CPI FIM : H1 2022 Financial Statements 2022-08-31

FINANCIAL INFORMATION

2022

Including the

Condensed consolidated interim financial statements

for the six-month period ended 30 June 2022

(Unaudited)

CPI FIM SA * Société Anonyme * 40 rue de la Vallée, L2661 Luxembourg

R. C. S. Luxembourg - B 44.996

SUMMARY

Part I.	Management report
Part II.	Declaration letter
Part III.	Condensed consolidated interim financial information

CPI FIM SA | Société Anonyme | 40 Rue de la Vallée, L-2661 Luxembourg RCS Luxembourg B 44996

MANAGEMENT REPORT | 2

Management Report as at 30 June 2022

MESSAGE FROM THE MANAGEMENT .............................................................................................................	6
FIRST HALF 2022 AND POST-CLOSING KEY EVENTS..........................................................................................	7
Annual general meeting of shareholders ....................................................................................................	7
Share Buy-back programme of the Company..............................................................................................	7
Disposal of land plots in the Czech Republic ...............................................................................................	7
Disposal of the residential property in France ............................................................................................	7
Intergroup financing...................................................................................................................................	7
COVID-19 impact and the Russian invasion to Ukraine ...............................................................................	7
MARKET ENVIRONMENT ................................................................................................................................	9
OPERATIONS OF THE GROUP IN H1 2022 ......................................................................................................	12
Financing of CPIPG Group.........................................................................................................................	12
Rendering of services to CPIPG Group ......................................................................................................	12
PROPERTY PORTFOLIO .................................................................................................................................	13
Total Property Portfolio ...........................................................................................................................	13
Property Valuation...................................................................................................................................	14
Office…. ................................................................................................................................................... 19
Land bank ................................................................................................................................................	22
Residential ...............................................................................................................................................	24
Hotels…....................................................................................................................................................	26
Retail…..................................................................................................................................................... 27
FINANCING...................................................................................................................................................	28
Cash and cash equivalents........................................................................................................................	28
Financial liabilities....................................................................................................................................	28
RESULTS AND NET ASSETS ............................................................................................................................	29
Income statement ....................................................................................................................................	29
Balance sheet...........................................................................................................................................	30
CORPORATE GOVERNANCE ..........................................................................................................................	32
Principles .................................................................................................................................................	32
Board of Directors ....................................................................................................................................	32
Committees of the Board of Directors ......................................................................................................	35
Description of internal controls relative to financial information processing. ...........................................	36
Remuneration and benefits......................................................................................................................	36
Corporate Governance rules and regulations............................................................................................	36
	MANAGEMENT REPORT | 3

Additional information.............................................................................................................................	38
SHAREHOLDING ...........................................................................................................................................	41
Share capital and voting rights .................................................................................................................	41
Shareholder holding structure..................................................................................................................	41
Authorized capital not issued ...................................................................................................................	41
CORPORATE RESPONSIBILITY .......................................................................................................................	42
Environmental, social and ethical matters................................................................................................	42
Environmental matters ............................................................................................................................	42
Social matters ..........................................................................................................................................	42
Ethical matters .........................................................................................................................................	42
Other…..................................................................................................................................................... 42
EU TAXONOMY ............................................................................................................................................	43
GLOSSARY & DEFINITIONS............................................................................................................................	44

MANAGEMENT REPORT | 4

CPI FIM SA, société anonyme (the "Company") and its subsidiaries (together the "Group" or "CPI FIM"), is an owner of income-generating real estate and land bank primarily in Poland and in the Czech Republic. The Company is a subsidiary of CPI Property Group (also "CPIPG" and together with its subsidiaries as the "CPIPG Group"), which holds 97.31% of the Company shares. The Company is also involved in providing of equity loans to other entities within the CPIPG Group.

The Company is a joint stock company incorporated for an unlimited term and registered in Luxembourg. The address of its registered office is 40, rue de la Vallée, L-2661 Luxembourg, Grand Duchy of Luxembourg. The trade registry number of the Company is B 44 996.

The Company´s shares registered under ISIN code LU0122624777 are listed on the regulated markets of the Luxembourg Stock Exchange and the Warsaw Stock Exchange.

MANAGEMENT REPORT | 5