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HB Reavis Holding S.A. – Condensed Consolidated Interim Financial

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HB Reavis Holding S.A. – Condensed Consolidated Interim Financial HB Reavis Holding S.A. Condensed Consolidated Interim Financial Statements 30 June 2019 Contents CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS AS AT AND FOR THE 6 MONTHS ENDED 30 JUNE 2019 Condensed Consolidated Interim Statement of Financial Position ................................................................................ 1 Condensed Consolidated Interim Statement of Profit or Loss and Other Comprehensive Income ............................... 2 Condensed Consolidated Interim Statement of Changes in Equity ............................................................................... 3 Condensed Consolidated Interim Statement of Cash Flows ......................................................................................... 4 Notes to the Condensed Consolidated Interim 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 ............................................. 12 4 Adoption of New or Revised Standards and Interpretations ............................................................................. 13 5 New Accounting Pronouncements ................................................................................................................... 14 6 Segment Analysis ............................................................................................................................................. 15 7 Balances and Transactions with Related Parties ............................................................................................. 26 8 Property, Plant and Equipment ........................................................................................................................ 27 9 Leases .............................................................................................................................................................. 28 10 Investment Property ......................................................................................................................................... 29 11 Investment in Joint Ventures ............................................................................................................................ 30 12 Receivables and Loans .................................................................................................................................... 30 13 Other Non-Current Assets ................................................................................................................................ 31 14 Trade and Other Receivables .......................................................................................................................... 31 15 Non-current Assets Held for Sale ..................................................................................................................... 34 16 Cash and Cash Equivalents ............................................................................................................................. 34 17 Financial investments ....................................................................................................................................... 35 18 Share Capital and Share Premium ................................................................................................................... 35 19 Borrowings ....................................................................................................................................................... 36 20 Trade and Other Payables ............................................................................................................................... 38 21 Rental and Similar Income from Investment Property ...................................................................................... 38 22 Direct Operating Expenses arising from Investment Property .......................................................................... 39 23 Analysis of Revenue by Category .................................................................................................................... 39 24 Employee Benefits ........................................................................................................................................... 40 25 Operating Income and Expenses ..................................................................................................................... 40 26 Disposals of Subsidiaries ................................................................................................................................. 41 27 Income Taxes ................................................................................................................................................... 41 28 Foreign exchange gains/(losses)...................................................................................................................... 41 29 Contingencies, Commitments and Operating Risks ......................................................................................... 42 30 Financial Risk Management ............................................................................................................................. 42 31 Management of Capital .................................................................................................................................... 47 32 Fair Value Estimation ....................................................................................................................................... 48 33 Reconciliation of Classes of Financial Instruments with Measurement Categories .......................................... 53 34 Consolidated Structured Entities ...................................................................................................................... 54 35 Events after the Balance Sheet Date ............................................................................................................... 54 . HB Reavis Holding S.A. Condensed Consolidated Interim Statement of Financial Position at 30 June 2019 Prepared in accordance with /AS 34, "Interim financial reporting" In millions of EUR Note 30 June 2019 31 December 2018 ASSETS Non-current assets Investment property in use or vacant 10 471.9 622.8 Investment property under development 10 1,180.2 1,043.6 Investment in joint ventures 11 2.2 54.5 Property, plant and equipment 8 6.2 9.3 Right- of-use assets 9 7.8 Intangible assets 1.0 0.9 Financial investments 17 53.8 51.8 Receivables and loans 12 2.2 9.2 Other non-current assets 13 4.9 9.4 Total non-current assets 1,730.2 1,801.5 Current assets Non-current assets classified as held for sale 15 668.1 271.2 Inventories 0.4 0.4 Trade and other receivables 7, 14 67.2 72.4 Other assets 21.4 20.3 Cash and cash equivalents 16 155.9 172.3 244.9 265.4 Total current assets 913.0 536.6 TOTAL ASSETS 2,643.2 2,338.1 EQUITY Share capital (30,000 shares at EUR 1.00 each) 18 Share premium 18 415.9 455.9 Retained earnings 973.1 831.8 Revaluation reserve for assets transferred to investment properties at fair value 8 3.8 3.8 Currency translation reserve (42.1) (33.4) Equity attributable to the Company's owners 1,350.7 1,258.1 Non-controlling interest TOTAL EQUITY 1,350.7 1,258.1 LIABILITIES Non-current liabilities Borrowings 19 518.0 614.4 Deferred income tax liability 27 84.9 67.5 Trade and other payables 7, 20 14.9 15.2 Lease liabilities 9 57.5 Total non-current liabilities 675.3 697.1 Current liabilities Liabilities directly associated with non-current assets classified as held for sale 15 347.4 158.8 Borrowings 19 170.7 133.2 Trade and other payables 7, 20 89.1 85.9 Lease liabilities 9 5.2 Deferred income 20 4.8 5.0 269.8 224.1 Total current liabilities 617.2 382.9 TOTAL LIABILITIES 1,292.5 1,080.0 TOTAL LIABILITIES AND EQUITY 2,643.2 2,338.1 These condensed consolidated interim financial statements have been approved for issue and signed on behalf of the HB Reavis Holding S.A. on 30 September 2019 by the members of the Board of Directors of HB Reavis Holding S.A.. Shareholders have the power to amend thes condensed consolidated interim financial statements after issue. Melanie Koch Director A The accompanying notes on pages 5 to 54 are integral part of these condensed consolidated interim financial statements. HB Reavis Holding S.A. Condensed Consolidated Interim Statement of Profit or Loss and Other Comprehensive Income for the 6 months ended 30 June 2019 Prepared in accordance with IAS 34, “Interim financial reporting” 2 6 months ended In millions of EUR Note 30 June 2019 30 June 2018 Rental and similar income from investment property 21 30.9 34.2 Direct operating expenses arising from investment property 22 (14.7) (11.4) Net operating income from investment property 16.2 22.8 Revaluation gain/(loss) on investment property 10 183.6 145.7 Share of profit or loss of joint ventures 11 (7.7) 6.9 Gain on disposal of subsidiaries 26 1.5 9.5 Gain on disposal of JV 11 17.1 - Other operating income 7, 25 4.0 2.9 Revenue from construction contracts 23 11.5 10.3 Construction services (8.9) (12.2) Employee benefits 7, 24 (12.1) (14.7) Depreciation and amortisation (2.6) (0.9) Other operating expenses 25 (11.1) (25.1) Operating profit 191.5 145.2 Interest income 7 1.0 1.3 Interest expense (15.8) (16.0) Foreign
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