energy consumption outside of the
organisation
366
302-3 Energy intensity 366
303: Water and effluents - 2018
303-1 Interactions with water as a shared
resource
368
303-2 Management of water discharge-relat-
ed impact
368
303-3 Water withdrawal 368
305: Emissions – 2016
3-3 Management of material topics 120
305-1 Direct (Scope 1) GHG emissions 367
305-2 Energy indirect (Scope 2) GHG emis-
sions
367
305-3 Other indirect (Scope 3) GHG emissions 367
305-4 GHG emissions intensity 367
306: Waste - 2020
306-1 Waste generation and significant
waste-related impacts
369
306-2 Management of significant waste-relat-
ed impacts
369
306-3 Waste generated 369
306-4 Waste diverted from disposal 369
306-5 Waste directed to disposal 369
308: Supplier environmental assessment –
2016
GRI Standard Page Comments/Other references
308-1 New suppliers/providers that were
screened using environmental criteria
-
308-2 Negative environmental impacts in the
supply chain and actions taken
-
401: Employment - 2016
3-3 Management of Material Topics 128
401-1 New employee hires and employee
turnover
370
401-2 Benefits provided to full-time employees
that are not provided to temporary or part-
time employees
-
401-3 Parental leave 136
403: Occupational health and safety - 2018
3-3 Management of material topics 128
403-1 Occupational health and safety system -
403-2 Hazard Identification, risk assessment,
and incident investigation
-
403-3 Occupational health services -
403-4 Worker participation, consultation, and
communication on occupational health and
safety
-
403-5 Worker training on occupational health
and safety
-
403-6 Promotion of worker health -
403-7 Prevention and mitigation of occupa-
tional health and safety impacts directly linked
by business relationships
-
403-8 Worker covered by an occupational
health and safety management system
-
403-9 Work-related injuries 135, 136
403-10 Work-related ill health 135, 136
404: Training and education - 2016
404-1 Average hours of training per year per
employee
135
404-2 Programs for upgrading employee skills
and transition assistance programs
-
404-3 Percentage of employees receiving
regular performance and career development
reviews
135
379
Appendices
CTP N.V. Annual Report 2024
GRI Standard Page Comments/Other references
405: Diversity and equal opportunity 2016
405-1 Diversity of governance bodies and
employees
135
405-2 Ratio of basic salary and remuneration
of women to men
136
406: Non-discrimination – 2016
406-1 Incidents of discrimination and correc-
tive actions taken
136
413: Local communities - 2016
413-1 Operations with local community en-
gagement, impact assessments, and develop-
ment programs
149
414: Supplier social assessment - 2016 -
414-1 New suppliers that were screened using
social criteria
-
414-2 Negative social impacts in the supply
chain and actions taken
-
380
Appendices
CTP N.V. Annual Report 2024
7.8 Property List
1/5
Rank Country Park
GLA
('000 sqm) Type Ownership
1 Romania CTPark Bucharest West 902 Industrial Owned
2 Czech CTPark Bor 641 Industrial Owned
3 Romania CTPark Bucharest 572 Industrial Owned
4 Czech CTPark Brno 540 Industrial Owned
5 Czech CTPark Ostrava 390 Industrial Owned
6 Hungary CTPark Budapest West 313 Industrial Owned
7 Czech CTPark Plzeň 254 Industrial AuM/Owned
8 Romania CTPark Bucharest North 229 Industrial Owned
9 Hungary CTPark Budapest East 212 Industrial Owned
10 Czech CTPark Modřice 205 Industrial/Office Owned
11 Slovakia CTPark Trnava 183 Industrial Owned
12 Poland CTPark Warsaw West 177 Industrial Owned
13 Czech CTPark Brno Líšeň 175 Industrial Owned
14 Czech CTPark Hranice 160 Industrial Owned
15 Czech CTPark Prague North 157 Industrial AuM/Owned
16 Slovakia CTPark Námestovo 148 Industrial Owned
17 Romania CTPark Timisoara 145 Industrial Owned
18 Romania CTPark Timisoara North 141 Industrial Owned
19 Poland CTPark Warsaw South 135 Industrial Owned
20 Serbia CTPark Belgrade City 132 Industrial Owned
21 Czech CTPark Pohořelice 132 Industrial Owned
22 Czech CTPark Žatec 125 Industrial Owned
23 Slovakia CTPark Bratislava 123 Industrial Owned
24 Netherlands CTPark Amsterdam City 120 Industrial Owned
25 Hungary CTPark Budapest
Szigetszentmiklós
120 Industrial Owned
26 Serbia CTPark Belgrade North 120 Industrial Owned
27 Poland CTPark Iłowa 117 Industrial Owned
28 Netherlands CTPark Gorinchem 104 Industrial Owned
29 Serbia CTPark Belgrade West 99 Industrial Owned
30 Germany Wilhelmshaven West 99 Industrial Owned
31 Czech CTPark Teplice 96 Industrial AuM
Rank Country Park
GLA
('000 sqm) Type Ownership
32 Slovakia CTPark Žilina Airport 96 Industrial Owned
33 Czech Spielberk 92 Office/Hotel Owned
34 Czech CTPark Prague East 90 Industrial Owned
35 Czech CTPark Cerhovice 88 Industrial Owned
36 Hungary CTPark Budapest Vecsés 88 Industrial Owned
37 Hungary CTPark Tatabánya 87 Industrial Owned
38 Hungary CTPark Komárom 87 Industrial Owned
39 Czech Ponávka 86 Industrial/Office Owned
40 Romania CTPark Ploiesti 86 Industrial Owned
41 Serbia CTPark Kragujevac 85 Industrial Owned
42 Poland CTPark Opole 85 Industrial Owned
43 Slovakia CTPark Košice 81 Industrial Owned
44 Slovakia CTPark Voderady 78 Industrial Owned
45 Czech CTPark Kadaň 77 Industrial Owned
46 Romania CTPark Pitesti 76 Industrial Owned
47 Romania CTPark Pitesti Oarja 75 Industrial Owned
48 Czech CTPark Humpolec 75 Industrial Owned
49 Czech Vlněna 75 Office Owned
50 Czech CTPark Mladá Boleslav 74 Industrial Owned
51 Czech CTPark Ostrava Poruba 72 Industrial Owned
52 Czech CTPark Blučina 72 Industrial Owned
53 Poland CTPark Gdańsk Port 71 Industrial Owned
54 Slovakia CTPark Prešov South 70 Industrial Owned
55 Serbia CTPark Novi Sad 69 Industrial Owned
56 Poland CTPark Zabrze 69 Industrial Owned
57 Czech CTPark Nový Jičín 69 Industrial Owned
58 Slovakia CTPark Žilina 68 Industrial Owned
59 Romania CTPark Bucharest Chitila 67 Industrial Owned
60 Romania CTPark Oradea Cargo Terminal 66 Industrial Owned
61 Hungary CTPark Budapest South 65 Industrial Owned
62 Bulgaria CTPark Sofia 65 Industrial Owned
63 Germany Stuttgart Mahle 64 Industrial Owned
381
Appendices
CTP N.V. Annual Report 2024
7.8 Property List
2/5
Rank Country Park
GLA
('000 sqm) Type Ownership
64 Bulgaria CTPark Sofia East 61 Industrial Owned
65 Czech CTPark Prague Airport 59 Industrial Owned
66 Serbia CTPark Novi Sad East 59 Industrial Owned
67 Czech CTPark Ostrava Hrušov 58 Industrial Owned
68 Czech CTPark Blatnice 57 Industrial Owned
69 Romania CTPark Brasov West 57 Industrial Owned
70 Czech CTPark Cheb 55 Industrial Owned
71 Czech CTPark Aš 55 Industrial Owned
72 Romania CTPark Craiova East 54 Industrial Owned
73 Czech CTPark Brno South 53 Industrial Owned
74 Romania CTPark Bucharest South II 53 Industrial Owned
75 Austria CTPark Vienna East 53 Industrial Owned
76 Romania CTPark Timisoara West 52 Industrial Owned
77 Hungary CTPark Arrabona 50 Industrial Owned
78 Romania CTPark Sibiu 49 Industrial Owned
79 Germany Bad Salzdetfurth 49 Industrial Owned
80 Hungary CTPark Budapest North 48 Industrial Owned
81 Bulgaria CTPark Sofia West 46 Industrial Owned
82 Germany Bad Waldsee 46 Industrial Owned
83 Romania CTPark Arad 46 Industrial Owned
84 Czech CTPark Mladá Boleslav II 46 Industrial Owned
85 Hungary CTPark Budapest Ecser 46 Industrial Owned
86 Germany Emden 45 Industrial Owned
87 Germany CTPark Weiden 44 Industrial Owned
88 Germany Freisen 44 Industrial Owned
89 Germany Munchen North 43 Industrial Owned
90 Germany Euskirchen 43 Industrial Owned
91 Romania CTPark Sibiu East 43 Industrial Owned
92 Czech CTPark Divišov 42 Industrial Owned
93 Czech CTPark Hlubočky 42 Industrial Owned
94 Poland CTPark Katowice 42 Industrial Owned
Rank Country Park
GLA
('000 sqm) Type Ownership
95 Czech CTPark Karviná 42 Industrial Owned
96 Germany Duren 41 Industrial Owned
97 Germany Lohne 40 Industrial Owned
98 Germany Rostock 38 Industrial Owned
99 Czech CTPark Přeštice 38 Industrial Owned
100 Czech CTPark Pardubice 37 Industrial Owned
101 Hotels Europort Airport Center 36 Hotel Owned
102 Germany Neubrandenburg 35 Industrial Owned
103 Czech CTPark Prague West 34 Industrial Owned
104 Czech CTPark Kvasiny 34 Industrial Owned
105 Slovakia CTPark Nitra 34 Industrial Owned
106 Romania CTPark Bucharest Mogosoia 34 Industrial Owned
107 Germany CTPark Bremen 33 Industrial Owned
108 Romania CTPark Bucharest South 33 Industrial Owned
109 Czech CTPark Ostrava Radvanice 33 Industrial Owned
110 Germany Gevelsberg South 32 Industrial Owned
111 Poland CTPark Warsaw East 32 Industrial Owned
112 Czech CTPark Planá 32 Industrial Owned
113 Germany Treuenbrietzen 31 Industrial Owned
114 Czech CTPark Jihlava 31 Industrial Owned
115 Romania CTPark Cluj 30 Industrial Owned
116 Bulgaria CTPark Sofia Airport 30 Industrial Owned
117 Romania CTPark Pitesti East 30 Industrial Owned
118 Slovakia CTPark Hlohovec 29 Industrial Owned
119 Romania CTPark Arad West 29 Industrial Owned
120 Czech CTPark Česká Lípa 28 Industrial Owned
121 Germany Hannover North-West 27 Industrial Owned
122 Hungary CTPark Szombathely East 26 Industrial Owned
123 Romania CTPark Deva II 26 Industrial Owned
124 Hungary CTPark Székesfehérvár 26 Industrial Owned
125 Romania CTPark Timisoara South 25 Industrial Owned
382
Appendices
CTP N.V. Annual Report 2024
7.8 Property List
3/5
Rank Country Park
GLA
('000 sqm) Type Ownership
126 Romania CTPark Targu Mures 25 Industrial Owned
127 Germany Eisenach 25 Industrial Owned
128 Germany Hannover West 25 Industrial Owned
129 Germany Solingen 25 Industrial Owned
130 Germany Monchweiler 24 Industrial Owned
131 Germany Gevelsberg East 24 Industrial Owned
132 Germany Remscheid Centre South 24 Industrial Owned
133 Romania CTPark Salonta 23 Industrial Owned
134 Netherlands CTPark Rotterdam 23 Industrial Owned
135 Austria CTPark Sankt Polten North 23 Industrial Owned
136 Czech IQ Ostrava 23 Office Owned
137 Romania CTPark Turda 23 Industrial Owned
138 Romania CTPark Ineu 22 Industrial Owned
139 Romania CTPark Oradea North 22 Industrial Owned
140 Poland CTPark Sulechów 21 Industrial Owned
141 Romania CTPark Deva 21 Industrial Owned
142 Czech CTPark Okříšky 21 Industrial Owned
143 Germany Wittingen 21 Industrial Owned
144 Germany Simmern/Hunsruck 21 Industrial Owned
145 Germany Hannover North 21 Industrial Owned
146 Germany Schwabisch Hall South 20 Industrial Owned
147 Romania CTPark Arad City 20 Industrial Owned
148 Czech CTPark Chomutov 20 Industrial Owned
149 Germany Dortmund Centre-East 20 Industrial Owned
150 Hungary CTPark Szombathely 20 Industrial Owned
151 Germany Regensburg 20 Industrial Owned
152 Czech CTPark Chrastava 20 Industrial Owned
153 Czech CTPark Lipník nad Bečvou 20 Industrial Owned
154 Germany Aalen West 19 Industrial Owned
155 Germany Schwerin South 19 Industrial Owned
156 Czech CTPark Zákupy 19 Industrial Owned
Rank Country Park
GLA
('000 sqm) Type Ownership
157 Czech CTPark Nošovice 19 Industrial Owned
158 Germany Zella-Mehlis Süd 19 Industrial Owned
159 Bulgaria CTPark Plovdiv Airport 19 Industrial Owned
160 Hungary CTPark Mosonmagyaróvár 18 Industrial Owned
161 Hotels Hotel Plzeň 18 Hotel Owned
162 Romania CTPark Brasov 18 Industrial Owned
163 Poland CTPark Warsaw North 18 Industrial Owned
164 Germany Krefeld 18 Industrial Owned
165 Serbia CTPark Jagodina 18 Industrial Owned
166 Germany Hannover Centre-North 18 Industrial Owned
167 Slovakia CTPark Nové Mesto 17 Industrial Owned
168 Germany Wesel 17 Industrial Owned
169 Germany Lichtenfels 16 Industrial Owned
170 Germany Remscheid North 16 Industrial Owned
171 Germany Duisburg West 16 Industrial Owned
172 Germany Lauda-Konigshofen 16 Industrial Owned
173 Czech CTPark Most 15 Industrial Owned
174 Germany Numbrecht 15 Industrial Owned
175 Germany Magdeburg West 15 Industrial Owned
176 Serbia CTPark Nis 15 Industrial Owned
177 Germany Aalen East 15 Industrial Owned
178 Germany Dusseldorf West 14 Industrial Owned
179 Germany Berlin South 14 Industrial Owned
180 Czech CTPark Kolín 14 Industrial Owned
181 Czech CTPark Hradec Králové 14 Industrial Owned
182 Hungary CTPark Budapest Office Campus 13 Industrial Owned
183 Germany Kloster Lehnin 13 Industrial Owned
184 Germany Reutlingen North 13 Industrial Owned
185 Germany Bad Oeynhausen 13 Industrial Owned
186 Germany Bocholt 13 Industrial Owned
187 Germany Wolfsburg East 13 Industrial Owned
383
Appendices
CTP N.V. Annual Report 2024
7.8 Property List
4/5
Rank Country Park
GLA
('000 sqm) Type Ownership
188 Germany Bielefeld South 12 Industrial Owned
189 Germany Magdeburg East 12 Industrial Owned
190 Germany Bremen West 12 Industrial Owned
191 Germany Sonneberg 12 Industrial Owned
192 Romania CTPark Arad North 12 Industrial Owned
193 Germany Remscheid Centre West 12 Industrial Owned
194 Czech CTPark Louny 12 Industrial Owned
195 Germany Zella-Mehlis-II 12 Industrial Owned
196 Hungary CTPark Kecskemét 12 Industrial Owned
197 Poland CTPark Warsaw Konik 11 Industrial Owned
198 Germany Neustadt-Glewe 11 Industrial Owned
199 Slovakia CTPark Krásno nad Kysucou 11 Industrial Owned
200 Germany Siegen South 11 Industrial Owned
201 Germany Magdeburg North 10 Industrial Owned
202 Germany Kaiserslautern North 10 Industrial Owned
203 Germany Nurtingen South 10 Industrial Owned
204 Czech CTPark Holubice 10 Industrial Owned
205 Czech CTPark Ústí nad Labem 10 Industrial Owned
206 Czech CTPark Kutná Hora 10 Industrial Owned
207 Germany Wittenberg 10 Industrial Owned
208 Germany Aalen South 10 Industrial Owned
209 Germany Linthe 10 Industrial Owned
210 Germany Bremen North 10 Industrial Owned
211 Bulgaria CTPark Plovdiv North 10 Industrial Owned
212 Germany Dusseldorf West 9 Industrial Owned
213 Germany Wismar 9 Industrial Owned
214 Germany Bonn North 9 Industrial Owned
215 Bulgaria CTPark Sofia Ring Road 9 Industrial Owned
216 Germany Wuppertal 9 Industrial Owned
217 Romania CTPark Caransebes 9 Industrial Owned
218 Czech CTPark Liberec 8 Industrial Owned
Rank Country Park
GLA
('000 sqm) Type Ownership
219 Germany Bochum South 8 Industrial Owned
220 Germany Berlin East 8 Industrial Owned
221 Germany Schleiz 8 Industrial Owned
222 Germany Gera East 7 Industrial Owned
223 Germany Gustrow 7 Industrial Owned
224 Germany Bremen North-West 7 Industrial Owned
225 Czech CTPark Lysá nad Labem 7 Industrial Owned
226 Germany Rosenheim 7 Industrial Owned
227 Germany Goslar East 7 Industrial Owned
228 Romania CTPark Oradea City 7 Industrial Owned
229 Germany Dortmund East 7 Industrial Owned
230 Germany Meschede 7 Industrial Owned
231 Germany Eschenbachinder Oberpfalz 7 Industrial Owned
232 Czech CTPark Ostrava II 6 Industrial Owned
233 Germany Wuppertal 5 Industrial Owned
234 Germany Wiesmoor 4 Industrial Owned
235 Germany Bielefeld East 4 Industrial Owned
236 Germany Dortmund West 4 Industrial Owned
237 Germany Wilhelmshaven 4 Industrial Owned
237 Germany Wilhelmshaven II 3 Industrial Owned
239 Germany Bochum West 3 Industrial Owned
240 Czech CTPark České Velenice 3 Industrial Owned
241 Germany Duisburg North-West 3 Industrial Owned
242 Germany Ulm East 3 Industrial Owned
243 Germany Wurzburg South 3 Industrial Owned
244 Czech CTPark Žatec II 3 Industrial Owned
245 Germany Munster 3 Industrial Owned
246 Germany Schwerin North 3 Industrial Owned
247 Germany Hattingen 3 Industrial Owned
248 Germany Müllrose, Germany 3 Industrial Owned
249 Germany Erfurt-Nord, Germany 2 Industrial Owned
384
Appendices
CTP N.V. Annual Report 2024
Rank Country Park
GLA
('000 sqm) Type Ownership
250 Germany Kulmbach 2 Industrial Owned
251 Germany Halberstadt 2 Industrial Owned
252 Germany Fehrbellin 1 Industrial Owned
253 Germany Weimar 1 Industrial Owned
254 Austria Deuchendorf, Austria 1 Industrial Owned
255 Germany Untermaßfeld, Germany 1 Industrial Owned
256 Germany Drei Gleichen 1 Industrial Owned
257 Germany Karith, Germany 1 Industrial Owned
258 Germany Syke, Germany < 1k Industrial Owned
259 Germany Munchen South < 1k Industrial Owned
260 Germany Bernau, Germany < 1k Industrial Owned
Total 13,730
Owned 13,330
Third party AUM 400
7.8 Property List
5/5
385
Appendices
CTP N.V. Annual Report 2024
Adjusted EBITDA
EBITDA adjusted for items that are not indicative
of the Group’s ongoing operating performance
such as net valuation result on investment prop-
erty, other financial expense, other financial gains
and losses, profit (loss) on disposal of investment
properties.
Administrative and operating costs
Employee benefits and other expenses.
AFM
The Dutch Authority for the Financial Marktes
(in Dutch: Autoriteit Financiële Markten).
AMX Index
A stock market index composed of Dutch mid-cap
companies that trade on Euronext Amsterdam.
Annual General Meeting or AGM
The meeting in which the shareholders and all
other persons with meeting rights annually
assemble no later than 30 June of a specific year.
Annualised Rental Income
Rent roll as per the end of period of the standing
portfolio, including other rental income
Articles
Articles of association of the Company.
Audit Committee
The audit committee of the Company.
7.9 Glossary
Average Cost of Debt
The total of bank interest expense, the interest
expense from financial derivatives, and the inter-
est expense from bonds issued issued, excluding
interest expense from liabilities due from related
parties and arrangement fees for the reporting
period, divided by the average total balance of in-
terest-bearing loans and borrowings from financial
institutions and bonds issued for that same period.
Board
The Board of Directors of the Company.
Board Rules
The rules governing the internal proceedings of
the Board.
BREEAM
The Building Research Establishment Environmen-
tal Assessment Method-a leading validation and
certification system for sustainable built environ-
ments owned by the UK-based Buidling Research
Establishment (BRE).
CAGR
Compound annual growth rate.
CEE
The Central and Eastern Europe.
CITA
The Dutch Corporate Income Tax Act 1969
(Wet op de vennootschapsbelasting 1969).
Code
Dutch Corporate Governance Code
(20 December 2022).
Code of Conduct
The code of conduct of the Company.
Collection rate
Last 12 months’ billings including rent, service
chargers and other rental income, net of bad debt
written off in the period.
Company specific Adjusted Earnings
EPRA earnings adjusted for the after-tax effect
from the adjustment for rental income for impair-
ment/depreciation on property, plant and equip-
ment, and foreign exchange gains/losses related to
company restructuring and non-recurring financ-
ing costs and non-recurring items unrelated to the
Group’s operational performance.
Company specific Adjusted Earnings per Share
Company specific Adjusted Earnings based on the
average number of shares outstanding during the
reporting period.
Core markets
CTP’ core CEE markets in the Czech Republic,
Hungary, Romania and Slovakia.
CPI
Consumer Price Index.
CSRD
Corporate Sustainability Reporting Directive
CTP, the Company, or the Group
CTP N.V.
CTP staff
All CTP employees, including executives and exter-
nal staff (contractors).
C&W
Cushman & Wakefield.
DCC or BW
Dutch Civil Code (Burgerlijk Wetboek).
Decree on the Disclosure of Holdings in Issuing
Institutions
Decree on notifcation of control and capital
interest in issuing institutions under the Wft
(Besluit melding zeggenschap en kapitaalbelang
in uitgevende instellingen Wft).
Decree on the Management Report
Decree on the content of the management report
(Besluit inhoud bestuursverslag).
Decree on the Directive on Takeover Bids
Decree implementing Section 10 of the Directive
on takeover bids (Besluit artikel 10 overnameri-
chtlijn).
DIP
Deferred incentive plan-a discretionary plan that
may operate with one or more incentive plans op-
erated by CTP and providing a mechanism for the
deferral of part of a participant’s incentive to a
deferred award of cash and/or a deferred amount
of shares.
DIP Award
A deferred award of cash and/or a deferred award
of shares in the Company.
DIR or DIG
Deutsche Industrie REIT AG.
Director
an Executive Director or a Non-Executive Director.
EBITDA
Earnings before interest, taxes, depreciation and
amortisation.
EEA
European Economic Area.
EGM
(Extraordinary General Meeting) the meeting in
which the shareholders and all other persons with
meeting rights assemble for a specific agenda
item.
EMTN Programme
Euro Medium Term Note Programme.
386
Appendices
CTP N.V. Annual Report 2024
EPC
Energy Performance Certificate
EPRA
The European Public Real Estate Association.
EPRA BPR
EPRA best practice reporting.
EPRA sBPR
EPRA sustainability Best Practices Reporting
EPRA Earnings
The profit for the period adjusted for the after
(deferred) tax effect from the exclusion of the
net valuation result, the change in the fair value
of financial instruments and associated close-out
costs, result from disposals of investment prop-
erties and other interests and foreign currency
translation result.
EPRA Earnings per Share
EPRA Earnings based upon the weighted average
number of shares as of end of period.
EPRA Net Initial Yield
Annualised rental income based upon the cash
passing rent at balance sheet date less non re-
coverable property operating expenses divided by
the market value of income generating investment
property.
EPRA NTA
Total equity attributable to owners of the Compa-
ny excluding deferred tax in relation to net valua-
tion result of investment property and investment
property under development with intention to hold
and not sell in the long run, excluding Fair value of
financial instruments and excluding of goodwill as
a result of deferred tax.
EPRA NRV
The EPRA Net Reinstatement Value reflects what
would be needed to recreate the company through
the investment markets based on its current capi-
tal and financing structure, including related costs
such as real estate transfer taxes.
EPRA Topped-up Net Initial Yield
Annualised rental income based upon the cash
passing rent at balance sheet date less non recov-
erable property operating expenses, adjusted for
notional rent expiration of for rent free periods
and other lease incentives, divided by the market
value of income generating investment property.
ERM
Enterprise Risk Management, an integrated risk-
based system of functions, processes and method-
ologies of identifying and addressing methodically
the potential events that represent risks to the
achievement of strategic objectives, or to oppor-
tunities to gain competitive advantage.
ERP
Enterprise Resource Planning, a business process
management software that manages and
integrates a company’s financials, supply chain,
operations, commerce, reporting, manufacturing,
and human resource activities.
ERV
Estimated Rental Value.
ESG
Environmental, Social, and Corporate Governance
an evaluation of a firm’s collective conscientious-
ness for social and environmental factors
ESMA
European Securities and Market Authority.
EU
European Union.
EU Taxonomy
A classification system established as part of the
European Green Deal Initiative to define economic
activities considered environmentally sustainable.
EUR or euro or €
The lawful currency of the European Economic
and Monetary Union.
Executive Director
A director of the Company appointed as executive
director.
Growth markets
Poland, Serbia, Bulgaria-The markets in CEE
that CTP has targeted for further growth over
the medium term.
Financial Statements
Audited consolidated financial statements of
the Company for the period from 1 January 2024
to 31 December 2024, which comprise the con-
solidated statements of financial position as of
31 December 2024 and 2023 and the related
consolidated statements of profit and loss and
comprehensive income, changes in equity, and cash
flows for the period 1 January 2024 to 31 Decem-
ber 2024 and the year ended 31 December 2023,
and the related notes to the consolidated financial
statements. These financial statements are
a reproduction of the statutory financial state-
ments of the Company and have been provided
with an audit opinion by the external auditor.
FMSA
Dutch Financial Markets Supervision Act
(Wet op het financieel toezicht).
Founder
Mr. Remon Vos
FTEs
Full time equivalent personnel.
GAV
The gross asset value calculated as the aggregate
of investment property, investment property
under development and property, plant and equip-
ment as presented in the financial statements in
accordance with IFRS.
GDP
Gross domestic product.
General Meeting
the corporate body that consists of shareholders
and all other persons with voting rights, or the
meeting in which the shareholders and all other
persons with meeting rights assemble.
GHG
Greenhouse Gases. Gases which emissions
contribute to greenhouse effect. Systemized
approach is described by Greenhouse Gas
Protocol – https://ghgprotocol.org/.
GLA
Gross lettable area.
Green Asset Pool
The selected pool of new and existing assets that
promote the transition to low-carbon and climate
resilient growth and which meet the criteria in the
Green Bond Framework.
Green Bond Framework
The Group’s framework developed according to
the Green Bond Principles 2018, administrated by
the International Capital Market Association.
GRI
Global Reporting Initiative – framework for
transparent disclosure of non-financial data
– https://www.globalreporting.org/.
Gross Rental Income or GRI
Gross Rental income for the relevant period.
387
Appendices
CTP N.V. Annual Report 2024
Group, Group Companies
the Company and all entities included in the group
(groep, within the meaning of article 2:24 b DCC)
headed by it.
I&L
Industrial & Logistics.
IAS
International Accounting Standards.
ICR
The ratio of the Group’s total interest expense to
Adjusted EBITDA.
IFRS
The International Financial Reporting Standards
as adopted by the European Union.
Indebtedness
Interest-bearing loans and borrowings from finan-
cial institutions.
ISIN
International securities identification number.
KPI
Key performance indicator.
KPMG
KPMG Accountants N.V.
Leasing Activity
Sum of new contracts or amendments for either
newly leased or prolonged leases in given period.
LEI
Legal Entity Identifier.
Like-for-Like Rental Income Growth
The like-for-like gross rental growth compares the
growth of the gross rental income of the portfolio
that has been consistently in operation (not under
development) during the two preceding 12-month
periods that are described.
LTIP
CTP’s long-term incentive plan for Executive
Directors.
Multivest
Multivest B.V., the parent company of the Group.
MWp
Megawatt peak—a unit of measurement indicat-
ing the peak power output capacity of renewable
energy power plants such as solar or wind, where
output may vary due to strength of sunlight or
wind speed.
Net Debt
Aggregate amount of interest-bearing loans and
borrowings from financial institutions plus bonds
issued after deduction of cash and cash equiva-
lents.
Net LTV
Net loan-to-value ratio, which is the aggregate
amount of interest-bearing loans and borrowings
from financial institutions plus bonds issued after
deduction of cash and cash equivalents as a per-
centage of GAV.
NOI
Net Operating Income.
Nomination and Remuneration Committee
the nomination and remuneration committee of
the Company.
Non-Executive Directors
the Company’s non-executive directors.
Occupancy Rate
Proportion of the aggregate GLA of the properties
(whether or not capable of being let) which is
subject to tenancies at that point in time. For the
avoidance of doubt, the aggregate GLA includes
areas designated as structurally vacant or under
refurbishment. Any development to create new
lettable area at any property shall only be included
when the relevant space or development is
complete and available to generate income.
Operating profit (excl. valuation results)
Profit for the period less Net valuation result on
investment property.
PV
Photovoltaic.
Red Book
The Royal Institute of Chartered Surveyors Valu-
ation – (incorporating the International Valuation
Standards) – January 2020.
Related Party Transactions Policy
the related party transactions policy of the Group.
Remuneration Policy
A remuneration policy for CTP adopted by the
AGM on 25 March 2021 applying to the Executive
Directors and the Non-Executive Directors.
Retention Rate
The part of total rental income that expires in one
year and is prolonged with existing clients, as part
of the total rental income of leases which expire in
the same year.
Senior Independent Director
The Non-Executive Director with the title
Senior Independent Director, in accordance
with the Board Rules.
Senior Management
Employees of CTP in a managerial position
as referred to in article 2:166 DCC.
Shareholder(s)
A holder of shares.
Sustainability Committee
the sustainability committee of the Company.
TCFD
Task Force on Climate related Financial
Disclosures – non-public initiative that developed
guidance of disclosure of impact of climate
changes on financial performance of companies
– https://www.fsb-tcfd.org/
TSR
Total Shareholder Return.
UNHCR
UN Refugee Agency.
WAULT
Weighted average unexpired lease term.
Western European markets
Austria, Netherlands, Germany.
Yield on Cost (YoC)
Average contracted rental value divided by devel-
opment cost including land and agency fees, and
excluding financing, rent free periods and internal
project management costs.
388
Appendices
CTP N.V. Annual Report 2024
Forward-looking statements and other
information
To the extent that this document contains for-
ward-looking statements, such statements do not
represent facts and are identified generally by the
words such as “aims”, “anticipates”, “assumes”, “be-
lieves”, “estimates”, “expects”, “intends”, “should”,
“will”, “will likely result”, “forecasts”, “out-look”,
“projects”, “may” or similar expressions. The for-
ward-looking statements contained herein speak
only as of the date they are made, and CTP does
not assume any obligation to update such state-
ments, except as required by law. Forward-looking
statements express the intentions, opinions or cur-
rent expectations and assumptions of CTP and the
persons acting in conjunction with CTP, for exam-
ple with regard to the Outlook section of the “CEO
Letter” and the “CFO Letter”, or the “Outlook for
2025” and other sections throughout Chapter 2
(Strategy & Outlook). Such forward-looking state-
ments are based on current plans, estimates and
forecasts that CTP and the persons acting in con-
junction with CTP have made to the best of their
knowledge, but which may not be correct in the
future. Forward-looking statements are subject to
risks and uncertainties because they relate to fu-
ture events that are difficult to predict and usually
cannot be influenced by CTP or the persons acting
in conjunction with CTP. Please see in this respect
the section on Risk Management in the Governance
chapter in this document. It should be kept in mind
that actual events or consequences may differ ma-
terially from those contained in or expressed by
such forward-looking statements.
Third-party market share data
Statements regarding market share, market
data, industry statistics, and industry forecasts
contained in this document are based on publicly
available sources such as research institutes and
analyst coverage in combination with CTP’s own
management estimates.
Use of non-IFRS information
In presenting and discussing CTP’s financial po-
sition, operating results and cash flows, manage-
ment uses certain non-IFRS financial measures.
These non-IFRS financial measures should not be
viewed in isolation as alternatives to the equivalent
IFRS measure and should be used in conjunction
with the most directly comparable IFRS measures.
Non-IFRS financial measures do not have stand-
ardised meaning under IFRS and therefore may not
be comparable to similar measures presented by
other issuers.
Compliance statement
This document is the [PDF/printed] version of
CTP’s 2024 Annual Report and has been prepared
for ease of use. The 2024 Annual Report was made
publicly available pursuant to section 5:25c of the
Dutch Financial Supervision Act (Wet op het finan-
cieel toezicht) and was filed with the Netherlands
Authority for the Financial Markets in European
single electronic reporting format (the ESEF pack-
age). The ESEF package is available on CTP’s web-
site (www.ctp.eu) and includes a human-readable
XHMTL version of the 2024 Annual Report. In case
of any discrepancies between this PDF version and
the ESEF package, the latter prevails.
7.10 Disclaimer
389
CTP N.V. Annual Report 2024
Contacts
CTP
CTPark Humpolec 1571
396 01 Humpolec
Czech Republic
+420 565 535 565
Czech Republic
CTP Invest spol. s r.o.
Národní 135/14
110 00 Prague 1
Czech Republic
+420 220 511 444
Romania
CTP Invest Bucharest SRL
CTPark Bucharest West
5A Ion Rațiu Street
Bolintin Deal Commune
Giurgiu County
087015
Romania
+40 21 9149
Hungary
CTP Management Hungary Kft
Verebély László utca 2
2051 Biatorbágy
Hungary
+36 30 164 3414
Slovakia
CTP Invest SK, spol. s r.o.
Laurinská 18
811 01 Bratislava
Slovakia
+421 904 174 157
Serbia
CTP Invest doo
Megarska 9
11 070 Beograd
Serbia
+381 66 8772 860
Poland
CTP Invest Sp. z o.o.
Rondo ONZ 1
00-124 Warsaw
Poland
+48 600 037 740
Bulgaria
CTP Invest EOOD
247, Botevgradsko shosse Blvd.
Administrative building, floor 7
1517 Sofia
Bulgaria
+359 884 65 22 38
Netherlands
CTP Invest BV
Apollolaan 151
1077 AR Amsterdam
The Netherlands
+31 85 27 31 294
Germany
CTP Germany Invest GmbH
Lietzenburger Strasse 75
10719 Berlin
Germany
+49 175 7536310
Austria
CTP Invest Immobilien GmbH
Mariahilferstraße 17/4
1060 Vienna
Austria
+43 664 1540811
Asia Office
Mainland China: +86-17072175553
Hong Kong: +852-93594004
CTP Regional Offices CTP N.V.
CTP N.V.
Apollolaan 151
1077 AR Amsterdam
The Netherlands
+31 85 27 31 294
ctp.eu
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