Cromwell European REIT - Annual Report 2021

FOCUS ON STRENGTHS PIVOT TO LOGISTICS 200 CEREIT Trust Note 2021 €’000 2020 €’000 2021 €’000 2020 €’000 Current assets Cash and cash equivalents 59,258 43,593 1,176 2,102 Receivables 16(a) 18,491 15,943 12,342 16,202 Current tax assets 865 1,397 – – Total current assets 78,614 60,933 13,518 18,304 Non-current assets Investment properties 9 2,449,014 2,184,529 – – Investments in subsidiaries 15 – – 1,468,952 1,328,482 Receivables 16(a) 663 1,028 – – Derivative financial instruments 11 947 126 569 – Deferred tax assets 8(c) 5,292 3,836 – – Total non-current assets 2,455,916 2,189,519 1,469,521 1,328,482 Total assets 2,534,530 2,250,452 1,483,039 1,346,786 Current liabilities Borrowings 10 23,000 – – – Payables 16(b) 35,691 28,515 160,845 117,065 Current tax liabilities 3,709 2,943 1 – Other current liabilities 17 28,783 25,418 – – Total current liabilities 91,183 56,876 160,846 117,065 Non-current liabilities Payables 16(b) – – 89,104 112,022 Borrowings 10 899,729 847,068 – – Deferred tax liabilities 8(c) 60,017 36,627 – – Other non-current liabilities 17 6,321 7,729 – – Total non-current liabilities 966,067 891,424 89,104 112,022 Total liabilities 1,057,250 948,300 249,950 229,087 Net assets 1,477,280 1,302,152 1,233,089 1,117,699 Represented by: Unitholders’ funds 1,413,130 1,302,152 1,168,939 1,117,699 Perpetual securities holders’ funds 13 64,150 – 64,150 – 1,477,280 1,302,152 1,233,089 1,117,699 Units in issue (‘000) (i) 12 561,045 511,216 561,045 511,216 Net asset value attributable to Unitholders per Unit (€) (i) 2.52 2.55 2.08 2.19 (i) Comparative numbers have been adjusted for the 5:1 unit consolidation to provide for a like-for-like comparison. BALANCE SHEETS As at 31 December 2021 The accompanying notes form an integral part of the financial statements.