Budapesti Ingatlan Hasznosítási es Fejlesztesi : BIF 2024 Half-Year Report

About this update from Budapesti Ingatlan Hasznositasi Es Fejlesztesi Nyrt

2024 Half-Year Report Budapesti Ingatlan Hasznosítási és Fejlesztési Nyrt. 2024 Half-Year Report Contents Consolidated, non-audited Financial Statements of Budapesti Ingatlan Hasznosítási és Fejlesztési Nyrt. prepared in accordance with the International Financial Reporting Standards for the period ending on June 30, 2024 - Interim Consolidated Financial Statements for the first half of 2024 Consolidated Business (management) Report to the Consolidated, non-audited Financial Statements of Budapesti Ingatlan Hasznosítási és Fejlesztési Nyrt. prepared in accordance with the International Financial Reporting Standards for the period ending on June 30, 2024 Declaration of liability Consolidated, non-audited Financial Statements of Budapesti Ingatlan Hasznosítási és Fejlesztési Nyrt. prepared in accordance with International Financial Reporting Standards (IFRS) for the period ending on 30 June, 2024 - Interim Consolidated Financial Statements for the first half of 2024 Interim Consolidated Financial Statements for the first half of 2024 (non-audited) Table of Contents Consolidated Interim Financial Statements 3 Consolidated Interim Statement of Comprehensive Income 4 Consolidated Statement of Interim Changes in Equity 5 Consolidated Interim Cash-Flow Statement 6 Notes to the statements - general company information, key elements of the accounting policy, additional explanations and other additional information 7 I. General company information 7 1. Company profile 7 2. Officers and controlled companies 7 2.1. Officers in H1 2024 7 2.2. Change in senior executives, employees in strategic positions in H1 2024 8 2.3. Remuneration of senior executives in H1 2024 8 2.4. Persons authorized to sign the Interim Consolidated Financial Statements 8 2.5. Ownership structure 9 2.6. Information on the consolidated companies 9 II. Key elements of the accounting policy 10 1. Approval and statement on compliance with the International Financial Reporting Standards 10 2. Basis of preparing the report 10 3. Valuation basis 10 4. Details of the business combination and the consolidated companies 10 III. Additional explanation 11 1. Investment property 11 2. Intangible and tangible assets 12 3. Investments in related companies 13 4. Deferred tax assets 13 5. Inventories 13 6. Trade receivables 13 7. Other short-term receivables and prepaid expenses and accrued income 14 8. Cash and cash equivalents 14 9. Subscribed capital and capital reserve 14 10. Revaluation reserve 15 11. Repurchased treasury shares 15 12. Profit reserve and profit for the year 15 13. Non-current financial liabilities 15 14. Provisions 16 15. Deferred tax liabilities 16 16. Other long-term liabilities 16 17. Short-term financial liabilities 16 18. Trade payables 16 19. Other short-term liabilities, accrued expenses and deferred income 17 20. Net sales revenue 17 21. Other operating income 17 22. Own performance capitalized 18 23. Raw materials, consumables and other external charges 18 24. Staff costs 18 25. Depreciation and impairment 19 26. Other operating expenditure 19 27. Income from and expenses of financial operations 19 28. Actual tax expenditure 20 29. Deferred tax expense 20 30. Earnings per share 21 31. Information on business lines 21 32. P/L from a fair valuation 22 33. Financial instruments 22 34. Remuneration of the Board of Directors and the Supervisory Board 23 IV. Other additional information 23 1 Interim Consolidated Financial Statements for the first half of 2024 (non-audited) 1. Off-balance sheet items, litigation and other legal proceedings 23 1.1. Off-balance sheet items that may affect the Company's future liabilities 23 1.2. Litigation and other legal proceedings 25 2. Significant events after the end of the interim period (30 June 2024) 26 3. Extraordinary and other regulated disclosures in 2024 26 4. Authorization to publish financial statements 26 Declaration of Liability 26 2 Interim Consolidated Financial Statements for the first half of 2024 (non-audited) Consolidated Interim Financial Statements HUF '000' Explanations* 30.06.2024 31.12.2023 ASSETS Non-current assets Investment property 1 80,115,940 78,581,204 Intangible assets 2 5,544 3,215 Goodwill 2 0 0 Land, buildings and related rights 2 83,098 84,106 Plant, other equipment and installations 2 138,578 116,368 Construction and reconstruction in progress 2 2,660,657 764,224 Investments in related companies 3 0 0 Deferred tax assets 4 0 0 Non-current assets, total 83,003,817 79,549,117 Current assets Inventories Trade receivables Other short-term receivables and prepaid expenses and accrued income Cash and cash equivalents Current assets, total Assets, total LIABILITIES Equity 5 73,917 100,600 6 126,916 84,603 7 164,567 369,787 8 5,432,069 6,336,433 5,797,469 6,891,423 88,801,286 86,440,540 Subscribed capital 9 2,870,244 2,870,244 Capital reserve 9 6,048,215 6,048,215 Revaluation reserve 10 731,904 731,904 Equity shares repurchased 11 -2,304,224 -2,304,224 Profit reserve 12 54,928,034 44,360,298 P/L for the reporting year 12 3,770,355 10,567,736 Equity allocated to the parent company, total: 66,044,528 62,274,173 Long-term liabilities Financial liabilities 13 18,257,328 18,886,201 Provisions for expected liabilities 14 28,624 19,760 Deferred tax liabilities 15 0 0 Other long-term liabilities 16 1,532,464 1,376,527 Long-term liabilities, total Current liabilities Financial liabilities Trade payables Other short-term liabilities, accrued expenses and deferred income Current liabilities, total Liabilities and equity, total *No. of additional explanations 19,818,416 20,282,488 17 1,446,747 1,446,747 18 469,953 313,890 19 1,021,642 2,123,242 2,938,342 3,883,879 88,801,286 86,440,540 3 Interim Consolidated Financial Statements for the first half of 2024 (non-audited) Consolidated Interim Statement of Comprehensive Income HUF '000' Explanations* H1 2024 H1 2023 Net sales revenue 20 6,327,412 4,057,953 Other operating income 21 83,427 158,682 Changes in internally generated inventories 22 -15,141 0 Capitalized value of internally generated assets 22 0 0 Raw materials, consumables and other external charges 23 -1,227,480 -988,669 Staff costs 24 -567,055 -389,776 Depreciation and impairment 25 -99,283 -27,963 Other operating expenditure 26 -770,961 -539,410 Operating P/L 3,730,919 2,270,817 Financial income 27 305,423 620,091 Financial expenses 27 -235,772 -253,991 P/L before tax 3,800,570 2,636,917 Actual tax expenditure 28 -30,215 -13,074 Deferred tax 29 0 0 P/L after tax 3,770,355 2,623,843 Of this: Parent company's share 3,770,355 2,623,843 External owner's share 0 0 Other comprehensive income 0 0 Change in the fair value of other properties less taxes 0 0 Tax effect of changes in the fair value of other properties 0 0 Total comprehensive income 3,770,355 2,623,843 Of this: Parent company's share 3,770,355 2,623,843 External owner's share Weighted average ordinary shares 264,510,234 251,684,440 Earnings per share (HUF) Fund 30 14.25 10.43 Diluted 30 14.25 10.43 *No. of additional explanations 4 Interim Consolidated Financial Statements for the first half of 2024 (non-audited) Consolidated Statement of Interim Changes in Equity Explanations* 9 11 9 10 12 12 P/L for the Equity Non- Subscribed Equity shares Capital Revaluation Profit allocated to the reporting controlling Equity, total capital repurchased reserve reserve reserve parent year participation HUF '000' company, total 31.12.2022 2,870,244 -3,048,120 6,048,215 731,904 38,879,594 10,033,555 55,515,392 55,515,392 Reclassification of P/L from the 10,033,555 -10,033,555 previous year Dividend -8,808,955 -8,808,955 -8,808,955 Total comprehensive income 2,623,843 2,623,843 2,623,843 30.06.2023 2,870,244 -3,048,120 6,048,215 731,904 40,104,194 2,623,843 49,330,280 49,330,280 Sale of equity share 743,896 4,256,104 5,000,000 5,000,000 Total comprehensive income 7,943,893 7,943,893 7,943,893 31.12.2023 2,870,244 -2,304,224 6,048,215 731,904 44,360,298 10,567,736 62,274,173 62,274,173 Reclassification of P/L from the previous year Dividend Total comprehensive income 10,567,736 -10,567,736 3,770,355 3,770,355 3,770,355 30.06.2024 2,870,244 -2,304,224 6,048,215 731,904 54,928,034 3,770,355 66,044,528 66,044,528 *No. of additional explanations 5 Interim Consolidated Financial Statements for the first half of 2024 (non-audited) Consolidated Interim Cash-Flow Statement HUF '000' Explanations* H1 2024 H1 2023 P/L before tax 3,800,570 2,636,917 Adjustments of the profit before taxes -8,255 13,480 Adjusted profit before taxes 3,792,315 2,650,397 Net interest expenses 27 7,002 -369,696 Non-cash flow items Depreciation 25 31,375 27,963 Impairment (buyer) 25 0 0 Impairment of goodwill 25 67,908 0 Credit loss (buyer) 25 0 0 Unrealized exchange rate difference 0 0 Adjustment due to inventory fair valuation 26 10,893 0 P/L from a fair valuation 21, 26, 32 576,376 421,181 Provisions for liabilities 14 8,864 15,561 Non-operating cash flow P/L items Revenues from the sale of tangible assets -732 -886 Assets provided for no consideration, scrapping 26 0 0 Net working capital flow Change in trade receivables 6, 25 -42,313 99,320 Change in other current assets 5 (7) 221,008 276,894 Change in accounts payable 18 156,063 -494,537 Changes in other short-term liabilities 19 -945,660 -262,261 Change in short-term financial liabilities 17 0 0 Non-refundable subsidy received 0 0 Interest paid 27 -215,089 -216,737 Interest received 27 208,087 586,432 Income tax paid 28 -30,215 -13,074 Damages paid 0 0 Cash-flow from business activity 3,845,882 2,720,557 Purchase of tangible assets 1, 2 -4,130,360 -760,403 Cash proceeds from the sale of property, plant and equipment 732 886 Funds used for investments -4,129,628 -759,517 Income from capital issues 0 0 Dividend 12 0 -8,808,955 Equity purchase (-)/sale (+) 0 0 Interest paid 0 0 Loans 13 94,500 0 Loan repayment 13, 17 -723,373 -723,373 Cash flow from financing activity -628,873 -9,532,328 Change in liquid assets -912,619 -7,571,288 Revaluation of foreign currency-denominated liquid assets 8,255 -13,480 Balance-sheet change in liquid assets -904,364 -7,584,768 Cash flow from financing activities 8 -904,364 -7,584,768 Opening cash and cash equivalents 8 6,336,433 8,130,618 Closing cash and cash equivalents 8 5,432,069 545,850 *No. of additional explanations 6 Interim Consolidated Financial Statements for the first half of 2024 (non-audited) Notes to the statements - general company information, key elements of the accounting policy, additional explanations and other additional information General company information 1. Company profile Budapesti Ingatlan Hasznosítási és Fejlesztési Nyrt. (hereinafter: the "Company" or "BIF") was established on 31 January 1995 by transformation. Its legal predecessor is Budapesti Ingatlanhasznosítási és Fejlesztési Kft., which was founded on 1 January, 1994 by the State Property Agency with a share capital of HUF 1,000,000. The subscribed capital of the Company is HUF 2,870,244,400, which consists of 287,024,440 ordinary registered shares, each with a nominal value of HUF 10, produced in a dematerialized form. From 20 October, 2017 the Company was active as a regulated real investment pre-company (hereinafter: "SZIE/Pre-REIT") under Act CII of 2011 on regulated real estate investment companies (hereinafter: "SZIT/REIT Act"), and since 31 December, 2018 it has been active as a regulated real estate investment company (hereinafter: "SZIT/REIT"). The Company is engaged in real estate development and utilization for its own properties (offices and other buildings and parking garages) by leasing out, further development and the sale of construction sites in its ownership, the implementation of real estate developments on them, and the utilization and sale of completed properties. The operational management of the Company is performed by the Board of Directors. The Company's shares are traded in the "PREMIUM" category of the Budapest Stock Exchange. The Company's notices are published on: the BSE (www.bet.hu) website, the MNB website (www.kozzetetelek.mnb.hu) and the Company's own website (www.bif.hu). The chartered IFRS accountant responsible for the preparation of this IFRS Interim Consolidated Financial Statements for H1 2024 is Dr Katalin Horváth Kalácska (H-1082 Budapest, Hock János u. 4- 6.; chartered accountant registration number: 123362). The Company's auditor is Quercus Audit Könyvvizsgáló és Gazdasági Tanácsadó Kft. (registered office: H-8200 Veszprém, Radnóti tér 2/C, person responsible for the audit: András Tölgyes). Officers and controlled companies Officers in H1 2024 Members of the Company's Board of Directors Name Position Beginning of End of assignment assignment Dr Anna Ungár President 30.04.2022 30.04.2027 Kristóf Berecz Vice-President 30.04.2022 30.04.2027 Dr Frigyes Hárshegyi member 30.04.2022 30.04.2027 Julian Tzvetkov member 30.04.2022 30.04.2027 Miklós Vaszily member 30.04.2022 30.04.2027 Members of the Company's Audit Committee Name Position Beginning of End of assignment assignment Dr Frigyes Hárshegyi member 30.04.2022 30.04.2027 Julian Tzvetkov member 30.04.2022 30.04.2027 Miklós Vaszily member 30.04.2022 30.04.2027 7 Attention : This is an excerpt of the original content. To continue reading it, access the original document here .

View stock analysis, news, and events for Budapesti Ingatlan Hasznositasi Es Fejlesztesi Nyrt