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HB Reavis Holding S.A. Condensed Consolidated Interim Financial Statements 30 June 2020

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HB Reavis Holding S.A. Condensed Consolidated Interim Financial Statements 30 June 2020 HB Reavis Holding S.A. Condensed Consolidated Interim Financial Statements 30 June 2020 Contents CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS AS AT AND FOR THE 6 MONTHS ENDED 30 JUNE 2020 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 ...................................................................................................................... 13 6 Segment Analysis ................................................................................................................................................ 15 7 Balances and Transactions with Related Parties ............................................................................................... 26 8 Property, Plant and Equipment ........................................................................................................................... 27 9 Right-of use assets and lease liabilities .............................................................................................................. 28 10 Investment Property ............................................................................................................................................ 30 11 Investment in Joint Ventures ............................................................................................................................... 31 12 Receivables and Loans ....................................................................................................................................... 31 13 Other Non-Current Assets ................................................................................................................................... 31 14 Trade and Other Receivables ............................................................................................................................. 32 15 Non-current Assets Held for Sale ........................................................................................................................ 34 16 Cash and Cash Equivalents ................................................................................................................................ 34 17 Other current assets ............................................................................................................................................ 35 18 Financial investments .......................................................................................................................................... 35 19 Share Capital and Share Premium ..................................................................................................................... 35 20 Borrowings ........................................................................................................................................................... 36 21 Trade and Other Payables .................................................................................................................................. 38 22 Rental and Similar Income from Investment Property ........................................................................................ 39 23 Direct Operating Expenses arising from Investment Property ............................................................................ 39 24 Analysis of Revenue by Category ....................................................................................................................... 40 25 Employee Benefits ............................................................................................................................................... 40 26 Operating Income and Expenses ........................................................................................................................ 41 27 Disposals of Subsidiaries .................................................................................................................................... 41 28 Income Taxes ...................................................................................................................................................... 42 29 Foreign exchange gains/(losses) ........................................................................................................................ 42 30 Contingencies, Commitments and Operating Risks ........................................................................................... 42 31 Financial Risk Management ................................................................................................................................ 42 32 Management of Capital ....................................................................................................................................... 47 33 Fair Value Estimation .......................................................................................................................................... 48 34 Reconciliation of Classes of Financial Instruments with Measurement Categories ........................................... 53 35 Consolidated Structured Entities ......................................................................................................................... 54 36 Events after the Balance Sheet Date .................................................................................................................. 54 . HB Reavis Holding S.A. Condensed Consolidated Interim Statement of Profit or Loss and Other Comprehensive Income for the 6 months ended 30 June 2020 Prepared in accordance with IAS 34, “Interim financial reporting” 2 6 months ended In millions of EUR Note 30 June 2020 30 June 2019 Rental and similar income from investment property 22 23.2 30.9 Direct operating expenses arising from investment property 23 (13.2) (14.7) Net operating income from investment property 10.0 16.2 Revaluation gain/(loss) on investment property 10 (103.8) 183.6 Share of profit or (loss) of joint ventures 11 (0.1) (7.7) Gain/(loss) on disposal of subsidiaries 27 (7.8) 1.5 Gain on disposal of joint venture 11 - 17.1 Other operating income 7, 26 3.4 4.0 Revenue from construction contracts 24 12.0 11.5 Construction services (7.1) (8.9) Employee benefits 7, 25 (12.3) (12.1) Depreciation and amortisation (2.9) (2.6) Other operating expenses 26 (17.1) (11.1) Operating profit (125.7) 191.5 Interest income calculated using the effective interest method 7 0.3 1.0 Interest expense (18.6) (15.8) Foreign exchange gains/(losses), net 29 (22.5) 3.2 Gains less losses on financial derivatives (12.6) 2.5 Other finance income 0.1 - Other finance costs (3.7) (1.8) Finance costs, net (57.0) (10.9) Profit before income tax (182.7) 180.6 Income tax credit/(expense) 28 39.1 (39.3) Net profit/(loss) for the period (143.6) 141.3 Other comprehensive income/(loss) Items that may be reclassified subsequently to profit or loss: Translation of foreign operations to the presentation currency for the period (69.3) 2.4 Translation of foreign operations reclassified to profit or loss upon loss of control of subsidiary or repayment of subsidiaries’ capital 27 4.3 0.2 Translation of foreign operations reclassified to profit or loss upon disposal of JV - (11.3) Items that may not be reclassified subsequently to profit or loss: Total other comprehensive income/(loss) (65.0) (8.7) Total comprehensive income/(loss) for the period (208.6) 132.6 Net profit/(loss) is attributable to: - Owners of the Company (143.6) 141.3 - Non-controlling interest - - Profit/(loss) for the period (143.6) 141.3 Total comprehensive income/(loss) is attributable to: - Owners of the Company (208.6) 132.6 - Non-controlling Interest - - Total comprehensive income/(loss) for the period (208.6) 132.6 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 Changes in Equity for the 6 months ended 30 June 2020 Prepared in accordance with IAS 34, “Interim financial reporting” 3 Attributable to owners of the Company Share Share Transla- Revalua- Non- capital premium Retained tion tion controlling Total In millions of EUR Note (Note 19) (Note 19) earnings reserve reserve Total Interest equity Balance at 1 January 2019 - 455.9 831.8 (33.4) 3.8 1,258.1 - 1,258.1 Profit for the period - - 141.3 - - 141.3 - 141.3 Other comprehensive loss - - - (8.7) - (8.7) - (8.7) Total comprehensive income for the - - 141.3
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