CTP N.V. Annual Report 2022

Financial Statements

In 2022, CTP continued to deliver on its promises with another year of strong financial performance, despite the macroeconomic and geopolitical volatility seen throughout 2022. CTP delivered a record high 1.0 million sqm of GLA (excluding acquisitions), which brough the total GLA of its investment portfolio at the end of the year to 10.5 million sqm, while keeping its robust balance sheet and sound financial policy.

Balance Sheet
Summary Audited Consolidated Balance Sheet per 31 December 2022. (in EUR millions)

AssetsFY 2022FY 2021
Investment property10,124.27,575.1
Investment property under development1,193.3774.2
Property, plant and equipment168.9111.0
Other94.2174.6
Total non-current assets11,580.78,634.9
Trade and other receivables18.0144.1
Other269.414.8
Cash and cash equivalents660.6892.8
Total current assets948.01,051.7
Total assets12,528.79,686.6
Total equity5,284.54,106.8
Interest-bearing loans and borrowings from financial institutions1,868.11,110.5
Bonds issued3,563.83,368.2
Other106.064.6
Deferred tax liabilities913.9746.8
Total non-current liabilities6,451.75,290.1
Interest-bearing loans and borrowings from financial institutions24.720.8
Bonds issued417.613.5
Other350.1255.4
Total current liabilities792.4289.7
Total liabilities 7,244.15,579.8

Assets and Liabilities
(in EUR millions)

20222021202020192018
Total assets12528.79686.66446.35526.04637.4
Investment property10124.27575.15386.24721.44024.0
Under development1193.3774.2387.3440.7315.4
Cash660.6892.8419.163.846.3
Total liabilities7244.15579.84182.13483.13676.6
Loans1892.91131.32352.32677.82129.6
Bonds3981.43381.71042.0--
Total equity5284.54106.82264.22042.8960.7

EPRA Earnings Metric
(in EUR millions)

FY 2022FY 2021
Earnings per IFRS income statement794,6491,025,936
Adjustments to calculate EPRA Earnings, exclude:  
Changes in value of investment properties, development properties held for investment and other interests723,5801,100,571
Profits or losses on disposal of investment properties, development properties held for investment and other interests8702,333
Profits or losses on sales of trading properties including impairment charges in respect of trading properties.  
Tax on profits or losses on disposals-168-146
Negative goodwill / goodwill impairment  
Changes in fair value of financial instruments and associated close-out costs4,05212,126
Acquisition costs on share deals and non-controlling joint venture interests  
Deferred tax in respect of EPRA adjustments-161,385-1,648
Adjustments (i) to (viii) above in respect of joint ventures (unless already included under proportional consolidation)
Non-controlling interests in respect of the above-1,301-227,903
EPRA Earnings229,001140,703
Average number of shares433,982383,407
EPRA Earnings per Share (EPS)0.530.37
Impairment/depreciation on property, plant and equipment  
FX related to company restructuring, intra-group transfer of SPV's-2,208-5,657
Costs associated with establishment of capital market and financing structure-16,125-5,306
Non recurring items unrelated to operational performance (gifts, transaction advisory,...)-24,512-41,094
Deferred tax in respect of Company specific adjustments6,3396,654
Company specific Adjusted Earnings265,507186,106
Company specific Adjusted EPS0.610.49

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