Cromwell European REIT - Annual Report 2021

CROMWELL EUROPEAN REIT 199 ANNUAL REPORT 2021 CEREIT Note 2021 €’000 2020 €’000 Gross revenue 2 200,122 186,972 Property operating expense (70,030) (69,643) Net property income 130,092 117,329 Government grant income 3 248 – Net finance costs 10(b) (21,736) (17,894) Manager’s fees 4(b) (5,619) (5,246) Trustee fees 4(a) (276) (260) Trust expenses (5,363) (4,945) Net income before tax and fair value changes 5(a) 97,346 88,984 Loss on divestment of investment property 18(c) (324) (358) Fair value gain – investment properties 9(b) 27,061 8,569 Fair value gain/(loss) – derivative financial instruments 829 (658) Total return for the year before tax 124,912 96,537 Income tax expense 8(a) (28,309) (17,174) Total return for the year 96,603 79,363 Total return for the year attributable to: Unitholders 96,359 79,363 Perpetual securities holders 244 – 96,603 79,363 Earnings per unit (Restated) Basic and diluted earnings attributable to Unitholders per Unit (€ cents) 6 17.481 15.524 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Year ended 31 December 2021 CEREIT 2021 €’000 2020 €’000 Total return for the year, representing total comprehensive income for the year 96,603 79,363 Total comprehensive income for the year attributable to: Unitholders 96,359 79,363 Perpetual securities holders 244 – 96,603 79,363 CONSOLIDATED STATEMENT OF TOTAL RETURN Year ended 31 December 2021 The accompanying notes form an integral part of the financial statements.