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REPORT Board of Directors 2019 REPORT Board of Directors 2019 1 Board of Directors Report for the year 2019 – Impact Group Content 03 2019 Highlights 04 Impact Group, overview 05 Projects portfolio 10 Activity of Impact Group in 2019 14 Residential real estate market 16 Strategy highlights 17 Financial results 19 Board of Directors and Executive Management 21 Main risks and uncertainties 22 Corporate Governance 24 Impact Developer & Contractor on the capital market 26 Reconciliation of IFRS Net Assets vs. EPRA 27 Annexes 27 Implementation of the Corporate Governance Code 34 Other information 35 Impact Group www.impactsa.ro 2 Board of Directors Report for the year 2019 – Impact Group 2019 HIGHLIGHTS Operational Financial IFRS NAV • 352 dwellings sold (30,185 sqm) • 263 pre-sale agreements and reservations on 31 Dec 584 mLEI 2019 estimated as sales in 2020 + 137.2 mLEI (2018: 446.8 mLEI) • Delivery of 192 apartments (14,500 sqm) for Greenfield Baneasa Residence (“Greenfield”) EPRA NAV • Further development of 500 apartments built in the Luxuria Domenii Residence project (“Luxuria”), to be delivered during 2020 839 mLEI • Starting works for the third phase of the Luxuria + 119 mLEI (2018: 720 mLEI) project, 130 apartments that will be delivered in the first half of 2021 Sales • Obtaining the new Zonal Urban Plan (PUZ) new developments in Greenfield Baneasa (Greenfield IV and Greenfield V), which includes Greenfield Plaza (a 157 mLEI commercial and leisure centre) + 56 mLEI (2018: 101 mLEI) • Obtaining the Zonal Urban Plan (PUZ) for the residential project Boreal Plus to be developed in Constanta Pre-sales and reservations for apartments as at 31 Dec 2019 • Identifying locations/plots of land in Bucharest and other cities throughout the country for future developments 146 mLEI • Active and sustained involvement in sport events + 49.9 mLEI (2018: 96.1 mLEI) and Corporate Social Responsibility (“CSR”) actions www.impactsa.ro 3 Board of Directors Report for the year 2019 – Impact Group IMPACT GROUP, OVERVIEW ▪ 29 years of leadership, innovation and excellence in real estate ▪ Since its establishment in 1991, Impact Developer & Contractor ranked on the Romanian real estate market as an innovative company ▪ Impact Developer & Contractor is the first real estate developer after the communist era, established with 100% Romanian capital ▪ In 1996 Impact Developer & Contractor was listed on the Bucharest Stock Exchange (“BSE”), whereby Impact Developer & Contractor has become the first representative of the real estate development and construction sector listed on the Stock Exchange ▪ In 2006 the shares of Impact Developer & Contractor were promoted to Category I of the Stock Exchange and in 2015 to the Premium category Expansion 16 + 4,000 at national residential dwellings level compound built +10,000 500,000 400 mEUR inhabitants sqm built Investments exceeding www.impactsa.ro 4 Board of Directors Report for the year 2019 – Impact Group PROJECTS PORTFOLIO Ongoing projects RESIDENTIAL COMPOUND GREENFIELD BANEASA Unique location Easy access District 1, framed on two sides by 900 ha of woodland: The National Road DN1 and the Ring Road are just a Baneasa Forest and Tunari Forest few minutes away. The underground stations Washington and Paris on Line 6 that will connect the current network to the Otopeni Airport shall be located near GREENFIELD Facilities Current: public transport, private school, parks and playgrounds, restaurant, medical centre and Development in stages supermarket 3 Completed: Greenfield I, Greenfield II (Salcamilor Future: State school, kindergarten, buses, Greenfield Assembly), Greenfield III (Platanilor Assembly) Plaza commercial and leisure center including SPA, pool, sports courts, restaurant, supermarket, bank. 2 Future: Greenfield IV, Greenfield V www.impactsa.ro 5 Board of Directors Report for the year 2019 – Impact Group PROJECTS PORTFOLIO Ongoing projects Greenfield I Greenfield II (Salcamilor Assembly) Development 2007 - 2010 Development 2014 - 2016 No. of apartments & 680 No. of apartments 924 houses No. of parking spots 680 No. of parking spots 1,044 Gross area (sqm) 59,602 Gross area (sqm) 85,076 % Sold 99.3% % Sold 99.9% Greenfield III (Platanilor Assembly) Greenfield IV & Greenfield V Development 2016 - 2019 Development 2020 - 2026 No. of apartments* 944 No. of apartments 4,399 No. of parking spots 1,162 No. of parking spots 5,272 Gross area (sqm) 89,950 Gross area (sqm) 401,146 % Sold** 77.5% Project value (mEUR) 460.5 * Last 192 apartments were completed in August 2019 ** Including 42 pre-sale agreements and reservations as at 31 Dec 2019 2,548 2,330 Completed dwellings GREENFIELD Sold dwellings first 3 phases Including the 192 Including the 42 pre-sale apartments that are were completed agreements and completed in August 2019 reservations as at 31 Dec 2019 www.impactsa.ro 6 Board of Directors Report for the year 2019 – Impact Group PROJECTS PORTFOLIO Ongoing projects RESIDENTIAL COMPOUND LUXURIA DOMENII Top-rated location Development in phases District 1, the Northern area of Bucharest Luxuria Domenii Residence is a new development concept Macro-layout - between Kiseleff Boulevard and Ion of Impact Group and is addressed to the premium Mihalache Boulevard segment of the residential market. Direct layout - between Expozitiei Boulevard and The Luxuria Domenii Residence project was started in Aviator Popisteanu Street 2018, shall be developed on an area of approximately 2.25 ha and shall bring on the market 630 apartments, estimated to be delivered as follows: 232 apartments during the first half of 2020, 268 apartments during the second half of 2020 and 130 apartments during the first Area reputation half of 2021. The future pole of office buildings, after the Floreasca area. Already operating buildings in the area – UniCredit, OCPI, Ubisoft, Tiriac Holding, World Trade Center, City Gate, CNC. Under development – Portland, GTC offices, the new headquarters of ING Bank, SAB Romania, Skanska Romania Easy access 5 minutes away from 1 Mai underground station 2 minutes to multiple public transport options Direct access to DN1 Ploiesti DN3/ Piata Victoriei/ Pod Luxuria Domenii Residence (3 phases) Grand - DN2/ Ring Road – Mogosoaia Development 2018 – 2021 No. of apartments 630 No. of parking spots 720 Technological solutions Gross area (sqm) 66,499 Since 2018, Impact Group is more and more focused on Apartments pre-sold in the first 138 State-of-the-Art technological solutions designed to add phase (232 ap.) at 31 Dec 2019 value to the built residences. Thus, Impact Group has initiated endeavours to implement solutions such as Apartments pre-sold in the 2nd phase 83 Smart Home and Smart City in Luxuria Domenii (268 ap.) at 31 Dec 2019 Residence. www.impactsa.ro 7 Board of Directors Report for the year 2019 – Impact Group PROJECTS PORTFOLIO Ongoing projects RESIDENTIAL COMPLUND BOREAL PLUS Excellent location Constanta, northern area The location is extremely attractive for residential development targeting the middle segment. Easy access Development in harmony with nature Access is easy, with public transportation, 15 Boreal Plus aims to become the new standard in housing minutes from the center, the A4 motorway or in Constanța, using carefully selected materials and the beach efficient technical solutions (selective waste collection and management system, efficient lighting, water recovery and management) A statement location for tranquility and relaxation, in a harmonious natural setting, with a contemporary architecture Area reputation ▪ Well-dimensioned and compartmentalized housing Commercial units - large shopping centers such as ▪ Very good quality finishes (premium) Tom and Vivo, hypermarkets and supermarkets ▪ Contemporary architecture and design such as Carrefour, Mega Image, Kaufland, Penny Market and Auchan ▪ Basic facilities such as parking, boxes and secure access Convenience stores, educational and medical units ▪ Additional facilities such as the kindergarten, playground, a small park for residents ▪ Panoramic view of the lake and the sea Boreal Plus (3 phases, apartments) Development in phases The development of Boreal Plus is planned in 3 Development 2020 – 2023 phases. The project is in the last authorization phase and the start of the construction works is No. of apartments 676 prepared The project will be developed on 4 ha of land and No. of parking spots 810 will bring on the market 676 apartments Gross area (sqm) 62,674 estimated to be delivered as follows: 210 apartments in 2021, 133 apartments in 2022 and Project value (mEUR) 59 333 apartments in 2023 www.impactsa.ro 8 Board of Directors Report for the year 2019 – Impact Group PROJECTS PORTFOLIO Ongoing projects GREENFIELD BANEASA PLAZA MALL New urban facilities and experiences Facilities Greenfield Plaza is a commercial and leisure centre, a A complete mall experience, with varied services to complementary project of the residential complex answer as many needs as possible Greenfield Residence Baneasa, which is addressed to ▪ Mega Image supermarket both residents and the general public ▪ Restaurant, pub, bakery Greenfield Plaza will benefit from a separate access ▪ road so as not to hinder the traffic Playground ▪ Pharmacy Smart living ▪ Bank, currency exchange ▪ Having close to home all the necessary facilities, Travel agency, parcel delivery center residents will reduce the time spent in traffic to ▪ Beauty salon, hairdressing salon different destinations, as it supports pollution reduction ▪ Cleaning solutions and the Greenfield direction of environmental ▪
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