Instone Real Estate : Annual Financial Statement 2022

INSTONE REAL ESTATE GROUP SE

ANNUAL FINANCIAL STATEMENTS 2022

1. ANNUAL FINANCIAL STATEMENTS
2. Statement of financial position

1. Income statement
2. NOTES TO THE ANNUAL FINANCIAL STATEMENTS

1. Basis of the annual financial statements

1. Notes to the statement of financial position

1. Notes to the income statement

1. Other disclosures

25 INDEPENDENT AUDITOR'S REPORT

1. INSURANCE OF LEGAL REPRESENTATIVES
2. ABOUT US

I N S T O N E R E A L E S TAT E

 Annual financial statements

  Statement of financial position

Income statement

Notes to the annual financial statements

Independent auditor's report

Insurance of legal representatives

About us

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2

Statement of financial position

Statement of financial position		TABLE 01
Assets
In thousands of euro
Note	31/12/2022	31/12/2021

1. Non-currentassets
   I. Intangible assets

Concessions acquired for consideration and licences associated with such rights and assets

1,275

0

1. Property, plant and equipment

	Plant, property and office equipment	193	0
III. Financial assets	1
1.	Investments in affiliated companies	222,626	222,626
2.	Loans to affiliated companies	200,362	312,460
3.	Investments	1,300	258
		424,287	535,344
		425,755	535,344

1. Current assets

I. Receivables and other assets	2
1. Trade receivables	0	1

2. Receivables from affiliated companies

of which with a remaining term of more than one year: €0 thousand

(previous year: €21,529 thousand)

	of which trade payables €53 thousand (previous year: €669 thousand)
	of which from other assets: €103,237 thousand (previous year: €132,788 thousand)		103,290	133,457
	3. Other assets		1,575	1,532
			104,865	134,990
	II. Bank balances	3	189,643	73,204
			294,508	208,194
C.	Prepaid expenses and deferred income		424	75
D.	Deferred tax asset	4	4,787	5,944

725,474749,557

I N S T O N E R E A L E S TAT E

 Annual financial statements

  Statement of financial position

Income statement

Notes to the annual financial statements

Independent auditor's report

Insurance of legal representatives

About us

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3

Statement of financial	position (continued)
Statement of financial position			TABLE 01
Equity and liabilities
In thousands of euro
		Note	31/12/2022	31/12/2021
A. Equity		5
I.	Share capital		46,988	46,988
	Treasury shares		- 3,154	0
	Issued capital		43,834	0
	Contingent capital:
	€4,699 (previous year: €4,699 thousand)
II.	Capital reserves		358,958	358,958
III.	Other retained earnings		22,606	34,372
IV.	Net profit		25,200	36,824
			450,598	477,142

1. Provisions

1.	Provisions for pensions and similar obligations	6	2,183	1,081
2.	Tax provisions	7	24,138	13,778
3.	Other provisions		5,302	7,688
			31,622	22,547

1. Liabilities
   1. Loans from banks and other lenders

of which with a remaining term of up to one year: €15,354 thousand

(previous year: €71,808 thousand)

	of which with a remaining term of more than one year: €165,500 thousand
	(previous year: €128,477 thousand)	8	180,854	200,285
2.	Trade payables
	of which with a remaining term of up to one year: €3,390 thousand
	(previous year: €235 thousand)	9	3,390	235
3.	Liabilities to affiliated companies
	of which with a remaining term of up to one year: €58,174 thousand
	(previous year: €48,770 thousand)
	of which from other liabilities: €58,174 thousand (previous year: €48,770 thousand)	10	58,174	48,770
4.	Other liabilities
	of which with a remaining term of up to one year: €837 thousand (previous year: €577 thousand)
	of which liabilities under social security: €54 thousand (previous year: €7 thousand)
	of which from taxes: €72 thousand (previous year: €76 thousand)	11	837	577
			243,254	249,868
			725,474	749,557

I N S T O N E R E A L E S TAT E

 Annual financial statements

Statement of financial position

 Income statement

Notes to the annual financial statements

Independent auditor's report

Insurance of legal representatives

About us

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4

Income statement

Income statement of 1 January to 31 December 2022			TABLE 02
In thousands of euro
		Note	2022	2021
1.	Revenue	12	7,364	3,927
2.	Other operating income	13	4,742	1,202
	Operating performance		12,107	5,129
3.	Staff costs	14
	a) Wages and salaries		- 9,445	- 4,239
	b) Social security contributions and expenses for pensions and other employee benefits
	of which for retirement provision: €423 thousand (previous year: €147 thousand)		- 1,448	- 294
	Depreciation and amortisation of intangible non-current assets and property, plant and
4.	equipment		- 564	0
5.	Other operating expenses	15	- 13,264	- 7,242
	Operating profit		- 12,614	- 6,646
6.	Income from profit and loss transfer agreements	16	71,089	110,562

7. Income from other securities and loans of the financial assets

	of which from affiliated companies: €9,203 thousand (previous year: €10,286 thousand)	16	9,212	10,286
8.	Other interest and similar income
	of which from discounting: €20 thousand (previous year: €14 thousand)	16	299	42

9. Depreciation on financial assets

	of which from affiliated companies: €0 thousand (previous year: €-990 thousand)	16	0	- 1,015
10.	Expenses from profit and loss transfer agreements	16	- 5,843	- 4,170
11.	Interest and similar expenses
	of which to affiliated companies: €-1,150 thousand (previous year: €-1,613 thousand)
	of which from discounting: €-192 thousand (previous year: €-293 thousand)	16	- 11,042	- 10,008

12. Taxes on income and earnings

	of which deferred tax expenses: €-1,157 thousand (previous year: €-17,085 thousand)	17	- 16,851	- 30,307
13.	Earnings after tax/net profit		34,250	68,744
14.	Attribution to other retained earnings		- 17,125	- 34,372
15.	Profit carried forward from the previous year		8,074	2,452

16. Net profit	25,200	36,824

I N S T O N E R E A L E S TAT E

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5

Annual financial statements

  Notes to the annual financial statements

  Basis of the annual financial statements

Notes to the statement of financial position

Notes to the income statement

Other disclosures

Independent auditor's report

Insurance of legal representatives

About us

Notes to the

annual financial statements

Basis of the annual financial statements

General principles

Instone Real Estate Group SE (hereinafter also referred to as the "Company") with its registered office at Grugaplatz 2-4, 45131 Essen, Germany, is registered under reference number HRB 32658 in the Commercial Register of the Essen District Court. Instone Real Estate Group SE has been listed on the regulated market of the Frankfurt Stock Exchange since February 15, 2018.

In the 2022 financial year, the focus as a management holding company was further concentrated through the transfer of personnel from the central Group functions and the associated expansion of the holding services. In the course of this transition, essential operating property, plant and equipment and intangible assets as well as personnel-related provisions and contracts with external service providers were also transferred. In comparison with the previous year, this resulted in an increase in sales and other operating income from the recalculation of the intra-Group services, as well as an increase in staff costs and other operating expenses.

The Company is the parent company of the Instone Group and assumes the function of the management holding company in this respect. As part of this function, it is responsible for defining and monitoring the overall strategy and implementing the corporate objectives.

The Company holds investments in subsidiaries whose principal activity is the acquisition, development, construction, leasing, management and sale or other use

of land and buildings, as well as investment in other companies active in this industry.

Instone Real Estate Group SE is the controlling company for corporate and commercial tax purposes of Instone Real Estate Development GmbH, as well as for almost all domestic companies, including for sales tax purposes.

The annual financial statements of Instone Real Estate Group SE have been prepared according to the accounting standards currently applicable to corporations as per the German Commercial Code (Sections 242 et seq. and 264 et seqq. HGB (German Commercial Code)), taking into account the specific legal form statutory provisions of the German Stock Corporation Act (AktG). As a listed company, the Company is a large corporation within the meaning of Section 264d HGB in conjunction with Section 267 (3) sentence 2 HGB.

The income statement has been prepared according to the nature of expense method pursuant to Section 275 (2) HGB.

In order to improve the clarity of the presentation, individual items in the statement of financial position and income statement have been grouped together. These items are shown and explained separately in the notes. Due to the similar use, loans from banks and liabilities to other lenders are combined in one item on the statement of financial position.

All amounts are expressed in thousands of euros (in thousands of euros) unless stated otherwise. As a result, there may be minor deviations between figures in tables and their respective analyses in the body of the text of the Notes to the financial statements, as well as between totals of individual amounts in tables and the total values similarly provided in the text.

As the parent company of the Instone Group, the Company prepares a consolidated financial statement in accordance with the International Financial Reporting Standards as applicable in the European Union and the supplementary commercial law provisions to be applied in accordance with Section 315e (1) HGB. The annual and consolidated financial statements are announced in the register of companies. The consolidated financial statements are also available for access on the Company's website.