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HB Reavis Holding S.A. Consolidated Financial Statements 31 December

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HB Reavis Holding S.A. Consolidated Financial Statements 31 December HB Reavis Holding S.A. Consolidated Financial Statements 31 December 2020 Contents AUDITOR’s report Consolidated financial statements as at and for the year ended 31 december 2020 Consolidated Statement of Financial Position .................................................................................................................. 1 Consolidated Statement of Profit or Loss and Other Comprehensive Income ................................................................ 2 Consolidated Statement of Changes in Equity ................................................................................................................. 3 Consolidated Statement of Cash Flows ........................................................................................................................... 4 Notes to the Consolidated Financial Statements 1 The HB REAVIS Group and its Operations .......................................................................................................... 5 2 Significant Accounting Policies.............................................................................................................................. 6 3 Critical Accounting Estimates and Judgements in Applying Accounting Policies .............................................. 23 4 Adoption of New or Revised Standards and Interpretations ............................................................................... 24 5 New Accounting Pronouncements ...................................................................................................................... 24 5 New Accounting Pronouncements (Continued) .................................................................................................. 25 6 Segment Analysis ................................................................................................................................................ 25 6 Segment Analysis (Continued) ............................................................................................................................ 26 7 Balances and Transactions with Related Parties ............................................................................................... 37 8 Property, Plant and Equipment ........................................................................................................................... 38 9 Right-of use assets and lease liabilities .............................................................................................................. 39 10 Investment Property ............................................................................................................................................ 40 11 Investments in Joint Ventures ............................................................................................................................. 41 12 Receivables and Loans ....................................................................................................................................... 42 13 Other Non-Current Assets ................................................................................................................................... 42 14 Trade and Other Receivables ............................................................................................................................. 42 15 Non-current Assets Held for Sale ........................................................................................................................ 44 16 Cash and Cash Equivalents ................................................................................................................................ 45 17 Other current assets ............................................................................................................................................ 45 18 Financial investments .......................................................................................................................................... 45 19 Share Capital and Share Premium ..................................................................................................................... 46 20 Borrowings ........................................................................................................................................................... 46 21 Deferred income, Trade and Other Payables ..................................................................................................... 49 22 Rental and Similar Income from Investment Property ........................................................................................ 50 23 Direct Operating Expenses arising from Investment Property ............................................................................ 50 24 Analysis of Revenue by Category ....................................................................................................................... 51 25 Employee Benefits ............................................................................................................................................... 51 26 Other Operating Income and Expenses .............................................................................................................. 51 27 Disposals of Subsidiaries .................................................................................................................................... 52 28 Income Taxes ...................................................................................................................................................... 53 29 Foreign exchange gains/(losses) ........................................................................................................................ 54 30 Contingencies, Commitments and Operating Risks ........................................................................................... 54 31 Financial Risk Management ................................................................................................................................ 54 32 Management of Capital ....................................................................................................................................... 59 33 Fair Value Estimation .......................................................................................................................................... 60 34 Reconciliation of Classes of Financial Instruments with Measurement Categories ........................................... 65 35 Consolidated Structured Entities ......................................................................................................................... 66 36 Events after the End of the Reporting Period ..................................................................................................... 66 . iI p Audit report To the Shareholder of HB Reavis Holding SA. Report on the audit ofthe consolidated financial statements Our opinion In our opinion, the accompanying consolidated financial statements give a true and fair view of the consolidated financial position of HB Reavis Holding S.A. (the 'Company") and its subsidiaries (the "Group") as at 31 December 2020, and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards (lFRSs) as adopted by the European Union. What we have audited The Group's consolidated financial statements comprise: ¯ the consolidated statement of financial position as at 31 December 2020; ¯ the the consolidated statement of profit or loss and other comprehensive income for the year then ended; ¯ the consolidated statement of changes in equity for the year then ended; ¯ the consolidated statement of cash flows for the year then ended; and ¯ the notes to the consolidated financial statements, which include a summary of significant accounting policies. Basis for opinion We conducted our audit in accordance with the Law of 23 July 2016 on the audit profession (Law of 23 July 2016) and with International Standards on Auditing (ISAs) as adopted for Luxembourg by the "Commission de Surveillance du Secteur Financier" (CSSF). Our responsibilities under the Law of 23 July 2016 and ISAs as adopted for Luxembourg by the CSSF are further described in the "Responsibilities of the "Réviseur d'entreprises agréé" for the audit of the consolidated financial statements" section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. We are independent of the Group in accordance with the International Code of Ethics for Professional Accountants, including International Independence Standards, issued by the International Ethics Standards Board for Accountants (IESBA Code) as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the consolidated financial statements. We have fulfilled our other ethical responsibilities under those ethical requirements. PricewaterhouseCoopers, Société coopérative, 2 rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg T: +352 4948481, F: +352 494848 2900, www.pwc.lu Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n°10028256) R.C.S. Luxembourg B 65477- WA LU25482518 pwc Other information The Board of Directors is responsible for the other information. The other information comprises the information stated in the Management Report but does not include the consolidated financial statements and our audit report thereon. Our opinion on the consolidated
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