GRAPHISOFT PARK SE INGATLANFEJLESZTO EURÓPAI RÉSZVÉNYTÁRSASÁG

Graphisoft Park SE Ingatlanfejleszto Európai Részvénytársaság

Equities

GSPARK

HU0000083696

Real Estate Development & Operations

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Graphisoft Park Real Estate Development European : SE Financial Statements for the year 2019 (IFRS, standalone)

April 30, 2020 at 11:38 am EDT

GRAPHISOFT PARK SE

PARENT COMPANY ANNUAL REPORT 2019

BUSINESS REPORT 2019

Business Report

Overview

Graphisoft Park SE (the "Company") carries out its real estate development, leasing and operation activity, being the sole activity of the Graphisoft Park group, via its subsidiaries specialized in real estate development and operation. The detailed presentation of the business activities of Graphisoft Park Group are presented in the consolidated financial statements of Graphisoft Park SE.

Graphisoft Park SE had the following individual activity during 2019:

Revenues from dividends from the subsidiaries.

Events in 2019

The Company has five fully owned subsidiaries as of December 31, 2019 as set out below:

	Ownership /	December 31, 2019
	Voting right (%)

Graphisoft Park Kft.	100		1,720,039
Graphisoft Park South I. Kft.	100		4,848,863
Graphisoft Park South II.	100		581,533
Development Kft.

Graphisoft Park Services Kft.	100		107,418
Graphisoft Park Engineering &	100		289,350
Management Kft.


Investment value (EUR)			7,547,203

The Company recognized revenues from dividends from its subsidiaries in amount of 5,006,722 EUR in 2019 (5,509,746 EUR in 2018).

Plans for 2020

Graphisoft Park SE will continue solely generating revenues from dividends paid by its subsidiaries.

We have not identified any factors of risk or uncertainty that could have a substantial impact on the business processes of the Company.

BUSINESS REPORT 2019

General information

Graphisoft Park SE

Graphisoft Park SE Real Estate Development European Company Limited by Shares (the "Company" or "Graphisoft Park SE") is incorporated under the laws of Hungary. The court registration number of Graphisoft Park SE is CG 01- 20-000002. The registered address of the Company is H-1031 Budapest, Záhony utca 7, Hungary; its website is www.graphisoftpark.com.

Corporate Governance

Public companies are increasingly expected to state clearly their corporate governance principles and to what extent those principles are implemented. As a company listed on the Budapest Stock Exchange (BSE), we are highly committed to meeting these expectations and legal and stock exchange requirements (publicly available at BSE website: bse.hu).

The Statutes of Graphisoft Park SE provides as governing bodies the general meeting of shareholders and the Board of Directors (single-tier system). Under the single-tier system, the SE is managed by the Board of Directors. The members of the Board of Directors have the power to represent the company in dealings with third parties. Under the single-tier system the Board of Directors may delegate the power of management to one or more of its members. The independent members of the Board of Directors form the Audit Committee.

General Meeting

The General Meeting is the principal body of the Company, which comprises all the shareholders. The following activities shall fall within the exclusive authority of the General Meeting (inter alia, see details in the Articles of Association: graphisoftpark.com/corporate-governance):

Decision on the establishment of, and amendment to these Articles, unless otherwise provided by the Companies Act;
Electing and dismissing the members and chairman of the Board of Directors, the auditor, and determining their remuneration, including their service as members of the committees of the Board of Directors.

Board of Directors

The Board of Directors is responsible for the Company's management and decides on matters other than those that must be determined by shareholders. The Board of Directors is required to report annually to the shareholders at the annual general meeting of the shareholders.

Pursuant to the Company's Articles of Association, the Board of Directors consists of a minimum of 5 and a maximum of 11 members elected at the annual general meeting of the shareholders for a term not to exceed of 5 years. Presently Graphisoft Park SE operates with 6 members of Board.

Meetings of the Board of Directors are held at least four times a year. Meetings of the Board of Directors require the presence of major for a quorum. Each member has one vote. The Board of Directors passes resolutions by simple majority vote.

Members of the Board of Directors:

BUSINESS REPORT 2019

Name	Position	From	Until

Bojár Gábor	Chairman	August 21, 2006	May 31, 2022
Dr. Kálmán János	Member	August 21, 2006	May 31, 2022
Kocsány János	Member	April 28, 2011	May 31, 2022
Dr. Martin-Hajdu György	Member	July 21, 2014	May 31, 2022
Szigeti András	Member	July 21, 2014	May 31, 2022
Hornung Péter	Member	April 20, 2017	May 31, 2022

Audit Committee

The Audit Committee assists in the appointment of independent auditors to be elected by the annual general meeting and reviews the scope of external audit services. It must pre-approve all audit and non-audit services to be performed by the external auditor.

The Audit Committee also reviews the annual financial statements of Graphisoft Park, taking into account the results of the audits and reviews performed by the independent auditors. The Audit Committee also reviews financial reports submitted to the stock exchanges, banks and regulatory bodies.

The Audit Committee shall have as many as necessary but at least four meetings each year. Audit Committee members are appointed from the independent members of the Board of Directors by the general meeting of the company.

Members of the Audit Committee:

Name	Position		From	Until

Dr. Kálmán János	Chairman	August 21, 2006	May 31, 2022
Dr. Martin-Hajdu György	Member	July 21,	2014	May 31, 2022
Hornung Péter	Member	April 20,	2017	May 31, 2022

BUSINESS REPORT 2019

Stock information

Graphisoft Park SE's share capital consists of 10,631,674 class "A" ordinary shares of 0.02 euro face value, each representing equal and identical rights, and 1,876,167 class "B" employee shares of 0.02 euro face value. Ordinary shares of the Company are publicly traded at Budapest Stock Exchange from August 28, 2006. The share ownership structure is the following according to the Company's shareholder records:

		December 31, 2018		December 31, 2019
Shareholder	Shares	Share	Voting right	Shares	Share	Voting right
	(pcs)	(%)	(%)	(pcs)	(%)	(%)

ORDINARY SHARES:	10,631,674	100.00	88.97	10,631,674	100.00	88.97
Directors and management	2,715,082	25.54	23.96	1,789,082	16.83	15.79
Bojár Gábor - Chairman of the BoD (3)	2,485,125	23.37	21.93	1,686,125	15.85	14.87
Dr. Kálmán János - Member of the BoD	13,500	0.13	0.12	13,500	0.13	0.12
Szigeti András - Member of the BoD (4)	126,000	1.19	1.11	-	-	-
Kocsány János - Member of the BoD,	90,457	0.85	0.80	90,457	0.85	0.80
CEO

Shareholders over 5% share	3,298,195	31.02	29.10	3,583,610	33.71	31.62
HOLD Alapkezelő Zrt.	1,504,628	14.15	13.28	972,701	9.15	8.58
AEGON Magyarország Befektetési	1,093,567	10.29	9.65	1,110,909	10.45	9.80
Alapkezelő Zrt.

B.N.B.A. Holding Zrt.	700,000	6.58	6.18	1,500,000	14.11	13.24
Other shareholders	4,069,321	38.28	35.91	4,709,906	44.30	41.56

Treasury shares (1)	549,076	5.16	-	549,076	5.16	-

EMPLOYEE SHARES (2):	1,876,167	-	11.03	1,876,167	-	11.03
Kocsány János - Member of the BoD,	1,250,778	-	11.03	1,250,778	-	11.03
CEO

Employee treasury shares (1)	625,389	-	-	625,389	-	-

SHARES TOTAL:	12,507,841	100.00	100.00	12,507,841	100.00	100.00

Treasury shares possessed by the Company do not pay dividend and bear no voting rights.
Class "B" employee shares are not marketable, connected to employment, may be withdrawn by the Board of
Directors at any time, have no voting rights in decisions that require qualified majority and bear reduced rights to dividend at the proportion of one third of their face value. In the financial statements of the Company these payments are accounted as employee related expense instead of dividend. The Articles of Association and the Management Share Ownership Plan govern all other matters related to the employee shares.
Bojár Gábor transferred 800,000 shares to B.N.B.A Holding Zrt trustee for trust property management.
Szigeti András transferred all his 126,000 shares to SZJT Holding Zrt trustee for trust property management.

BUSINESS REPORT 2019

Human resources

We ensure the continuous development of our employees; in addition we pay particular attention to special labor safety prescriptions.

Diversity policy

Graphisoft Park SE prohibits discrimination against any person based on gender identity, age, disability, race or ethnicity, gender preferences and religion and will not tolerate any form of discrimination in the workplace. The Holding is committed to provide a working environment free from discrimination and equal opportunities to all of its employees, with regards to its cultural and legal environment.

The Company will designate its managing officers and persons responsible for controlling its operation in accordance with its policies and commitments. The Company is committed to promoting and endeavors to achieve the highest level of diversity through the consistent practical implementation of its HR policies.

Environment protection

Based on the activity of the Company it has no environmental risks or liabilities.

Events after the balance sheet date

Structured share repurchase transaction

In accordance with the extraordinary announcement on February 6, 2020, the Company plans to execute a structured share repurchase transaction ("Transaction") where the Company proposes to buy back shares from its shareholders in the total value of 33,000,000 euros in order to improve the Company's capital structure. The Board of Directors has convened the Company's General Meeting for March 2, 2020, that obtained the authorizations necessary for completing the Transaction.

On March 19, 2020 the Board of Directors of Graphisoft Park SE decided to cancel the structured share repurchase transaction in accordance with Pont VIII. of the Prospectus (Frustration), taking into consideration the current situation in Hungary; the actions taken and possible future actions due to the Coronavirus disease; the possible effects of these actions and events on the participation in the proposed transaction and on the execution of the transaction; and the possible future economic situation due to the disease.

Besides the cancellation of the transaction the Board of Directors proposes to the AGM (to be held on April 30, 2020) 4,448,700 euros dividend based on the 2019 expected pro-forma results and additional 25,597,442 euros dividend from the allocated total amount of the cancelled transaction; that is altogether 30,046,142 euros dividend for ordinary shareholders (2.98 euro per ordinary share). The dividend amount in forint will be determined based on the MNB exchange rate on the working day before the day of the Annual General Meeting. The Board of Directors does not recommend the distribution of the remaining amount out of the total allocated amount for the transaction due to the current economic forecasts.

Proposed dividend by the Board

The annual financial statements of the Company for the year 2019 prepared in accordance with International Financial Reporting Standards (IFRS) are authorized for issue in accordance with the resolution of the Board of Directors on March 19, 2020. The Board proposes dividend distribution of 2.98 EUR per ordinary share to be approved by the Annual General Meeting of Graphisoft Park SE of April 30, 2020. The Board also proposes altogether 183,958 EUR dividend for employee shares. The dividend amount in forint will be determined based on the MNB exchange rate on the working day before the day of the Annual General Meeting. The Annual General Meeting has the power to amend the annual financial statements.

BUSINESS REPORT 2019

Forward-lookingstatements- The forward-looking statements contained in this Annual Report involve inherent risks and uncertainties, may be determined by additional factors, other than the ones mentioned above, therefore the actual results may differ materially from those contained in any forecast.

Statement of responsibility- We declare that the attached Financial Statements which have been prepared in accordance with International Financial Reporting Standards and to the best of our knowledge, give a true and fair view of the assets, liabilities, financial position and profit or loss of Graphisoft Park SE, and the Business Report gives a fair view of the position, development and performance of Graphisoft Park SE, together with a description of the principal risks and uncertainties of its business.

Budapest, March 19, 2020

Kocsány János

Chief Executive Officer

GRAPHISOFT PARK SE

PARENT COMPANY FINANCIAL STATEMENTS

for the year ended December 31, 2019

in accordance with International Financial Reporting Standards (IFRS)

(audited)

Budapest, March 19, 2020

Kocsány János	Bodócsy Ágnes
Chief Executive Officer	Chief Financial Officer

GRAPHISOFT PARK SE

AUDITED FINANCIAL STATEMENTS

DECEMBER 31, 2019

CONTENTS:
	Page(s)
Report of Independent Auditors'	3-7
Balance Sheet	8
Statement of Income	9
Statement of Comprehensive Income	10
Statement of Changes in Shareholders' Equity	11
Statement of Cash Flows	12
Notes to the Financial Statements	13-49

GRAPHISOFT PARK SE

BALANCE SHEET

AS OF DECEMBER 31, 2019

(all amounts in EUR unless otherwise indicated)

	Notes	January 1, 2018	December 31, 2018	December 31, 2019
		Modified	Modified
		Note 2.2	Note 2.2
Cash and cash equivalents	5	1,588,094	252,287	374,058
Receivables from related parties	6	280,533	47	-
Current tax receivable	7	26,879	49,955	27,431
Other current assets	8	13,196	6,198	7,872

Current assets		1,908,702	308,487	409,361
Property (right-of-use asset)	9	39,033	35,638	32,244
Equipment	10	3,143	1,860	666
Investments	11	3,733,855	7,235,855	7,547,203

Non-current assets		3,776,031	7,273,353	7,580,113

TOTAL ASSETS		5,684,733	7,581,840	7,989,474


Trade payables	12	21,133	5,028	1,513
Payables due to related parties	13	-	70,826	13,159
Current tax liability	7	62,974	6,445	8,618
Lease liabilities	9	3,794	3,870	3,948
Other short-term liabilities	14	54,748	38,694	60,296

Current liabilities		142,649	124,863	87,534
Long-term lease liabilities	9	35,840	31,969	28,021

Non-current liabilities		35,840	31,969	28,021

TOTAL LIABILITIES		178,489	156,832	115,555


Share capital	1.3	250,157	250,157	250,157
Retained earnings		6,230,379	8,149,143	8,598,054
Treasury shares	20	(974,292)	(974,292)	(974,292)

Shareholders' equity		5,506,244	7,425,008	7,873,919

TOTAL LIABILITIES & EQUITY		5,684,733	7,581,840	7,989,474

The accompanying notes form an integral part of the financial statements.

GRAPHISOFT PARK SE

STATEMENT OF INCOME

FOR THE YEAR ENDED DECEMBER 31, 2019

(all amounts in EUR unless otherwise indicated)

	Notes	December 31, 2018	December 31, 2019
		Modified
		Note 2.2
Dividend		5,509,746	5,006,722

Revenue	15	5,509,746	5,006,722
Employee related expense		(355,962)	(333,824)
Operating expense		(222,232)	(223,237)
Depreciation		(4,677)	(4,587)

Operating expense	16	(582,871)	(561,648)
Other income		100	630

OPERATING PROFIT		4,926,975	4,445,704


Interest expense		(793)	(717)
Exchange rate difference		(14,785)	(58,171)

Financial result	17	(15,578)	(58,888)

PROFIT BEFORE TAX		4,911,397	4,386,816


Income tax expense	18	-	-

PROFIT FOR THE YEAR		4,911,397	4,386,816


Attributable to equity holders of the parent		4,911,397	4,386,816

The accompanying notes form an integral part of the financial statements.

GRAPHISOFT PARK SE

STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED DECEMBER 31, 2019 (all amounts in EUR unless otherwise indicated)

	Notes	December 31, 2018	December 31, 2019
		Modified
		Note 2.2

Profit for the year	4,911,397	4,386,816

COMPREHENSIVE INCOME	4,911,397	4,386,816


Attributable to equity holders of the parent	4,911,397	4,386,816

The accompanying notes form an integral part of the financial statements.

GRAPHISOFT PARK SE

STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

FOR THE YEAR ENDED DECEMBER 31, 2019

(all amounts in EUR unless otherwise indicated)

Share	Retained	Treasury	Total
capital	earnings	shares*	equity

January 1, 2018	250,157	6,230,379	(961,741)	5,506,244
Modified, Note 2.2



Profit for the period	-	4,911,397	-	4,911,397
Dividend	-	(2,992,633)	-	(2,992,633)
December 31, 2018
250,157	8,149,143	(974,292)	7,425,008
Modified, Note 2.2



Profit for the period	-	4,386,816	-	4,386,816
Dividend**	-	(3,937,905)	-	(3,937,905)

December 31, 2019	250,157	8,598,054	(974,292)	7,873,919

Treasury share details are disclosed in Note 20.
Dividend details are disclosed in Note 26.

The accompanying notes form an integral part of the financial statements.

GRAPHISOFT PARK SE

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED DECEMBER 31, 2019

(all amounts in EUR unless otherwise indicated)

Notes

December 31, 2018

December 31, 2019

Modified

Note 2.2

OPERATING ACTIVITIES

Profit before tax Depreciation Interest expense

Unrealized foreign exchange losses (gains)

Changes in working capital:

Decrease in receivables and other current assets (Decrease) in payables and accruals

Corporate income tax paid

Net cash from operating activities

INVESTING ACTIVITES

Capital increase in a subsidiary

Net cash used in investing activities

FINANCING ACTIVITIES

Payment of principal portion of lease liabilities Interest paid

Dividend paid

Net cash used in financing activities

(Decrease) / Increase in cash and cash equivalents Cash and cash equivalents at beginning of year Exchange rate gain / (loss) on cash and cash equivalents

Cash and cash equivalents at end of year

		4,911,397	4,386,816
9, 10,	16	4,677	4,587
17		793	717
17		17,328	(6,279)
6, 7,	8	266,167	20,897
12, 13, 14	(35,874)	(28,694)
18		(1,759)	-

		5,162,729	4,378,044
11		(3,502,000)	(311,348)

		(3,502,000)	(311,348)
9		(3,794)	(3,870)
17		(793)	(717)
26		(2,992,633)	(3,937,905)
		(2,997,220)	(3,942,492)
		(1,336,491)	124,204
		1,588,094	252,287
		684	(2,433)

		252,287	374,058

The accompanying notes form an integral part of the financial statements.

GRAPHISOFT PARK SE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019 (all amounts in EUR unless otherwise indicated)

1. General information

1.1. Graphisoft Park SE

Graphisoft Park SE was established through a demerger from Graphisoft SE on August 21, 2006. The purpose of the restructuring was to spin off a new company, dedicated to real estate development and management. Graphisoft Park operates as a holding having five 100% owned subsidiaries.

Average headcount of the Company was 1 in 2019 and in 2018.

Graphisoft Park SE - Financial Statements 2019

GRAPHISOFT PARK SE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019 (all amounts in EUR unless otherwise indicated)

1.2. Stock information

		December 31, 2018		December 31, 2019
Shareholder	Shares	Share	Voting right	Shares	Share	Voting right
	(pcs)	(%)	(%)	(pcs)	(%)	(%)

ORDINARY SHARES:	10,631,674	100.00	88.97	10,631,674	100.00	88.97
Directors and management	2,715,082	25.54	23.96	1,789,082	16.83	15.79
Bojár Gábor - Chairman of the BoD (3)	2,485,125	23.37	21.93	1,686,125	15.85	14.87
Dr. Kálmán János - Member of the BoD	13,500	0.13	0.12	13,500	0.13	0.12
Szigeti András - Member of the BoD (4)	126,000	1.19	1.11	-	-	-
Kocsány János - Member of the BoD,	90,457	0.85	0.80	90,457	0.85	0.80
CEO

Shareholders over 5% share	3,298,195	31.02	29.10	3,583,610	33.71	31.62
HOLD Alapkezelő Zrt.	1,504,628	14.15	13.28	972,701	9.15	8.58
AEGON Magyarország Befektetési	1,093,567	10.29	9.65	1,110,909	10.45	9.80
Alapkezelő Zrt.

B.N.B.A. Holding Zrt.	700,000	6.58	6.18	1,500,000	14.11	13.24
Other shareholders	4,069,321	38.28	35.91	4,709,906	44.30	41.56

Treasury shares (1)	549,076	5.16	-	549,076	5.16	-

EMPLOYEE SHARES (2):	1,876,167	-	11.03	1,876,167	-	11.03
Kocsány János - Member of the BoD,	1,250,778	-	11.03	1,250,778	-	11.03
CEO

Employee treasury shares (1)	625,389	-	-	625,389	-	-

SHARES TOTAL:	12,507,841	100.00	100.00	12,507,841	100.00	100.00

Treasury shares possessed by the Company do not pay dividend and bear no voting rights.
Class "B" employee shares are not marketable, connected to employment, may be withdrawn by the Board of Directors at any time, have no voting rights in decisions that require qualified majority and bear reduced rights to dividend at the proportion of one third of their face value. In the financial statements of the Company these payments are accounted as employee related expense instead of dividend. The Articles of Association and the Management Share Ownership Plan govern all other matters related to the employee shares.
Bojár Gábor transferred 800,000 shares to B.N.B.A Holding Zrt trustee for trust property management.
Szigeti András transferred all his 126,000 shares to SZJT Holding Zrt trustee for trust property management.

Graphisoft Park SE - Financial Statements 2019

GRAPHISOFT PARK SE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019 (all amounts in EUR unless otherwise indicated)

1.3. Corporate Governance

General Meeting

Decision on the establishment of, and amendment to these Articles, unless otherwise provided by the Companies Act;
Electing and dismissing the members and chairman of the Board of Directors, the auditor, and determining their remuneration, including their service as members of the committees of the Board of Directors.

Board of Directors

Members of the Board of Directors:

Name	Position	From	Until

Bojár Gábor	Chairman	August 21, 2006	May 31, 2022
Dr. Kálmán János	Member	August 21, 2006	May 31, 2022
Kocsány János	Member	April 28, 2011	May 31, 2022
Dr. Martin-Hajdu György	Member	July 21, 2014	May 31, 2022
Szigeti András	Member	July 21, 2014	May 31, 2022
Hornung Péter	Member	April 20, 2017	May 31, 2022

Graphisoft Park SE - Financial Statements 2019

GRAPHISOFT PARK SE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019 (all amounts in EUR unless otherwise indicated)

Audit Committee

The Audit Committee also reviews the annual financial statements of Graphisoft Park SE, taking into account the results of the audits and reviews performed by the independent auditors. The Audit Committee also reviews financial reports submitted to the stock exchanges, banks and regulatory bodies.

Members of the Audit Committee:

Name	Position		From	Until

Dr. Kálmán János	Chairman	August 21, 2006	May 31, 2022
Dr. Martin-Hajdu György	Member	July 21,	2014	May 31, 2022
Hornung Péter	Member	April 20,	2017	May 31, 2022

Graphisoft Park SE - Financial Statements 2019

GRAPHISOFT PARK SE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019 (all amounts in EUR unless otherwise indicated)

2. Accounting policies

2.1. Basis of preparation

The financial statements of Graphisoft Park SE have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU). All standards and interpretations issued by the International Accounting Standards Board (IASB) effective at the time of preparing the financial statements and applicable to Graphisoft Park SE have been adopted by the EU. Therefore, the financial statements currently also comply with IFRS as issued by the IASB and also comply with the Hungarian Accounting Law on financial statements, which refers to IFRS as adopted by the EU.

The financial statements are prepared under the historical cost convention.

The financial statements are prepared in accordance with the measurement and presentation basis applied in IFRS.

The preparation of the financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company's accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in Note 3.

2.2. Changes in accounting policies

Adoption of new or modified standards and interpretations

The accounting policies adopted are consistent with those of the previous financial year except for the following new or amended IFRSs and interpretations which have been adopted by the Company as of 1 January 2019:

IFRS 16: Leases:The determination of whether an arrangement is a lease, or contains lease elements, is based on the substance of the arrangement at inception date as to whether the fulfillment of the arrangement is dependent on the use of a specific asset or assets or the arrangement conveys a right to use the asset. A reassessment after inception of the lease is possible only if one of the following applies:
1. there is a change in contractual terms, other than renewal of extension of the arrangement;
2. a renewal option is exercised or extension granted, unless the term of the renewal or extension was initially included in the lease term;
3. there is a change in determination of whether fulfillment is dependent on a specific asset; or
4. there is a substantial change to the asset.

Where a reassessment is made, lease accounting shall commence or cease from the date when the change in circumstances gave rise to the reassessment for scenarios (a), (c) or (d) and at the date of renewal or extension period for scenario (b).

Company as a lessee:

Upon lease commencement a right-of-use asset and a lease liability is recognized (exceptions: leases with lease term with 12 months or less; leases where the underlying asset has a small value). The right-of-use asset is initially recognized at the amount of the lease liability plus any initial direct costs incurred by the lessee. Adjustments may also be required for lease incentives, payments at or prior to commencement and restoration obligations or similar.

After lease commencement the right-of-use asset is measured using the cost model (cost less accumulated depreciation and accumulated impairment).

Graphisoft Park SE - Financial Statements 2019

GRAPHISOFT PARK SE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019 (all amounts in EUR unless otherwise indicated)

The lease liability is initially recognized at present value of the lease payments payable over the lease term discounted at the rate implicit in the lease if that can be readily determined, otherwise the Company's incremental borrowing rate shall be used.

The lease liability is subsequently re-measured to reflect changes in:

the lease term (using a revised discount rate);
the assessment of a purchase option (using a revised discount rate);
the amounts expected to be payable under residual value guaranties (using an unchanged discount rate); or
future lease payment resulting from a change in an index or a rate used to determine those payments (using an unchanged discount rate).

The re-measurements are treated as adjustments to right-of-use asset.

Company as a lessor:

The Company classifies each lease as an operating or a finance lease. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of an underlying asset. Otherwise a lease is classified as operating lease.

At finance lease, upon lease commencement, assets held under finance lease are recognized as a receivable at an amount equal to the net investment in the lease. Finance income is recognized in the income statement over the lease term (reflecting a constant periodic rate of return on the net investment).

Operating lease payments are recognized as rental income on a straight line basis in the income statement. Initial indirect cost incurred while concluding an operating lease agreement are added to the carrying amount of the leased asset and recognized over the lease term on the same basis as rental income.

Graphisoft Park SE - Financial Statements 2019

GRAPHISOFT PARK SE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019 (all amounts in EUR unless otherwise indicated)

Transition to IFRS 16:

The Company adopted IFRS 16 retrospectively to each prior reporting period presented. The Company elected to apply the standard to contracts that were previously identified as leases applying IAS 17 and IFRIC 4. The Company did therefore not apply the standard to contracts that were not previously identified as containing a lease applying IAS 17 and IFRIC 4.

The impact of adopting IFRS 16 is, as follows:

	January 1, 2018		December 31, 2018

Impact on the balance sheet (increase / (decrease)):
Assets
Property (right-of-use assets)	39,033	35,638
Liabilities
Short-term lease liabilities	3,794	3,870
Long-term lease liabilities	35,870	31,969

Net impact on equity	(601)	(201)
Impact on the income statement (increase / (decrease)):


Operating lease expense		4,587
Depreciation expense		(3,394)
Operating profit		1,193
Finance costs		(793)

Profit for the year		400
Impact on the cash flow statement (increase / (decrease)):


Profit before tax		400
Depreciation		3,394
Interest expense		793
Net cash from operating activities		4,587
Payment of principal portion of lease liabilities		(3,794)
Interest paid		(793)
Net cash used in financing activities		(4,587)

There is no material impact on other comprehensive income.

Graphisoft Park SE - Financial Statements 2019

GRAPHISOFT PARK SE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019 (all amounts in EUR unless otherwise indicated)

Upon adoption of IFRS 16, the Company applied a single recognition and measurement approach for the leases for which it is the lessee, except for short-term leases and leases of low-value assets. The Company recognized lease liabilities to make lease payments and right-of-use-assets representing the right to use the underlying assets. In accordance with the full retrospective method of adoption, the Company applied IFRS 16 at the date of initial application as if it had already been effective at the commencement date of the existing lease contract.

IAS 28:Long-term Interests in Associates and Joint Ventures (Amendments): The Amendments relate to whether the measurement, in particular impairment requirements, of long term interests in associates and joint ventures that, in substance, form part of the 'net investment' in the associate or joint venture should be governed by IFRS 9,
IAS 28 or a combination of both. The Amendments clarify that an entity applies IFRS 9 Financial Instruments, before it applies IAS 28, to such long-term interests for which the equity method is not applied. In applying IFRS 9, the entity does not take account of any adjustments to the carrying amount of long- term interests that arise from applying IAS 28. These amendments had no effect on the Company.
IFRS 9: Prepayment features with negative compensation (Amendment):The Amendment allows financial assets with prepayment features that permit or require a party to a contract either to pay or receive reasonable compensation for the early termination of the contract (so that, from the perspective of the holder of the asset there may be 'negative compensation'), to be measured at amortized cost or at fair value through other comprehensive income. The amendment had no effect on the Company.
IFRIC INTERPRETATION 23: Uncertainty over Income Tax Treatments:The Interpretation addresses the accounting for income taxes when tax treatments involve uncertainty that affects the application of IAS 12. The Interpretation provides guidance on considering uncertain tax treatments separately or together, examination by tax authorities, the appropriate method to reflect uncertainty and accounting for changes in facts and circumstances. The adoption of the interpretation had no significant effect on the Company.
The IASB has issued theAnnual Improvements to IFRSs 2015 - 2017 Cycle, which is a collection of amendments to IFRSs:
- IFRS 3 Business Combinations and IFRS 11 Joint Arrangements: The amendments to IFRS 3 clarify that when an entity obtains control of a business that is a joint operation, it remeasures previously held interests in that business. The amendments to IFRS 11 clarify that when an entity obtains joint control of a business that is a joint operation, the entity does not remeasure previously held interests in that business.
- IAS 12 Income Taxes: The amendments clarify that the income tax consequences of payments on financial instruments classified as equity should be recognized according to where the past transactions or events that generated distributable profits has been recognized.
- IAS 23 Borrowing Costs: The amendments clarify paragraph 14 of the standard that, when a qualifying asset is ready for its intended use or sale, and some of the specific borrowing related to that qualifying asset remains outstanding at that point, that borrowing is to be included in the funds that an entity borrows generally.

The adoption of the improvements had no effect on the Company.

2.3. Foreign currency translations

Functional and presentation currency:

Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the entity operates ("the functional currency"), which is the euro (EUR), which is also the Company presentation currency.

Graphisoft Park SE - Financial Statements 2019

GRAPHISOFT PARK SE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019 (all amounts in EUR unless otherwise indicated)

Transactions and balances:

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of these transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities are recognized in the income statement.

2.4. Cash and cash equivalents

Cash and cash equivalents include cash on hand and in the bank, short-term bank deposits with less than three months to maturity and short-term highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

2.5. Derivative financial instruments

The derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as assets when the fair value is positive and as liabilities when the fair value is negative. Any gains or losses arising from changes in fair value on derivatives that do not qualify for hedge accounting are taken directly to net profit or loss for the year as finance income or expense. The year-end fair value of derivative financial instruments is determined by the contracted partner of the Company taking into expected yield and the contractual conditions.

The fair value measurement's hierarchy level of derivative financial instruments is level 2.

2.6. Hedges

For the purpose of hedge accounting, hedges are classified as either

fair value hedges or
cash-flowhedges.

At the inception of the hedge or the hedge relationship the Company formally designates and documents the hedge relationship to which the Company wishes to apply hedge accounting. The documentation also contains the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging, the hedged item or transaction, the nature of the risk being hedged and how the Company will assess the hedging instrument's effectiveness in offsetting the exposure to changes in the hedged item's fair value or cash flows attributable to the hedged risk. Such hedges are expected to be effective in achieving offsetting changes in fair value or cash flows. These hedges are assessed on an ongoing basis to determine that they actually have been effective throughout the financial reporting periods for which they were designated.

Hedge accounting is accounted as follows:

Fair value hedges

Fair value hedges are hedges of the Company's exposure to changes in fair value of a recognized asset or liability or an unrecognized commitment, or an identified portion of such asset, liability or commitment; which is attributable to a particular risk that could affect the Company's profit or loss.

For fair value hedges, the carrying amount of the hedged item is adjusted for gains or losses attributable to the risk being hedged, while the derivative is re-measured at fair value and gains or losses are credited/debited into the profit or loss. As such gains or losses from both the hedged item and the derivative are accounted for the profit or loss. Fair value hedges relating to items carried at amortized cost, the adjustment to carrying value is amortized through the profit or loss over the remaining term to maturity. Any adjustment to the carrying amount of a hedged financial instrument for which the effective interest rate method is used is amortized to the profit or loss.

Graphisoft Park SE - Financial Statements 2019

GRAPHISOFT PARK SE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019 (all amounts in EUR unless otherwise indicated)

The Company discontinues fair value hedge accounting if the hedging instrument expires or is sold, terminated or exercised, the hedge no longer meets the criteria for hedge accounting or the Company revokes the designation.

Cash-flow hedges

Cash-flow hedges are hedges of the exposure to variability in cash flows which is attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction that could affect the profit or loss. The effective portion of the gain or loss on the hedging instrument is recognized directly in the other comprehensive income, while the ineffective portion is recognized in the profit or loss.

Amounts taken to other comprehensive income are transferred to profit or loss when the hedged transaction affects the profit or loss. Where the hedged item is the cost of a non-financial asset or liability, the amounts previously taken to the other comprehensive income are transferred to the initial carrying amount of the non-financial asset or liability.

If the forecast transaction is no longer expected to occur, amounts previously recognized in other comprehensive income are transferred into the profit or loss. If the hedging instrument expires or is sold, terminated or exercised without replacement or rollover, or if its designation as a hedge is revoked by the Company, amounts previously recognized in other comprehensive income remain in other comprehensive income until the forecast transaction occurs. If the related transaction is not expected to occur, the amount is accounted into the profit or loss.

2.7. Trade and other receivables

Trade and other receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method. For impairment the Company uses the "12 month expected credit losses" method; and in case of significant increase in credit risk since the initial recognition of a receivable, the Company uses the "full lifetime expected credit loss" method (General approach).

2.8. Loans and other borrowings

Borrowings are recognized initially at fair value less transaction costs, and subsequently measured at amortized costs using the effective interest rate method. The effective interest is recognized in the income statement (finance expenses) over the period of the borrowings.

Fair value hierarchy:

With regards to the loans, the fair value measurement's IFRS 13 hierarchy level is level 3. The effective rate of interest used to present fair value is calculated considering market rates and the Company specific premium.

2.9. Trade and other payables

Trade and other payables (including accruals) are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method. The carrying values of trade and other payables approximate their fair values due to their short maturity.

2.10. Property, plant and equipment

Property, plant and equipment are stated at historical cost less accumulated depreciation and impairment loss. When assets are sold or retired, their cost and accumulated depreciation are eliminated from the accounts and any gain or loss resulting from their disposal is included in the income statement.

Graphisoft Park SE - Financial Statements 2019

GRAPHISOFT PARK SE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019 (all amounts in EUR unless otherwise indicated)

The initial cost of assets comprises its purchase price, including duties and non-refundable purchase taxes and any directly attributable costs of bringing the asset to its working condition and location for its intended use, such as borrowing costs.

Replacements and improvements, which prolong the useful life or significantly improve the condition of the asset are capitalized. Maintenance and repairs are recognized as an expense in the period in which they are incurred.

Depreciation is provided using the straight-line method over the estimated useful lives of the assets. General depreciation rules are stated as follows:

Type of asset	Depreciation

Machinery and equipment	3-7 years
Office equipment	3-7 years
Vehicles	5 years - 20% residual value

The useful life and depreciation methods are reviewed periodically to ensure that the method and period of depreciation are consistent with the expected pattern of economic benefits from items of tangible assets.

2.11. Intangible assets

Intangible assets are measured initially at cost. Intangible assets are recognized if it is probable that the future economic benefits that are attributable to the asset will accrue; and the cost of the asset can be measured reliably. Intangible assets are measured at cost less accumulated amortization and any accumulated impairment losses. Intangible assets are amortized on a straight-line basis over the best estimate of their useful lives. The amortization period and the amortization method are reviewed annually at each financial year-end. Amortization is provided on a straight-line basis over the 3-7 year estimated useful lives of these assets.

2.12. Investments in subsidiaries

In the separate financial statements investments in subsidiaries are presented at cost under IAS 27. Cost at initial recognition is the amount paid in cash or cash equivalent, or the fair value of other consideration given by the purchaser. Cost include those costs which are directly attributable to the acquisition.

In case of investments paid in foreign currency: (a) if the consideration is paid before acquiring the owner's rights, cost is the amount calculated by applying the official foreign currency rate of the Hungarian National Bank (MNB) on the day of the bank transfer; (b) if the consideration is paid after acquiring the owner's rights, cost is the amount calculated by applying the official foreign currency rate of MNB on the day of the transfer of the owner's right. There is no subsequent revaluation of investments paid in foreign currency due to foreign exchange rate changes.

Investments in subsidiaries are subject to impairment test when indicator of potential impairment exists. When an external or internal indicator of impairment exists, recoverable amount should be determined and compared with net investment. If the recoverable amount is materially and permanently lower than the net investment, impairment should be recorded. If the recoverable amount is materially or permanently higher than the net investment, impairment reversal should be recorded. The net recoverable is the present value of future cash flows of the investment proportioned based on ownership.

Graphisoft Park SE - Financial Statements 2019

GRAPHISOFT PARK SE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019 (all amounts in EUR unless otherwise indicated)

2.13. Impairment of assets

Assets that are subject to amortization or depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset's carrying amount exceeds its recoverable amount. The calculations of recoverable amounts are primarily determined by value in use calculations, which use a broad range of estimates and factors affecting those. Among others, the Company typically considers future revenues and expenses, technological obsolescence, discontinuance of services and other changes in circumstances that may indicate impairment. The recoverable amount is the higher of the assets' fair value less costs to sell and its value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Where an impairment loss subsequently reverses, the carrying amount of the asset (cash- generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (cash-generating unit) in prior years.

2.14. Provisions

Provisions are recognized when the Company has a present legal or constructive obligation as a result of past events and it is probable that an outflow of resources embodying economic benefits will occur in order to settle the obligation, and a reliable estimate of the amount of the obligation can be made. Provisions are measured and recorded as the best estimate of the expenditure required to settle the present obligation at the balance sheet date.

2.15. Pensions

The Company, in the normal course of business, makes fixed contributions into the Hungarian State pension fund on behalf of its employees. The Company does not operate any other pension scheme or post retirement benefit plan, and consequently, has no legal or constructive obligation to make further contributions if the funds do not hold sufficient assets to pay all employee benefits relating to employee service in the current and prior periods.

2.16. Revenue recognition

Revenue recognition (based on IFRS 15)

Revenue is recognized at amount that reflects the consideration to which the Company expects to be entitled in exchange for transferring goods or services to a customer.

Sale of goods:

The Company's contracts with customers generally include one performance obligation. Revenue from sale of goods is recognized at the point in time when control of the asset is transferred to the customer.

Rendering of services:

Revenue from rendering of services is recognized over time.

Other income (expense):

Graphisoft Park SE - Financial Statements 2019

GRAPHISOFT PARK SE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019 (all amounts in EUR unless otherwise indicated)

Incomes from agency agreements, where the Company acts as a mediator, are not shown as revenues, but rather as other income (expense) in the income statement together with directly related expenditures (net) and recognized over time.

Revenue recognition (based on other Standards)

Interest income:

Revenue is recognized as interest accrues (using the effective interest method). Interest income is included in financial results in the income statement.

Dividends:

Revenue is recognized when the Company's right to receive the payment is established.

2.17. Treasury shares

Treasury stock represents the cost of shares repurchased (recorded individually per purchase) and is displayed as a reduction of shareholder's equity. Premiums and discounts on repurchase and subsequent disposal are credited and debited respectively directly to retained earnings.

2.18. Employee shares

Payouts related to employee shares (reduced rate dividend payments) are shown under employee related expenses in the statement of income in the period in which the dividends are approved by the shareholders.

2.19. Earnings per share

Basic earnings per share is calculated by dividing profit attributable to the equity holders of the Company for the period by the weighted average number of ordinary shares outstanding. Diluted earnings per share is calculated considering the weighted average number of diluting share options (if any) in addition to the number of ordinary shares outstanding.

2.20. Income taxes

Current taxes:

Corporate income tax is payable to the Hungarian central tax authority, and local business tax is payable to the local governments. The basis of the corporate income tax is the taxable entities' accounting profit adjusted for non- deductible and non-taxable items. The basis of the local business tax is the taxable entities' revenue reduced by certain expenditure and cost items (gross margin).

Deferred taxes:

Deferred tax is recognized applying the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. However, deferred tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit. Deferred tax is determined using income tax rates that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred tax asset is realized, or the deferred tax liability is settled.

Deferred tax assets are recognized to the extent that it is probable that future taxable profit (or reversing deferred tax liabilities) will be available against which the temporary differences can be utilized.

Graphisoft Park SE - Financial Statements 2019

GRAPHISOFT PARK SE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019 (all amounts in EUR unless otherwise indicated)

2.21. Dividend

Dividends payable to the Company's shareholders are recorded as a liability and debited against equity in the period in which the dividends are approved by the shareholders.

2.22. Operating profit

Operating profit is defined as revenues less operating expenses and other expense.

2.23. Segment information

For management purposes the Company comprises a single operational (business and geographical) segment. For this reason, the financial statements contain no segment information.

Graphisoft Park SE - Financial Statements 2019

GRAPHISOFT PARK SE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019 (all amounts in EUR unless otherwise indicated)

3. Critical accounting estimates and judgments

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, rarely equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are outlined below.

3.1. Impairment of investments in subsidiaries

Impairment assessment of investments in subsidiaries is based on estimates and assumptions, such as future cash flows, discount factors and the actual results may be significantly different from the results of these estimates, especially in case of start-up entities.

3.2. Provisions

Provisions in general are highly judgmental, especially in case of legal disputes. The Company assesses the probability of an adverse event as a result of a past event and if the probability of an outflow of economic benefits is evaluated to be more probable than not, the Company fully provides for the total amount of the estimated liability.

Graphisoft Park SE - Financial Statements 2019

GRAPHISOFT PARK SE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019 (all amounts in EUR unless otherwise indicated)

4. Standards issued but not yet effective

At the date of authorization of these financial statements, the following standards and interpretations were in issue but not yet effective:

Amendments to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures:
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture: The amendments address an acknowledged inconsistency between the requirements in IFRS 10 and those in IAS 28, in dealing with the sale or contribution of assets between an investor and its associate or joint venture. The main consequence of the amendments is that a full gain or loss is recognized when a transaction involves a business (whether it is housed in a subsidiary or not). A partial gain or loss is recognized when a transaction involves assets that do not constitute a business, even if these assets are housed in a subsidiary. In December 2015 the IASB postponed the effective date of this amendment indefinitely pending the outcome of its research project on the equity method of accounting. The amendments have not yet been endorsed by the EU. Management anticipates that these amendments will have no effect on the Company.
Amendments to IFRS 3: Definition of a Business:

In October 2018, the IASB issued amendments to the definition of a business in IFRS 3 Business Combinations to help entities determine whether an acquired set of activities and assets is a business or not. The amendments have not yet been endorsed by the EU. The Company will not be affected by these amendments on the date of transition.

C) Amendments to IAS 1 and IAS 8: Definition of Material:

In October 2018, the IASB issued amendments to IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors to align the definition of "material" across the standards and to clarify certain aspects of the definition. The new definition states that, "Information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis on those financial statements, which provide financial information about a specific reporting entity". The amendments have not yet been endorsed by the EU. The amendments to the definition of material is not expected to have a significant impact on the Company's financial statements.

Graphisoft Park SE - Financial Statements 2019

GRAPHISOFT PARK SE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019 (all amounts in EUR unless otherwise indicated)

5. Cash and cash equivalents

	December 31, 2018		December 31, 2019

Cash at banks	252,287	374,058

Cash and cash equivalents	252,287	374,058

6.	Receivables from related parties


		December 31, 2018	December 31, 2019

Trade receivables/accrued income	47	-

Receivables from related parties	47	-



Trade receivables are on 8-30 day payment terms.
Intercompany receivables' aging is as follow:


		December 31, 2018	December 31, 2019

Not overdue	47	-

Receivables from related parties	47	-

Graphisoft Park SE - Financial Statements 2019

GRAPHISOFT PARK SE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019 (all amounts in EUR unless otherwise indicated)

7. Current tax receivables and liabilities

	December 31, 2018		December 31, 2019

Current tax receivables	49,955	27,431
Current tax liabilities	(6,445)	(8,618)

Current tax receivable, net	43,510	18,813

8. Other current assets

	December 31, 2018		December 31, 2019

Deferred expense	6,198	6,072
Advances given	-	1,800

Other current assets	6,198	7,872

Graphisoft Park SE - Financial Statements 2019

GRAPHISOFT PARK SE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019 (all amounts in EUR unless otherwise indicated)

9. Property (right-of-use asset)

The table shows movements of property (right-of-use asset), which relates to the office rental contract, which is concluded in 2017 for 10 years, and therefore the right-of-use asset is depreciated over 10 years:

		Property
		(right-of-use
		asset)
Net value:
January 1, 2018
39,033
Modified (Note 2.2)

Gross value:

January 1, 2018	40,730

December 31, 2018	40,730
Depreciation:
January 1, 2018	1,697
Additions	3,394

December 31, 2018	5,091
Net value:
December 31, 2018
35,638
Modified (Note 2.2)

Gross value:

January 1, 2019	40,730

December 31, 2019	40,730
Depreciation:
January 1, 2019	5,091
Additions	3,394

December 31, 2019	8,485
Net value:

December 31, 2019	32,244

Graphisoft Park SE - Financial Statements 2019

GRAPHISOFT PARK SE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019 (all amounts in EUR unless otherwise indicated)

Office rental contract related lease liabilities' maturity analysis is as follow:

	December 31, 2018		December 31, 2019
	Modified, Note 2.2

Within 1 year	3,870	3,948
1- 5 years	20,544	20,954
Over 5 years	11,425	7,067

	35,839	31,969

The Company's weighted average incremental borrowing rate applied to lease liabilities recognized in the balance sheet at the date of initial application was 2%.

Interest expense on lease liabilities was 717 euros in 2019 (2018: 793 euros).

Graphisoft Park SE - Financial Statements 2019

GRAPHISOFT PARK SE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019 (all amounts in EUR unless otherwise indicated)

10. Equipment

The table shows movements of equipment:

		Machinery
		and
		equipment
Net value:

January 1, 2018	3,143
Gross value:


January 1, 2018	51,291

December 31, 2018	51,291
Depreciation:
January 1, 2018	48,148
Additions	1,283

December 31, 2018	49,431
Net value:

December 31, 2018	1,860
Gross value:


January 1, 2019	51,291
Scrapping	(48,928)

December 31, 2019	2,363
Depreciation:
January 1, 2019	49,431
Additions	1,194
Scrapping	(48,928)

December 31, 2019	1,697
Net value:

December 31,2019	666

Graphisoft Park SE - Financial Statements 2019

GRAPHISOFT PARK SE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019 (all amounts in EUR unless otherwise indicated)

11. Investments

List of the Company's investments in subsidiaries is as follows:

SubsidiaryActivity

Graphisoft Park Kft.		Real estate
	development

Graphisoft Park South I. Kft.		Real estate
	development

Graphisoft Park South II.		Real estate
Development Kft.		development
Graphisoft Park Services Kft.		Property
	operation

		Property
Graphisoft Park Engineering &		management,
	engineering and
Management Kft.
	administration

		activities

Address		capital	Curr.

H-1031 Budapest, Záhony utca 7.	1,846,108	eur
H-1031 Budapest, Záhony utca 7.	22,000	eur
H-1031 Budapest, Záhony utca 7.	21,000	eur
H-1031 Budapest, Záhony utca 7.	10,000	thuf
H-1031 Budapest, Záhony utca 7.	10,000	thuf

All subsidiaries are 100% owned by Graphisoft Park SE.

Set out below the book value of investments in subsidiaries:

	December 31, 2018		December 31, 2019

Graphisoft Park Kft.	1,720,039	1,720,039
Graphisoft Park South I. Kft.	4,848,863	4,886,863
Graphisoft Park South II. Development Kft.	270,185	581,533
Graphisoft Park Services Kft.	107,418	107,418
Graphisoft Park Engineering & Management Kft.	289,350	289,350

Investments	7,235,855	7,575,203

No impairment was accounted or reversed during the periods presented.

Graphisoft Park SE - Financial Statements 2019

GRAPHISOFT PARK SE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019 (all amounts in EUR unless otherwise indicated)

The table below shows the movements in investments in subsidiaries:

	December 31, 2018		Capital increase*	December 31, 2019

Graphisoft Park Kft.	1,720,039	-	1,720,039
Graphisoft Park South I. Kft.	4,846,863	-	4,848,863
Graphisoft Park South II.	270,185	311,348	581,533
Development Kft.

Graphisoft Park Services Kft.	107,418	-	107,418
Graphisoft Park Engineering &	289,350	-	289,350
Management Kft.


Investments	7,233,855	311,348	7,545,203

On October 1, 2019 the Company made share capital increase in Graphisoft Park South II. Development Kft. in amount of 1,000 euros. At the same time there was an additional paid in capital increase in amount 310,348 euros (HUF 100 million). The capital increase was registered by the Court on November 4, 2019. As a result, the investment value increased by 311,348 euros.

Subsidiaries' own equity as of December 31, 2018 and December 31, 2019 are disclosed below:

	December 31, 2018	December 31, 2019

Graphisoft Park Kft.	151,697,396	157,611,668
Graphisoft Park South I. Kft.	23,115,638	28,459,470
Graphisoft Park South II. Development Kft.	10,426,783	9,543,393
Graphisoft Park Services Kft.*	109,798	117,373
Graphisoft Park Engineering & Management Kft.*	463,435	502,321

Own equity data of the subsidiaries are based on their statutory financial statements. Subsidiaries prepare and publish their stand-alone annual financial statements according to the Hungarian Accounting Law. Graphisoft SE's voting rights agree to its share in the subsidiaries (100%).

These entities keep their books in Hungarian forints; own equity of the subsidiaries for 2018 and 2019 are retranslated from forint to euro on the official exchange rate of MNB as of December 31, 2018 and December 31, 2019 respectively.

Impairment test: at yearend Graphisoft Park SE performed the impairment test of the subsidiaries as set out in the Company's accounting policies. As a result, no impairment was recorded or reversed.

Graphisoft Park SE - Financial Statements 2019

GRAPHISOFT PARK SE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019 (all amounts in EUR unless otherwise indicated)

12. Trade payables

	December 31, 2018		December 31, 2019

Trade payables - domestic	5,028	1,513

Trade payables	5,028	1,513

The Company settles trade payables within the payment term, and had no overdue payables as of December 31, 2019 and as of December 31, 2018.

13. Payables due to related parties

	December 31, 2018		December 31, 2019

Trade payables	70,826	13,159

Receivables due to related parties	70,826	13,159

14. Other short-term liabilities

	December 31, 2018		December 31, 2019

Dividend liability (from prior years)	10,106	6,108
Other payables and accruals	28,588	54,188

Other short-term liabilities	38,694	60,296

Graphisoft Park SE - Financial Statements 2019

GRAPHISOFT PARK SE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019 (all amounts in EUR unless otherwise indicated)

15.	Revenue


			December 31, 2018	December 31, 2019

Dividend*	5,509,746	5,006,722

Revenue	5,509,746	5,006,722



* The Company received dividend from the following subsidiaries:


			December 31, 2018	December 31, 2019

Graphisoft Park Kft.	5,500,000	5,000,000
Graphisoft Park Services Kft.	9,746	6,722

Dividend	5,509,746	5,006,722

Graphisoft Park SE - Financial Statements 2019

GRAPHISOFT PARK SE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019 (all amounts in EUR unless otherwise indicated)

16.	Operating expense


		December 31, 2018	December 31, 2019
		Modified, Note 2.2

Employee related expense	355,962	333,824
Other operating expense	222,232	223,237
Depreciation and amortization	4,677	4,587

Operating expense	582,871	561,648

Other operating expense consists of the following items:

	December 31, 2018		December 31, 2019
	Modified, Note 2.2

Office and telecommunication	4,834	4,383
Legal and administration	161,122	135,847
Travelling	928	4,801
Other	55,348	48,206

Other operating expense	222,232	223,237

17.	Financial result


		December 31, 2018	December 31, 2019
		Modified, Note 2.2

Interest (expense)	(793)	(717)
Exchange rate gain / (loss) realized	1,859	(62,017)
Exchange rate (loss) / gain not realized	(16,644)	3,846

Financial result	(15,578)	(58,888)

Graphisoft Park SE - Financial Statements 2019

GRAPHISOFT PARK SE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019 (all amounts in EUR unless otherwise indicated)

18. Income taxes

Effective from July 31, 2017 the Company became regulated real estate investment pre-company (and from January 1, 2018 regulated real estate investment company) and from that date the Company is exempt from corporate income tax and local business tax.

The effective income tax rate varied from the statutory income tax rate due to the following items:

	December 31, 2018		December 31, 2019
	Modified, Note 2.2


Profit before tax	4,911,397	4,386,816


Tax at statutory rate at 9%	442,026	394,813

Results exempt from income taxes	(442,026)	(394,813)
Corporate income tax	-	-
Local business tax (2%)	-	-

Tax expense	-	-



Effective tax rate	0.0%	0.0%

Graphisoft Park SE - Financial Statements 2019

GRAPHISOFT PARK SE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019 (all amounts in EUR unless otherwise indicated)

19. Earnings per share

Basic and diluted earnings per share are disclosed in Graphisoft Park SE' IFRS consolidated financial statements as of December 31, 2019.

20.	Treasury shares
Graphisoft Park SE treasury share details are as follows:


		December 31, 2018	December 31, 2019

Number of ordinary shares	549,076	549,076
Number of employee shares	625,389	625,389
Face value per share (EUR)	0.02	0.02
Total face value (EUR)	23,489	23,489
Treasury shares (at historical cost)	(974,292)	(974,292)

21. Financial instruments

Book value and fair value of financial assets and liabilities as of December 31, 2018:

Modified, Note 2.2	Note	Book value		Fair value	Difference
		December 31,		December 31,
		2018	2018

Cash and cash equivalents	5	252,287	252,287	-
Receivables from related parties	6	47	47	-
Other current assets	8	6,198	6,198	-
Lease liabilities	9	(35,839)	(35,839)	-
Trade payables	12	(5,028)	(5,028)	-
Payables due to related parties	13	(70,826)	(70,826)	-
Other short-term liabilities	14	(38,694)	(38,694)	-

Financial instruments		108,145	108,145	-

Graphisoft Park SE - Financial Statements 2019

GRAPHISOFT PARK SE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019 (all amounts in EUR unless otherwise indicated)

Book value and fair value of financial assets and liabilities as of December 31, 2019:

	Note	Book value		Fair value	Difference
		December 31,		December 31,
		2019	2019

Cash and cash equivalents	5	374,058	374,058	-
Other current assets	8	7,872	7,872	-
Lease liabilities	9	(31,969)	(31,969)	-
Trade payables	12	(1,513)	(1,513)	-
Payables due to related parties	13	(13,159)	(13,159)
Other short-term liabilities	14	(60,296)	(60,296)	-

Financial instruments		274,993	274,993	-

Graphisoft Park SE - Financial Statements 2019

GRAPHISOFT PARK SE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019 (all amounts in EUR unless otherwise indicated)

22.	Related party disclosure
Transactions with subsidiaries in the normal course of business:
Revenue:


			December 31, 2018		December 31, 2019

Dividend	5,509,746	5,006,722

Total			5,509,746	5,006,722



Expenses:


			December 31, 2018		December 31, 2019
			Modified, Note 2.2

Services used	67,158	62,631
Interest			793	717

Total			67,951	63,348



Assets:


			December 31, 2018		December 31, 2019

Accrued income	47	-

Total			47	-

Graphisoft Park SE - Financial Statements 2019

GRAPHISOFT PARK SE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019 (all amounts in EUR unless otherwise indicated)

Liabilities:

	December 31, 2018		December 31, 2019
	Modified, Note 2.2

Trade payables	5,028	1,513
Lease liabilities	35,839	31,969

Total	40,867	33,482

Transactions (sales to and purchases from) with the related parties are made at market prices. No guarantees were provided or received for any related party receivables or payables. In 2019 and 2018, the Company has not recorded any impairment loss relating to amounts owed by related parties.

Remuneration of the board of directors, compensation of key management personnel*:

	December 31, 2018		December 31, 2019

Remuneration of the Board of Directors	78,800	77,322
Compensation of key management personnel (including
provision of services that are provided by a separate group	193,078	257,389
company)

Total	271,878	334,711

* Key management personnel: the Chief Executive Officer and the Chief Financial Officer of the Company.

No loans or advance payments were granted to the members of the Board of Directors or the key management personnel, and the Company did not undertake guarantees in their names.

Graphisoft Park SE - Financial Statements 2019

GRAPHISOFT PARK SE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019 (all amounts in EUR unless otherwise indicated)

Interests of the board of directors and the key management personnel in Graphisoft Park SE:

		December 31, 2018		December 31, 2019
Shareholder	Shares	Share	Voting rights	Shares	Share	Voting rights
	(pcs)	(%)	(%)	(pcs)	(%)	(%)

ORDINARY SHARES:	2,715,082	25.54	23.96	1,789,082	16.83	15.79
Bojár Gábor - Chairman of the	2,485,125	23.37	21.93	1,685,125	15.85	14.87
BoD*
Dr. Kálmán János - Member	13,500	0.13	0.12	13,500	0.13	0.12
of the BoD
Szigeti András - Member of	126,000	1.19	1.11	-	-	-
the BoD**
Kocsány János - Member of	90,457	0.85	0.80	90,457	0.85	0.80
the BoD, CEO
EMPLOYEE SHARES:	1,250,778	-	11.03	1,250,778	-	11.03
Kocsány János - Member of	1,250,778	-	11.03	1,250,778	-	11.03
the BoD, CEO

SHARES TOTAL:	3,965,860	25.54	34.99	3,039,860	16.83	26.85

Bojár Gábor transferred 800,000 shares to B.N.B.A Holding Zrt. trustee for trust property management.
Szigeti András transferred all his 126,000 shares to SZJT Holding Zrt. trustee for trust property management.

Information on shareholders and governance of the Company are provided in Notes 1.2 and 1.3.

23. Commitments, contingencies

Graphisoft Park SE has no significant commitments or contingencies as of December 31, 2019 and 2018.

24. Financial risk management

Changes in market and financial conditions may affect results, assets and liabilities of the Company. Financial risk management aims to limit these risks through operational and finance activities.

Graphisoft Park SE - Financial Statements 2019

GRAPHISOFT PARK SE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019 (all amounts in EUR unless otherwise indicated)

Credit risk:

Credit risk is the risk that counterparty does not meet its payment obligations. The Company might be exposed to credit risk from its financing (deposits with banks and financial investments) activities.

Receivables from related parties:

Credit risk is limited as the Company fully controls its subsidiaries.

Cash deposit and financial investments:

Credit risk from balances with banks and financial investments is managed in accordance with the Company's conservative investment policy. To limit credit risk, reserves are held in cash or low-risk securities, with substantial financial institutions.

Liquidity risk:

The Company's revenues are sufficient to cover operating costs, and therefore liquidity problems are not to be expected.

The Company settles its payment obligations within the payment term, and had no overdue payables as of December 31, 2019 and 2018.

The tables below summarize the maturity profile of financial liabilities based on contractual undiscounted payments.

December 31, 2018	Overdue	Due	Due within	Total
		immediately	0-3 months

Trade payables	-	-	75,854	75,854
Dividend liability (from prior years,	-	10,106	-	10,106
not requested from shareholders)

Other liabilities	-	-	28,588	28,588

Financial liabilities*	-	10,106	104,442	114,548

*Maturity analysis of lease liabilities are disclosed under Note 9.

Graphisoft Park SE - Financial Statements 2019

GRAPHISOFT PARK SE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019 (all amounts in EUR unless otherwise indicated)

December 31, 2019	Overdue	Due	Due within	Total
		immediately	0-3 months

Trade payables	-	-	14,672	14,672
Dividend liability (from prior years,	-	6,108	-	6,108
not requested from shareholders)

Other liabilities	-	-	54,188	54,188

Financial liabilities*	-	6,108	68,860	74,968

*Maturity analysis of lease liabilities are disclosed under Note 9.

25. Capital risk management

The Company's objectives when managing capital are to safeguard the ability to continue as a going concern and to maintain an optimal capital structure to reduce the cost of capital. The management proposes to the owners to approve dividend payments or adopt other changes in the equity capital in order to optimize the capital structure of the Group. This can be achieved primarily by adjusting the amount of dividends paid to shareholders, or alternatively, by returning capital to shareholders by capital reductions, selling or buying own shares.

26. Approval of financial statements

Following the recommendation of the Board of Directors, the Annual General Meeting on April 29, 2019 approved the 2018 annual financial statements of the Company. The Annual General Meeting approved dividend distribution of 126 HUF per ordinary share, 1,270,407 thousand HUF in total (3,937,905 EUR on the exchange rate of April 29, 2019), and 42 HUF per employee share, 52,533 thousand HUF in total (162,836 EUR on the exchange rate of April 29, 2019). The starting date for dividend payments was May 15, 2019. The Company paid out the dividends to the shareholders identified by shareholder's registration.

27. Events after the balance sheet date

Structured share repurchase transaction

Graphisoft Park SE - Financial Statements 2019

GRAPHISOFT PARK SE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019 (all amounts in EUR unless otherwise indicated)

Proposed dividend by the Board

Dividend approved for the subsidiaries:

On March 19, 2020 the following dividend amounts were approved for the Company's three subsidiaries:

- Graphisoft Park Kft:	41,000,000 euros
- Graphisoft Park South I. Kft.:	1,000,000 euros
- Graphisoft Park Services Kft:	16,997 euros (5,618 THUF on December 31, 2019 exchange rate).

28. Additional presentations according to the Hungarian Accounting Law

Persons responsible for signing and preparing the financial statements:

The person authorized and required to sign the Company's financial statements is as follows:

Name:	Kocsány János
Position:	Chief Executive Officer
Address:	H-1038 Budapest, Ékszer utca 4.

The person responsible for supervising transactional accounting and preparation of financial statements according to IFRS:

Name:	Bodócsy Ágnes
Registration number:	MKVK-007117

b) Statutory auditor and audit fees:

The Company is subject to statutory audit. The Company's auditor is BDO Magyarország Könyvvizsgáló Kft. (address: H-1103 Budapest, Kőér utca 2/A C ép.). The person responsible for signing the audit report:

Name:	Kékesi Péter
Registration number:	MKVK-007128

Graphisoft Park SE - Financial Statements 2019

GRAPHISOFT PARK SE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019 (all amounts in EUR unless otherwise indicated)

The audit fee for the Company's stand alone and consolidated financial statements as of December 31, 2019 is 16,000 euro. Audit related fees amounted to 3,500 euro.

Reconciliation of equity:

In accordance with paragraph 114/B of the Hungarian Accounting Law the financial statements include an equity reconciliation between the financial statements prepared in accordance with the basis of preparation note and the equity elements according to the Hungarian Accounting Law (HAL).

The equity reconciliation schedules below disclose the earnings available for distribution, which is the amount of the retained earnings plus profit after tax for the financial year closed with annual financial statements.

Equity element	Equity under IFRS		Reconciliations		Equity under HAL
December 31,2018			December 31,2018



	Note	i)	ii)	iii)

Share capital	250,157	-	-	-	250,157
Retained
earnings	8,149,143	-	(974,292)	(4,911,397)	2,263,454
Treasury shares	(974,292)	974,292	-	-	-
Restricted
reserve	-	-	974,292	-	974,292
Profit after tax	-	-	-	4,911,397	4,911,397
Total equity	7,425,008	974,292	-	-	8,399,300


Equity element	Equity under IFRS		Reconciliations		Equity under HAL
December 31,2019			December 31,2019



	Note	i)	ii)	iii)

Share capital	250,157	-	-	-	250,157
Retained
earnings	8,598,054	-	(974,292)	(4,386,816)	3,236,946
Treasury shares	(974,292)	974,292	-	-	-
Restricted
reserve	-	-	974,292	-	974,292
Profit after tax	-	-	-	4,386,816	4,386,816
Total equity	7,873,919	974,292	-	-	8,848,211

Reclassification of value of treasury shares from equity (to other current assets).
Reclassification of value of treasury shares from retained earnings to restricted reserve (reserve not available for distribution).
Reclassification of current year profit after tax from retained earnings.

Graphisoft Park SE - Financial Statements 2019

GRAPHISOFT PARK SE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019 (all amounts in EUR unless otherwise indicated)

29. Declarations

Forward-lookingstatements- This Parent Company Annual Report contains forward-looking statements. These statements are based on current plans, estimates and projections, and therefore you should not place undue reliance on them. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement.

Statement of responsibility- We declare that the Financial Statements which have been prepared in accordance with the International Financial Reporting Standards and to the best of our knowledge, give a true and fair view of the assets, liabilities, financial position and profit or loss of Graphisoft Park SE, and the Business Report gives a fair view of the position, development and performance of Graphisoft Park SE, together with a description of the principal risks and uncertainties of its business.

Graphisoft Park SE - Financial Statements 2019

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Graphisoft Park SE published this content on 30 April 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 April 2020 15:37:13 UTC

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Company Profile

Graphisoft Park SE Ingatlanfejleszto Europai Rt is a Hungary-based company engaged in the real estate operations. The Company operates as a holding and provides management, financial and administrative services to its subsidiaries. As of December 31, 2011, the Company operated two subsidiaries, Grpahisoft Park Kft, engaged in the real estate development; and Graphisoft Park Services Kft, responsible for property operation tasks. The total area of the Companyâs properties was nearly 18 hectares. As of December 31, 2011, the Companyâs two subsidiaries, Graphisoft Park Universitas Kft and GP3 Kft merged into Graphisoft Park Kft. As of December 31, 2011, the Companyâs parent entity was Graphisoft SE.

Sector

Real Estate Development & Operations

Calendar

2024-05-06 - Q1 2024 Earnings Release (Projected)

More about the company

Income Statement Evolution

More financial data

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

3,505 HUF

Average target price

4,073 HUF

Spread / Average Target

+16.22%

Consensus

Chiffre d''affaires - Rate of surprise

Company calendar

Sector Office Real Estate Development

	1st Jan change	Capi.
GRAPHISOFT PARK SE INGATLANFEJLESZTO EURÓPAI RÉSZVÉNYTÁRSASÁG	+1.37%	95.89M
CA IMMOBILIEN ANLAGEN AG	-6.44%	3.17B
HUFVUDSTADEN AB	-10.34%	2.37B
ENTRA ASA	-10.57%	1.71B
HYSAN DEVELOPMENT COMPANY LIMITED	-23.61%	1.56B
PLATZER FASTIGHETER HOLDING AB	+4.75%	970M
HEIWA REAL ESTATE CO., LTD.	+9.68%	969M
CROMWELL PROPERTY GROUP	-2.38%	697M
BEIJING ELECTRONIC ZONE HIGH-TECH GROUP CO., LTD.	-23.27%	529M
EMPERADOR PROPERTIES SOCIMI, S.A.	0.00%	458M

Office Real Estate Development