Financial Statements

Excellent Financial Results

?? CTP generated positive momentum in 2021, as the Group rigorously delivered across every element of its strategy as well as further strengthening the foundations of its business to ensure that it is well positioned for future performance.

NET RENTAL INCOME
 
+16.5%
EUR billion
327
RECORD PROFIT
AFTER TAX
+306%
EUR million
1,026
EXCELLENT ANNUAL
TOTAL RETURN
47%
ON TARGET NET
LOAN-TO-VALUE
50.7%
42.8%
STRONG LUQUIDITY
GREEN BONDS ISSUED
1.04
EUR billion
3.4
ATTRACTIVE
COST OF DEBT
2.00%
1.19%
STRONG EPRA EPS
GROWTH
+11.4%
EUR
0.49
SOLID EPRA
NTA
+45%
EUR
12.06
2021 DIVIDEND
PROPOSED
0.17
EUR
0.35

Balance Sheet

Summary Audited Consolidated Balance Sheet per 31 December 2021.

Assets FY 2021 €m FY 2020 €m
Investment property 7,575.10 7,575.10
Investment property under development 774.2 774.2
Property, plant and equipment 111 111
Other 174.6 174.6
Total non-current assets 8,634.90 8,634.90
Trade and other receivables 144.1 144.1
Other 14.8 14.8
Cash and cash equivalents 892.8 892.8
Total current assets 1,051.70 1,051.70
Total assets 9,686.60 9,686.60
Total equity 4,106.80 4,106.80
Interest-bearing loans and borrowings from financial institutions 1,110.50 1,110.50
Bonds issued 3,368.20 3,368.20
Other 64.6 64.6
Deferred tax liabilities 746.8 746.8
Total non-current liabilities 5,290.10 5,290.10
Interest-bearing loans and borrowings from financial institutions 20.8 20.8
Other 268.9 268.9
Total current liabilities 289.7 289.7
Total liabilities 5,579.80 5,579.80

Assets & liabilities

(in EUR millions)

Balance Sheet 2021 2020 2019 2018
Total assets 9,686.60 6,446.30 5,526.00 4,637.40
Investment property 7,575.10 5,386.20 4,721.40 4,024.00
Under development 774.2 387.3 440.7 315.4
Cash 892.8 419.1 63.8 46.3
Total liabilities 5,579.80 4,182.10 3,483.10 3,676.60
Loans 1,131.30 2,352.30 2,677.80 2,129.60
Bonds 3,381.70 1,042.00 - -
Total equity 4,106.80 2,264.20 2,042.80 960.7

EPRA Earnings Metric

(in EUR millions)

2021 2020
Earnings per IFRS income statement 1,025.94 252.12
Adjustments to calculate EPRA Earnings, exclude:
Changes in value of investment properties, development properties held for investment and other interests 1,100.57 152.16
Profits or losses on disposal of investment properties, development properties held for investment and other interests 2.23 -0.93
Profits or losses on sales of trading properties including impairment charges in respect of trading properties. -
Tax on profits or losses on disposals -0.15 -
Negative goodwill / goodwill impairment - -
Changes in fair value of financial instruments and associated close-out costs 12.13 -40.27
Acquisition costs on share deals and non-controlling joint venture interests -1.65 -
Deferred tax in respect of EPRA adjustments -227.9 -14.23
Adjustments (i) to (viii) above in respect of joint ventures (unless already included under proportional consolidation) - -
Non-controlling interests in respect of the above - -
EPRA Earnings 140.7 155.4
Average number of shares 1 383.41 336
EPRA Earnings per Share (EPS) 0.37 0.46
Company specific adjustments:
Adjustment for rental income included in 2018 for sold portfolio to Deka
Impairment/depreciation on hotel portfolio and acquisitions -5.66 -6.12
FX related to company restructuring, intra-group transfer of SPV's -5.31 17.87
Adjustment associated costs with establishment capital market structure 2 -41.09 -6.48
Deferred tax in respect of Company specific adjustments 6.65 1.16
Company specific Adjusted Earnings 186.11 148.97
Company specific Adjusted EPS 0.49 0.44
COMPANY SPECIFIC
ADJUSTED EPS
2020: 0.44
EUR billion
0.49
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