Ten Brinke Group B.V.

Varsseveld/NL

Konzernabschluss zum Geschäftsjahr vom 01.04.2021 bis zum 31.03.2022

Annual report 2021/2022

Ten Brinke Group B.V.

Varsseveld

Contents

Report from the Board of Directors

Report of the Supervisory Board

Financial statements

Consolidated balance sheet as at March 31, 2022 (after profit appropriation)

Consolidated Income statement for the year ended March 31, 2022

Consolidated cash flow statement for the year ended March 31, 2022

Notes to the consolidated financial statements

Notes to the consolidated balance sheet

Notes to the consolidated Income statement

Company balance sheet as at March 31, 2022 (after profit appropriation)

Company Income statement for the year ended March 31, 2022

Notes to the company financial statements

Other Information

Articles of association governing profit appropriation

Independent auditor's report

Appendix

List of group companies

List of minority Interests

Report from the Board of Directors

Foreword

We are pleased to present the Ten Brinke Group B.V. annual report, including our financial statements for the financial year of 2021-2022. The financial statements have been audited by an external auditor, PricewaterhouseCoopers Accountants N.V., who has expressed an unqualified opinion.

During the financial year, we were able to increase our operating profit before tax to €218.8 million. Our net profit rose to €161.2 million, representing an increase of 39%. Turnover increased by €157 million to a total of €1.247 million. For the 2022-2023 financial year, we are expecting turnover to remain consistent with a slight reduction in our margins. Due to general cost rises, we anticipate that our operating profit will fall slightly for the first time in 10 years. Even factoring in this slight downward trend, these are still figures that we can be proud of- but this is also where the risk lies. The rising interest rates, the war in Ukraine, the significant increases in energy prices and material costs and the issues surrounding the nitrogen policy are all creating a climate of uncertainty in the market. Investors are becoming ever-more cautious with their investments in the housing market, and we are seeing sales factors fall.

As a company, we adopt a risk-averse strategy and invest in new property/projects where a significant portion of the property has already been sold, or where the object is already fully leased or sold. In recent years, we have deviated from this strategy because investors were investing in our projects regardless. But the tide has turned and we have a number of projects awaiting sale where we already possess the land or where we have committed to purchase the land. We do not construct properties to stand empty and unused, so we need to ensure even closer coordination between project development and the construction companies to generate the appropriate level of subsequent business for the construction companies. We have taken the anticipated lower sales factors into account in our forecasts for the next few years.

To remain financially healthy, it is essential that we monitor our cashflows on a daily basis. As a result of this process, we decided not to purchase any "cold" or "lukewarm" land without suspensive conditions. We believe that land prices will fall and we want to have sufficient liquid assets available later, when prices have actually dropped, to act quickly on new agreements. Our order book is healthy and project development is increasing its focus on obtaining permits and selling projects that are already under construction to generate cash.

We are not expecting construction prices to increase further; in fact, we are anticipating a decline. We must maintain a moderate approach when outsourcing to contractors. Exchanging knowledge and experience in this area is of crucial importance. Plugging any "gaps" in production by carrying out work for third parties requires seamless coordination between the construction company and our acquisition/sales teams. The construction companies always have the final word in any decision.

Striving to maintain our margins on our construction turnover is part of our policy as a company. Our goal is not necessarily to increase turnover, but to work together (as a project development and construction company) to choose our projects selectively and to optimise our margins in each specific project.

Developments

Across the world, growth has been severely impacted by inflation (driven primarily by rising energy prices), the war in Ukraine and rising interest rates. As mentioned previously, investors are dropping out in huge numbers and we are also expecting to see a significant decline in demand from our private customers. Our financial position (liquidity, balance sheet and an early insight into our profits) is of huge importance and will enable us to take advantage of the opportunities that this market will undoubtedly present. We must maintain this head start on our competitors by monitoring our financial position each and everyday. Our management dashboard provides us with all of the latest information. However, we still need to look more critically at the risks associated with projects: not only the sale risk, but also risks connected to the execution of critical elements.

Virtually all construction companies now have their own company office. Pursuing a collaborative strategy between project development and construction - by using preparation time and sharing knowledge more effectively and putting the object at the centre of the entire process - is becoming increasingly crucial in these uncertain market conditions. The company office plays a leading role in this approach and forms the link between development and construction. With sales factors declining and construction prices in flux, we all need to coordinate more closely on topics such as risk, margin planning and payment terms. We plan to free up time to finalise projects - including projects that are awaiting completion and those that are already completed - to a high standard and to our customers' complete satisfaction, to ensure that we achieve the agreed purchase price. Satisfied users and/or investors/clients are, and will remain, our ambassadors for the future.

Ten Brinke and the organisation

Who is Ten Brinke?

Ten Brinke is a developing constructor and a constructing developer. We believe in challenging the market. By doing so, we aim to help improve living and working environments by making the most of opportunities and innovations in construction and project development, with a no-nonsense mentality at all times.

our story

Our company has been active for more than 120 years, and we've experienced continuous growth and development throughout our journey - so we've learnt a lot along the way. We know how to learn from mistakes, to accelerate when things are going well and to see where the challenges lie. At Ten Brinke, we are open to new opportunities and we dare to dream - but we refrain from building castles in the air.

With a focus on the present and our ambitions for the future, we always follow our own path.

A path that leads to new points we can add to our growth, to the route through Europe, on the way to our horizon.

At Ten Brinke, entrepreneurship is deeply rooted in our culture. We work purposefully and we like to do things a bit differently, with courage and a down-to-earth attitude. The will to succeed outweighs the fear of failure. Our people are the driving force behind Ten Brinke. They make us who we are.

We don't like standing still. We strive for success at every link in the chain. We seek out and find opportunities, we are driven project developers, we build and we evolve. That is the foundation on which Ten Brinke builds: down-to-earth, but with our gaze constantly trained on that point on the horizon.

Ten Brinke. Point.

Activities

Ten Brinke works on property projects for residential construction, retail (shopping centres, DIY stores and supermarkets, specialist retailers), industrial buildings, logistics, offices, hospitals, clinics, healthcare centres, retirement homes, fast-food restaurants and petrol stations in the Netherlands, Germany, Spain, Portugal and Greece. We're involved at every stage, from the initial land purchase and planning through to design, construction, financing, leasing, sale and the final handover. Our clients include housing associations, local authorities, investors, companies, private individuals, external project developers and joint venture partners.

Organizational structure

Branches

Ten Brinke has created a network of branches across the countries and regions, enabling us to manage projects at a local level. In recent years, we have been working to decentralise our activities across the branches. This process is now complete for the time being.

Governance structure

Our Board of Directors is responsible for managing our company. The Board of Directors is supervised by the Supervisory Board and works in accordance with the family statutes. The roles and responsibilities of the Board of Directors and the Supervisory Board are described in the company's articles of association.

The Ten Brinke internal management structure is comprised of the following groups:

•	Board of Directors
•	Management group
•	Branch management

The roles and responsibilities of each of these groups are described in the management regulations and the rules on signatory authority.

The management regulations explicitly define the responsibilities, activities, rights and authorities of the branch managers, as well as the scope of their role. Central to these regulations is the idea that the interests of the Group always take precedence over the interests of the branch, and that the branch director is responsible for implementing the Ten Brinke corporate culture at his or her branch.

The rules on signatory authority include an overview that lists the authorities assigned to property developers, project managers, branch managers and/or statutory managers for each contract type.

The Supervisory Board is responsible for monitoring management policy and for supervising operations within the organisation and its associated companies generally. It also bears responsibility for the activities assigned to it in the statutes or by law. The Supervisory Board advises management and the general meeting of shareholders as and when requested or deemed necessary. Ten Brinke also has its own Supervisory Board regulations, which include a description of the Board's purpose, composition, appointments, authorities and procedures.

Legal structure

Ten Brinke Group B.V. heads up a network of multiple companies that trade under the name of Ten Brinke. The companies operate both independently and as partners in collaborative ventures. The shareholder is LOV Beheer B.V.. Ten Brinke Group B.V. is not listed as a "structuurvennootschap".

Objectives: We will remain the best-performing developing builder and put the object at the centre of everything we do. We work together to achieve success, based on the "Ten Brinkioni mindset".

OBJECTIVES	STRATEGIES	MEASURES
		MEASUREMENT	ACTIONS
Returns: • 25% gross margin for construction companies • 10% gross margin for development companies • Operating profit > 15% of production value	• Give priority to development projects • Expand development capacity and/or acquisitions. Consolidate construction capacity • Target new markets (e.g. renovation of existing buildings) • Keep general costs transparent	• Regular project monitoring • Profit forecasts • Management dashboard • Planon	• Improve by managing projects more closely. Project controller supports management and project manager on a monthly basis • Monitor preparation plan to obtain planning permission (objective and schedule planning) • Discuss general costs regularly (local controller & branch management) • Improve coordination of "suitable" production projects for construction companies in project development and acquisition • Kick-off meeting for every project • Project evaluation on all projects, which can be used for new projects • Further optimisation of core teams to share knowledge between branches • Set up additional company offices to improve coordination and communication between project development/acquisition and construction companies • Improve collaboration with a fixed group of core partners/subcontractors • All new projects/acquisitions must be put to the Board of Directors first • Improve connection between production and capacity of construction companies • Focus on quality requirements when executing projects ("cutting costs can get expensive")
Liquidity • Improve liquidity/reduce invested capital	• Maximum invested capital per country DE: 150 million NL: 150 million SP: 70 million GR: 70 million	• Management dashboard • Monthly total overview for each country • Liquidity forecasts	• Deviations must be agreed with Board of Directors • Project finance agreed on a country-specific basis (central support from Varsseveld) • 50-million expansion of r.c. facilities • Limit new investments: only if buyer/lessee is known to company • Sale of projects/land • Transparent liquidity planning, responsibility assigned to branch management
Organisation • Ongoing professionalisation. "A company that fails to invest in Its own development will slowly but surely fade away' • Ongoing continuity of the organisation • Be and remain an attractive employer	• Prepare and implement ESG • Get Ten Brinke "ready for the next generation" • Quality above quantity: best employees • Professionalisation of construction, development and staff: processes, personnel, digitalisation • Continue to increase brand recognition • Continue to promote our core values of "committed, aware and competent" and the "Ten Brinkioni mindset' in our branches • Improve collaboration	• Ask ESG core team to report on progress of implementation • Regular evaluation of MG, management and organisations • "Workday"output • Results of employee survey	• Implement ESG • Training programme for all employees; leadership programme for management • Ongoing digitalisation by the IGT advice group, supported by ICT core teams • Optimise management dashboard for enhanced management and control options • Update organisational chart • Draw up and update role profiles (HR core team (staff and line)) • Draw up strategic personnel plans for each branch and monitor: follow-up arrangements, high potentials, limit turnover of highly qualified staff, quality above quantity (assessments) • Employee survey (including as part of "Mobility plan")
Risk: • Reduce sale risk • Invested capital	• Reduce sale risk • Business interruption due to cybercrime	• Planon and dashboard • Regular meetings to discuss status of development projects and sales • Regular stress tests	• Sales/acquisition team to focus more heavily on sales • Project development to focus more heavily on permit process than on new project acquisition • Focus on completion of projects/land owned by investors • Work with Pinewood and follow recommendations

Risk management

Approach to risk management

At Ten Brinke, project management plays a key role in all phases of a project, from purchase and execution right through to final handover and the guarantee period. Ten Brinke uses the following management tools in the planning, execution and management of its operations:

•	The objectives defined in the policy plan;
•	Management regulations;
•	Regular project meetings;
•	Invested capital;
•	Liquidity monitoring;
•	Project monitoring;
•	Profit forecasts;
•	TB Academy;
•	Contract management;
•	Management dashboard.

Approach to risk

Our management and control systems aim to strike the right balance between entrepreneurship and the risk profile that Ten Brinke is willing to accept. Our overall risk, management strategy is designed to manage risk and aims to minimise any negative impact on the company's financial performance. Our willingness to take risks and the way we weigh up opportunities against risks differs depending on the type of risk.

Risk category	Strategic pillar	Willingness to take risks
Strategy/market	Boost recognition of brand name in the niche market	Low: invest in high-quality employees: no compromising on project quality. Low: given lack of familiarity with projects and markets.
Operational	- Sharing knowledge - Investing in talent / responsibilities at a low level in the organisation	Limited: good balance between investment and effectiveness. Zero: for health, safety and environment. High: given excess in construction/liability/design insurance.
Financial	- Turnover only increased if margin retained - Financial independence	Low: in relation to liquidity risks.
Legislation and regulations	Integrity	Zero: in relation to compliance.

Strategy / market

Risk	Impact on result	Management measures
Changes in market conditions	High	- Innovate and anticipate market developments through partnerships and by sharing knowledge - Spread projects of varying scopes across different market sectors and countries - Limit investment in land
Shortage of construction specialists in the employment market	Medium	- Maintain a moderate approach to outsourcing and anticipate market developments - Fixed group of subcontractors
Price pressure	Medium	- Remain alert to price developments, indexing and lead times - Maintain a moderate approach to outsourcing and aim to establish long-term relationships with partners in the construction process

Operational

Risk	Impact on result	Management measures
Employee and contractor safety	Medium	- Prepare all work carefully - Monitoring compliance with instructions/guidelines via VCA and use of Sigi-co - TB Academy, e-learning
Project management and execution	High	- Constant focus on operational and financial project monitoring - Obtain advance approval for purchase and/or order acceptance from Board of Directors for all projects - TB Academy, in-house education and training programmes - Constant supervision and support from local management - Monthly meetings between local management and MG - Subcontract advisors/engineers
Liability and insurable risks	High	- Use a globally recognised broker and insurance companies that are active around the world - Construction/liability/design insurance - Monitor insurance conditions
Business interruption and cybercrime	High	- Disaster recovery plan - Information security policy Stress test for network security ("ethical hackers")

Financial

Risk	Impact on result	Management measures
Liquidity	Medium	- Daily monitoring of liquidity (short term and long term) - Facilities with multiple banks - Project financing in the individual countries - Minimum available funds of 100 million
Credit	Limited	- Make use of Group/bank guarantees, pre-financing and long-term agreements and credit checks
Invested capital	High	- Purchase land only with no-risk clauses, preferably an exit clause - No speculative land purchases - Sell development projects at an early stage - Start construction only when at least 30% has been sold/leased, build in phases if necessary - Ceiling for maximum investment risk

Legislation and regulations

Risk	Impact on result	Management measures
Tax	Low	- Ten Brinke and the Dutch and German tax authorities have recorded their shared viewpoints in an agreement spanning several years. Updates are made on a regular basis - Monitoring of follow-up and implementation of tax regulations, amendments and agreements - Organisation and (internal) tax specialists discuss chosen financial structure prior to implementation
Legislation and regulations	Low	- Ten Brinke has a code of conduct/integrity code that applies to all employees - Management regulations

Financial instrument risk management

Ten Brinke is exposed to interest risk on interest-bearing receivables (including those deemed financial fixed assets, stocks and shares and liquid assets) and interest-bearing short and long-term debts (including debts to credit institutions).

Where claims and debts have variable interest arrangements, Ten Brinke is exposed to risk in connection with future cashflows; where claims and debts have a fixed rate of interest, Ten Brinke is exposed to risks in connection with the real value as a result of fluctuations in the market interest rate.

The company has not contracted any financial derivatives to limit interest risk in relation to its claims and debts.

Sustainability

We understand our responsibility towards our planet and the people who inhabit it, and we take action to protect the environment. We believe that it is our duty to work with all the other parties involved in our processes to design and manufacture our products so that they also contribute to a more sustainable and environmentally friendly society. When we manufacture products, we give careful consideration to how to best meet these requirements and where possible, we work with our partners to surpass agreed standards.

We believe in challenging the market, and we want to help build a better living and working environment.

With a healthy dose of realism and a hands-on mentality, we seize opportunities and take advantage of innovations in construction and project development. From the very beginning, our joint construction and development teams use the client's requirements as the starting point to see how we can apply innovative construction methods and materials. Faced with the challenge of climate change, it is all the more important that we make conscious choices. Where possible, we aim to use materials that are fit for the future, combined with energy-neutral solutions and a circular approach.

We understand the impact of our choices. The decisions we make today will affect the choices we make in the future. We believe development is about meeting the needs of the current generation without endangering those of future generations. We want to promote competitively priced goods and services that meet people's needs and improve quality of life, while also gradually reducing the environmental impact and raw material and energy consumption of our solutions throughout the entire product lifecycle and production chain. The ultimate goal is to reduce this impact to a level that is sustainable for our planet.

To anchor sustainability in the structure of our organisation, we have formed a project group that will work with a professional external party to formulate a fully supported policy and ensure that it becomes an integral part of our day- to-day operations.

Digital environment

When we introduced our new organisational structure, we also created an IT advice group to manage and implement IT policy surrounding the critical process of digitalising the way we work. To further boost the effectiveness of the IT advice group, and to get the organisation more closely involved in IT projects, we have adjusted the composition of the team. Digitalisation isn't solely the responsibility of IT; it's a task for the entire organisation.

We are also planning to roll out a new, more structured way to launch new IT projects. In the new process, the project team will introduce the project in a project document, which will provide the IT advice group with the information they need to make a well-informed decision prior to starting a new IT project.

Our people and their environment

culture

It's important to us that we have and maintain close contact with our employees. We want to be open to their needs and career goals and we want to understand what trainees and young team members expect from their employer - while also standing by our core values and the Ten Brinke culture.

We want to protect our core values and culture. Our values and culture are an integral part of how we operate within our organisation. Embodying these values is a responsibility that we all share, and we expect our employees to uphold this responsibility too.

Our employees

In 2021, a net total of 130 employees joined our team. 267 new employees started working with us and 137 left the company, which means that our workforce once again grew significantly. Our employees are still in high demand, but we are expecting to see this decline from autumn and into next year as construction production decreases, which will reduce staffing requirements. For us, this is a good opportunity to take a closer look at our organisations to determine whether we have sufficient numbers of qualified staff. In construction, a recruitment freeze has been announced and communicated to management. Of course, there are exceptions to this rule, but for now, such cases must be discussed with a member of the MG. We are always looking for committed, high-quality employees, and we want to retain the qualified staff we already have. To do so, we must not only review our benefits package, but also become an attractive employer that moves with the times. However, a great deal of this depends on how much trust we place in our employees, how much freedom we give them and how we show our appreciation - in short, the working atmosphere. This is an area that is developing rapidly; young graduates and young parents now expect different things to their counterparts of five or ten years ago. We must continue to anticipate these developments, bearing in mind that the crisis could also have a significant impact on the trend.

We've developed an onboarding programme for new employees. During our new starter days, new recruits immediately learn what Ten Brinke is all about and how the company can help them progress.

Corporate identity

We have successfully completed the launch of our new corporate identity. Our logo has been brought up to date in line with our core values: committed, aware and competent. We hope that these changes will increase recognition of our brand name and make us more attractive to clients and potential new recruits.

Research and development

Ten Brinke has an in-house academy that enables employees to further their professional development. We also work with our close-knit circle of suppliers and clients to continuously improve sustainability in our buildings.

Governance

codes of conduct

For Ten Brinke, it is important that every person who represents the company conducts themselves in an appropriate and professional manner. For this reason, we have a code of conduct, an integrity code and a whistle-blowing policy that applies to all employees. The code forms part of the employment contract and is available on TB Connect. In addition, all directors and members of the management team (OMT or MT) have signed our management regulations, which include sections on acting as a role model, conduct, actions and monitoring compliance with the code of conduct. Since 2021, we have required all our employees to complete our integrity module.

Gender representation on Board of Directors and Supervisory Board

We do not currently have equal gender representation on our Board of Directors and Supervisory Board due to the predominantly male culture across the construction sector. In the future, we will remain open to new female members who can make a valuable contribution to our boards.

Ten Brinke Foundation

Some years ago, Ten Brinke established the Ten Brinke Foundation. The aim of the Foundation is to deliver long-term improvements in the living conditions of people in the poorest countries of the world, by providing active support delivered via a targeted approach.

Ten Brinke believes that social efforts are most effective when we help people help themselves - by providing financial support for the construction of educational facilities, setting up and developing farming projects and providing microloans to enable people to make a living so that they can ultimately become self-sufficient.

Financial position

2021-2022 in review

This financial year, our combined efforts have resulted in us surpassing last year's record, generating a profit of €218 million before tax - an increase of more than 29%. Turnover increased by more than €157 million, to a total of €1,247 million, which is 3% higher than our initial projection.

Liquidity

Profit and liquidity should not be confused or compared. Turnover can only be considered turnover when the money is actually in the bank, and profit is only profit when the last sales invoice is paid and all obligations have been fulfilled. This is something that we must pay attention to each and every day. Our project controllers act as signallers, managers and advisors in this process. Each branch now has its own project controller to support management with their financial responsibilities.

In these uncertain times, we need at least €100 million in available funds to absorb any unexpected costs or to take advantage of opportunities when they arise. This is monitored on a daily basis and we take action as necessary. Our focus is not on growing our turnover (as we have already increased this by an average of €100 million per year over the past 10 years), but on turning our attention to projects with healthy margins and limited levels of risk. We need to significantly reduce our invested capital to ensure that we do not expose ourselves to risk unnecessarily if the demand for projects declines further.

The scope and complexity of our projects and investors require us to take a different approach: There is less room to interpret contracts freely and we need to ramp up quality to reduce warranty-related costs and prevent quality-related disputes. We can do all of this by starting to collaborate with our sister companies and subcontractors at an earlier stage in the process. We must prioritise our actions according to what generates the most profit.

We must home in on and pay close attention to land purchases (developed and undeveloped), the outsourcing of orders to advisors/subcontractors/suppliers, and expenditure that is classified as general costs. We also need to pay close attention to the contents of our contracts and further optimise sales.

Outstanding bank guarantees have increased and are now at around €225 million, compared to €223 million in the previous financial year. Our bank guarantee facilities with our various providers increased by a further €67 million over the past year.

On the balance sheet date, our solvency was 60.93% (calculated based on financial covenant criteria; minimum bank requirement of 35%). This is well above the average for the market and is certainly adequate to provide the assurances our stakeholders require. Our goal is not to allow this figure to increase any further. We want to limit shareholder risk capital to a defined maximum level.

Margins

We continued to achieve high margins in 2021-2022.

We believe that we can further improve these margins if we all:

•	Experience collaboration between the subsidiary companies as something positive, understand the benefits and communicate these within our own organisations, with the overall Group result taking precedence over individual results (putting the object at the centre of everything we do, rather than the project);
•	Respect the knowledge and expertise of colleagues from other subsidiary companies and departments, and utilise one another's strengths;
•	Use the preparation phase (development and construction) more effectively;
•	View advisors/subcontractors/suppliers as partners in the construction process and strive to forge strategic partnerships to create a win-win situation for both parties;
•	Treat all partners involved in the construction process in the same way we would wish to be treated ourselves;
•	Are prepared to prioritise the quality of the final product at an early stage, but also to consider the capacity (manpower) of the subcontractor/supplier rather than making decisions based on price factors alone. This approach could save us a great deal of money during completion of the construction process and throughout the subsequent maintenance and aftercare period;
•	Make selective/critical and carefully considered decisions when determining which (acquisition) projects, clients and buyers to take on;
•	Have the courage to delegate tasks and share the burden across all levels of the organisation to prevent bottlenecks.

Order book

Our order book is looking healthy. Project development is focusing on obtaining permits for projects that we already own. The order portfolio value is approximately €1,595 million (previous year: €2,159 million). These figures only include projects that have already been awarded planning permission.

Results

Summary of the consolidated income statement:

	2021/2022		2020/2021
(*1.000)	€	%	€	%
Total operating revenue	1.246.902	100,0	1.089.446	100,0
Added value	353.547	28,4	294.328	27,0
Direct personnel costs	-20.573	-1,7	-17.946	-1,6
Gross margin	332.974	26,7	276.382	25,4
Indirect personnel costs	67.065	5,4	61.812	5,7
Depreciation	6.666	0,5	6.355	0,6
Other operating expenses	42.550	3,4	40.034	3,6
Total general costs	116.281	93	108.201	9,9
Operating result	216.693	17,4	168.181	15,4
Financial Income and expenses	-4.596	-0,4	-3.703	-0,3
Participations	6.744	0,6	3.323	03
Group profit (before tax)	218.841	17,6	167.801	15,4

Multiyear overview

	2021/2022	2020/2021	2019/2020	2018/2019
Solvency
Solvency ratio ^*	60,93%	55,20%	61,00%	62,88%
Liquidity
Current ratio	3,29	3,43	3,44	3,02
Profitability (* € 1.000)
Operating result	216.693	168.181	146.135	143.038
Net result	161.226	115.940	112.950	110.591
EBITDA ^**	242.517	184.957	174.613	161.159
Activities (* € 1.000)
Operating revenue	1.246.902	1.089.446	910.869	903.835
Gross margin	332.974	276.382	247.811	221.101
Gross margin / operating revenue	26,7%	25,4%	27,2%	24,5%
Operating result / operating revenue	17,4%	15,4%	16,0%	15,8%
EBITDA / operating revenue	19,4%	17,0%	19,2%	17,8%

^* The consolidated capital base in proportion to the consolidated total assets minus the intangible assets and receivables from shareholders and third parties (excluding minority interests).
Capital base: the consolidated equity, by which is meant: paid-up and called-up share capital minus the purchased shares, share premium reserve, revaluation reserve, statutory reserves, other reserves (including undistributed profits), to the satisfaction of the bank subordinated claims from third parties and minus capitalized intangible assets, and receivables from shareholders and third parties (excluding minority interests).
^** EBITDA includes the operating result before interest costs, taxes, depreciation, amortization of goodwill and other income and expenses plus dividends received from non-consolidated minority interests and capital gains on shares of non-consolidated minority interests.

Segmental information by market area and activities

Invoiced installments 2021-2022 (*€ 1.000):

Country ^*	utility development	Utility construction	Housing development	Housing construction
Germany	82.078	134.282	331.751	487.785
The Netherlands	23.454	29.760	47.563	114.931
Greece	44.426	-	14.952	-
Spain	13.746	15.000	15.558	5.082
Total	163.704	179.042	409.824	607.798
%	11,7%	12,8%	293%	43,5%
Germany	4.346	51.561	2.288	222.972
The Netherlands	-	1.683	2.800	14.148
Greece	-	-	-	-
Spain	-	8.150	-	3.982
Internal	4.346	61.394	5.088	241.102
Germany	77.732	82.721	329.463	264.813
The Netherlands	23.454	28.077	44.763	100.783
Greece	44.426	-	14.952	-
Spain	13.746	6.850	15.558	1.100
External / participations	159.358	117.648	404.736	366.696

Country ^*	css	Total	Internal	External/ participations	%
Germany	20.884	1.056.780	291.308	765.472	71,8%
The Netherlands	17.211	232.919	29.444	203.475	19,1%
Greece	-	59.378	-	59.378	5,6%
Spain	-	49.386	12.132	37.254	3,5%
Total	38.095	1.398.463	332.884	1.065.579	100,0%
%	2,7%	100,0%
Germany	10.141	291.308	291.308	-	-
The Netherlands	10.813	29.444	29.444	-	-
Greece	-	-	-	-	-
Spain	-	12.132	12.132	-	-
Internal	20.954	332.884	332.884	-	-
Germany	10.743	765.472	-	765.472	71,8%
The Netherlands	6.398	203.475	-	203.475	19,1%
Greece	-	59.378	-	59.378	5,6%
Spain	-	37.254	-	37.254	3,5%
External / participations	17.141	1.065.579	-	1.065.579	100,0%

^* Geographical segmentation based on the location of the projects

Outlook

Our existing objectives will continue to apply. If we can achieve these goals in our organisation, then there is nothing stopping us from retaining the healthy and solid foundations that Ten Brinke has already built and getting our great company ready for a gradual handover to the next generation.

Varsseveld, December 9, 2022

On behalf of the board of directors

A. Ten Brinke

W. Ten Brinke

P.J.A. Zents

Report of the Supervisory Board

Activities

The Supervisory Board met five times during the year and, in addition to the periodic discussion of the results and other developments, considered the long-term vision. In its supervisory role, the Supervisory Board pays besides its statutory duties in particular attention to risk management, the financial result and the quality and continuity of the Board of Directors.

Annual report and proposed appropriation of the result

The annual report, which includes the report of the Board of Directors and the financial statements for 2021/2022, was prepared by the Board of Directors. The financial statements are accompanied by an unqualified auditor's report from PricewaterhouseCoopers Accountants N.V.

The Board advises the General Meeting to:

•	Adopt the 2021/2022 financial statements, including the proposed appropriation of profit;
•	Discharge the members of the Board of Directors for their management during the financial year 2021/2022;
•	Discharge the members of the Supervisory Board for their supervision of the Board of Directors management during 2021/2022.

In conclusion

The Supervisory Board expresses its appreciation to the Board of Directors and employees for the achieved result and would like to thank them for their contribution.

Varsseveld, December 9, 2022

Supervisory Board

F.F.M. Hagemann

A.E.F. de Kock

W.J. Fuhrmann

Financial statements

Consolidated balance sheet as at March 31, 2022 (after profit appropriation)

	March 31, 2022		March 31, 2021
(X 1,000)	€	€	€	€
Fixed assets
1. Tangible fixed assets	33,786		33,186
2. Financial fixed assets	15,505		13,802
		49,291		46,988
Current assets
3. Inventories	463,876		394,682
4. Work in progress for third parties	246,661		145,214
5. Receivables	111,341		111,787
6. Cash and cash equivalents	31,511		43,501
		853,389		695,184
Total assets		902,680		742,172
Group equity
7. Shareholder's equity	547,050		410,824
8. Minority interests	6,055		14,991
		553,105		425,815
9. Provisions		57,928		39,532
10. Non-current liabilities		32,260		74,260
11. Current liabilities
Trade creditors	70,978		59,577
Taxation	13,902		21,072
Taxes and social insurance contributions	17,269		14,249
Borrowings	100,155		46,043
Liabilities to shareholder	14,52		15,546
Payable on completed projects	30,283		28,531
Accruals and deferred liabilities	12,248		17,547
		259,387		202,565
Total liabilities		902,680		742,172

Consolidated income statement for the year ended March 31, 2022

	2021/2022		2020/2021
(x 1,000)	€	€	€	€
Net revenue	847,566		675,029
Rental income	3,362		2,975
Change in balance sheet value work in progress third parties	348,581		316,174
Third-party revenue	1,199,509		994,178
Change in balance sheet value work in progress	47,393		95,268
12. Operating revenue		1,246,902		1,089,446
Expenses
13. Cost of raw materials and consumables	(351,423)		(329,151)
Cost of contracted-out work and other external costs	(541,932)		(465,967)
14. Wages and salaries	(71,202)		(65,133)
15. Social security charges	(16,436)		(14,625)
16. Depreciation on tangible fixed assets	(6,666)		(6,355)
17. Other operating expenses	(42,550)		(40,034)
		(1,030,209)		(921,265)
Operating result		216,693		168,181
Financial income	1,580		2,208
Financial expense	(6,176)		-5,911
18. Result from participations	6,680		2,437
Other financial assets	64		886
		2,148		(380)
Result before tax		218,841		167,801
19. Tax on result		(53,923)		(39,696)
Result after tax		164,918		128,105
8. Minority interest in result of group companies		(3,692)		(12,165)
Net result		161,226		115,940

Consolidated cash flow statement for the year ended March 31, 2022

		2021/2022		2020/2021
(x 1,000)		€	€	€	€
Operating result			216,693		168,181
Adjustments for:
Depreciation on tangible fixed assets	(16)	6,666		6,355
Change in provisions	(9)	1,782		507
			8,448		6,862
			225,141		175,043
Movements in working capital
Work in progress third parties	(4)	(101,447)		(129,075)
Work in progress	(3)	(39,383)		(110,557)
Land	(3)	1,333		198
Finished products (completed projects)	(3)	(30,880)		7,471
Materials	(3)	(264)		79
Receivables	(5)	446		37,815
Current liabilities	(11)	9,880		28,069
			(160,315)		(166,000)
Cash flow from ordinary activities			64,826		9,043
Interest received and paid		(4,596)		(3,703)
Corporate income tax paid	(19)	(44,479)		(25,371)
			(49,075)		(29,074)
Cash flow from ordinary activities			15,751		20,031
Investments in financial fixed assets	(2)	(17,104)		285
Disposals of financial fixed assets	(2)	9,517		3,083
Investments in tangible fixed assets	(1)	(8,083)		(10,717)
Disposals of tangible fixed assets	(1)	817		518
Cash flow from investing activities			(14,853)		(6,831)
Dividends paid	(22)	(25,000)		(50,000)
Long-term loans drawn	(10)	-		42,000
Repayments of long-term loans	(10)	(42,000)		-
Proceeds from borrowings	(11)	103,639		22,569
Movement in debts to lending institutions	(11)	(49,527)		(9,766)
Cash flow from financing activities			(12,888)		4,803
Movements during the financial year			(11,990)		(22,059)
Balance as at April 1	(6)		43,501		65,560
Balance as at March 31	(6)		31,511		43,501

Notes to the consolidated financial statements

General

Ten Brinke Group B.V. consists of a group of companies that contract and develop construction projects and acquire and manage real estate. Albert ten Brinke Beheer B.V. is the director and head of this group. The activities mainly take place in the Netherlands, Germany, Greece and Spain. The registered address is Burgemeester van der Zandestraat 21, Varsseveld. Ten Brinke Group B.V. is registered at the chamber of commerce under number 20080884.

General policies

General

The financial statements are prepared in accordance with the statutory provisions of Part 9, Book 2 of the Dutch Civil Code and the firm pronouncements in the Dutch Accounting Standards, as published by the Dutch Accounting Standards Board ('Raad voor de Jaarverslaggeving'). Assets and liabilities are generally valued at historical cost. If no specific valuation principle has been stated, valuation is at historical cost. In the balance sheet, income statement and the cash flow statement, references are made to the notes.

Functional currency

Items included in the financial statements of group companies are measured using the currency of the primary economic environment in which the respective group company operates (the functional currency). The consolidated financial statements are presented in euros, which is the functional and presentation currency of Ten Brinke Group B.V.

Estimates

The preparation of the financial statements requires management to make estimates and assumptions that affect the application of the accounting policies and the reported amounts of assets and liabilities, income and expenses. The actual amounts may differ from these estimates. The estimates underlying the assumptions are reviewed constantly. Revisions of estimates are recognized in the period in which the estimate is revised and in future periods in which the revision has consequences. If it is necessary in order to provide the true and fair view required under Book 2, article 362, paragraph 1, the nature of these estimates and judgements, including related assumptions, is disclosed in the notes to the relevant financial statement item.

Consolidation

Group companies and other entities over which Ten Brinke Group B.V. exercises control are consolidated in full. Participating interests in group equity and group result are disclosed separately.

The list of companies that, besides Ten Brinke Group B.V., are consolidated and the list of companies that have been incorporated as participating interests, are included in the appendix.

The participations in Ten Brinke Hamburg Projektentwicklung GmbH & Co. KG (54%) and Pier GmbH (51%) are not included in the consolidation as, based on economic reality, there is no predominant control by Ten Brinke Group B.V.

The participation in TEAMBAU planen und bauen GmbH (50.4%), established in Ahaus, is not included in the consolidation in accordance with section 407. 1a, Part 9, Book 2 of the Dutch Civil Code.

Intercompany transactions, profits and balances among group companies and other consolidated entities are eliminated, unless these results are realized through transactions with third parties. Unrealized losses on intercompany transactions are also eliminated, unless such losses qualify as impairments. The accounting policies of group companies and other consolidated entities have been changed where necessary, in order to align them to the prevailing group accounting policies.

An abridged income statement has been disclosed (in the company financial statements) in accordance with section 402, Book 2 of the Dutch Civil Code.

With due regard for the provisions of sections 379 and 414 of Part 9, Book 2 of the Dutch Civil Code, a list of minority interests has been filed for inspection with the Commercial Register.

Related parties

All legal entities that can be controlled, jointly controlled or significantly influenced are considered to be related parties. Also, any entity that can control the company is considered to be a related party. In addition, statutory directors, other key management and close relatives are regarded as related parties.

Transactions with related parties are disclosed in the notes insofar as they are not transacted under normal market conditions. The nature, extent and other information are disclosed if deemed necessary in order to provide the required insight.

Disposal of group companies

Entities continue to be consolidated until they are sold; they are deconsolidated from the date that control ceases.

Accounting policies for the cash flow statement

The cash flow statement has been prepared using the indirect method. The cash items disclosed on the cash flow statement comprise cash at banks and in hand, and the bank credit included in the current liabilities. Cash flows denominated in foreign currencies have been translated at average estimated exchange rates. Exchange differences affecting cash items are shown separately in the cash flow statement. Interest paid and received, dividends received and income taxes are included in cash from operating activities. Dividends paid are recognized as cash used in financing activities. The purchase consideration paid for the acquired group company has been recognized as cash used in investing activities where it was settled in cash. Any cash at banks and in hand in the acquired group company has been deducted from the purchase consideration. Transactions not resulting in an inflow or outflow of cash, including finance leases, are not recognized in the cash flow statement.

Tangible fixed assets

Land and buildings are valued at historical cost plus additional costs or production cost minus straight-line depreciation based on the expected useful life. Land is not depreciated.

No provision has been created for future costs of major maintenance of buildings. The costs are processed directly in the result.

Other tangible fixed assets are valued at the purchase price minus straight-line depreciation.

Financial fixed assets

Participations (associates), over which significant influence can be exercised, are valued according to the net asset value method. In the event that 20% or more of the voting rights can be exercised, it may be assumed that there is significant influence.

The net asset value is calculated in accordance with the accounting principles that apply for Ten Brinke Group B.V.; with regard to participations in which insufficient data is available for adopting these principles, the valuation principles of the respective participation are applied.

If the valuation of an associate based on the net asset value is negative, it will be stated at nil. If and insofar as Ten Brinke Group B.V. can be held fully or partially liable for the debts of the associate, or has the firm intention of enabling the participation to settle its debts, a provision is recognized.

Newly acquired associates are initially recognized based on the fair value of their identifiable assets and liabilities at acquisition date. For subsequent valuations, the principles that apply for these financial statements are used, with the values upon their initial recognition as the basis.

Participations over which no significant influence can be exercised are valued at historical cost. The result represents the dividend declared in the reporting year, whereby dividend not distributed in cash is valued at fair value.

Impairment of fixed assets

On each balance sheet date, the company assesses whether there are any indications that a fixed asset may be subject to impairment. If there are such indications, the realizable value of the asset is determined. If it is not possible to determine the realizable value of the individual asset, the realizable value of the cash-generating unit to which the asset belongs is determined.

An impairment occurs when the carrying amount of an asset is higher than the realizable value; the realizable value is the higher of the fair value less cost to sell and the value in use. An impairment loss is directly recognized in the income statement.

If it is established that an impairment that was recognized in the past no longer exists or has reduced, the increased carrying amount of the asset concerned is set no higher than the carrying amount that would have been determined if no impairment value adjustment for the asset concerned had been reported.

The amount of an impairment loss incurred on financial assets stated at amortized cost is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate (i.e. the effective interest rate computed at initial recognition). If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment loss shall be reversed. The reversal shall not result in a carrying amount of the financial asset that exceeds what the amortised cost would have been had the impairment not been recognised at the date the impairment is reversed. The amount of the reversal shall be recognised through profit or loss.

Inventories

Inventories are valued at historical price or production cost based on the FIFO method (first in, first out) or lower realizable value.

Work in progress and finished goods are carried at the lower of cost of production and realizable value. Cost of production includes all costs relating to acquisition or production. Cost of production includes direct wages and salaries and mark-ups for production-related indirect fixed and variable costs.

Land owned by the group is carried at cost, minus provisions necessary for development risks as soon as they are foreseeable.

Finished products and goods for resale includes real estate that has been delivered architecturally and has not been sold yet to third parties.

The realizable value is the estimated sales price minus directly attributable sales costs. In determining the realizable value, the obsolescence of the inventories is taken into account.

Expenditure relating to project costs for work not yet performed is recognised under inventories.

Work in progress for third parties

Construction contracts commissioned by third parties comprise the balance of project costs realized, profit attributed, and if applicable, recognized losses and installments already invoiced.

The profit is calculated at the end of the year in proportion to the progress of the project costs as soon as they can be estimated with reasonable certainty. In case losses on projects are expected, the total expected loss on the project is deducted directly from the valuation.

The value of work in progress is assessed regularly on a per project basis by the responsible project manager and the company management. This assessment is based primarily on the information in the project files, the project accounts and the knowledge and experience of those involved. An inherent feature of this process and the project-based activities is that estimates are made 'up front' and then throughout the project the company is involved in negotiations and discussions regarding the financial aspects, such as less/more work, claims, arbitration and penalties, the timing of the delivery and the quality of the work. As the project progresses it can happen that the reality differs from the estimates.

Work in progress for third parties is separately presented in the balance sheet under current assets. If it shows a credit balance, this will be presented under current liabilities.

Receivables

Trade receivables are recognized initially at fair value and subsequently measured at amortized cost. The fair value and amortized cost are equal to the nominal value. Provisions deemed necessary for the risk of doubtful debts are deducted. These provisions are determined based on individual assessment of the receivables.

Cash and cash equivalents

Cash and cash equivalents is carried at nominal value.

Minority interests

Non-controlling interests in group equity concerns the minority interests of third parties in the equity of consolidated group companies, stated at the net asset value of group companies. The minority interest in the result of group companies is deducted from the group result in the income statement.

Where the group company in question has an equity deficit, the negative value and any other losses are not allocated to the non-controlling interest, unless the non-controlling interest holders have a constructive obligation and are able to clear the losses. As soon as the group company manages to post an equity surplus, profits are allocated to the participating interest.

Provisions

Provisions are recognized for legally enforceable or constructive obligations that exist at the balance sheet date, and for which it is probable that an outflow of resources will be required and a reliable estimate can be made.

Provisions are carried at the nominal value of the expenditures.

The provision for guarantee obligations covers the cost of guaranteeing completed projects.

The provision is charged for the costs that arise from honoring warranty claims.

A provision is formed for expected future payments with regard to rental guarantees issued. The obligation presented on the balance sheet is taken as the basis for future payments. The provision is calculated in proportion to the duration of this obligation.

Deferred tax liabilities are recognized for temporary differences between the value of the assets and liabilities under tax regulations on the one hand and the book values applied in these financial statements on the other. The computation of the deferred tax liabilities is based on the tax rates prevailing at the end of the reporting year or the rates applicable in future years, to the extent that they have already been enacted by law. Deferred tax assets are deducted from the provision and valued if it can be reasonably assumed that realization will be possible within the tax terms. Deferred tax balances are valued at nominal value.

Liabilities

On initial recognition, debts are recognized at fair value. Transaction costs, which can be directly attributed to the acquisition of the debts, are included in the initial recognition. After initial recognition, debts are recognized at the amortized cost price.

Determination of the result

The result is the difference between the realizable value of the goods delivered/services provided and the costs and other charges during the year. The project results are allocated to the financial year in proportion to the progress of the projects; losses as soon as they are foreseeable.

Operating revenue

Operating revenue comprises the balance of income from works completed and delivered to third parties during the year (net turnover), increased or decreased by changes in the book value of work in progress and goods delivered and services provided.

Project revenue and expenses on work in progress that can be estimated reliably are recognized in the income statement in proportion to the work completed as at balance sheet date.

The progress of work completed is determined based on the project costs incurred as at balance sheet date relative to the estimated total project costs. If the result cannot be estimated reliably, the proceeds are recognized in the income statement up to the amount of the project costs that can probably be recovered. The project costs are then recognized in the income statement when they are incurred. As soon as the result can be reliably determined, revenue recognition takes place in proportion to the work performed as at the balance sheet date.

The profit or loss is determined as the difference between project income and project costs. Project revenue is the contractually agreed revenue and concerns revenue from contract variations, claims and payments if and insofar as they are realizable and can be reliably estimated. Project costs are the costs directly related to a project that can generally be attributed and allocated to project activities and other costs that can be contractually charged to the client.

If total project costs are likely to exceed total project revenue, the expected loss is taken directly to the income statement. The provision for the loss is recognized in work in progress.

Proceeds on the sale of goods are recognized when all material rights and risks attached to ownership of the goods are transferred to the purchaser.

Revenue from the provision of services is recognized in proportion to the services provided, based on the services provided as at balance sheet date relative to the total services to be provided.

Operating costs

Operating costs are carried at historical cost. The FIFO method is generally used to determine the cost of raw materials and consumables. Intragroup transactions are recognized at arm's length prices.

Rental obligations

Rental obligations are recognised in the profit and loss account on a straight-line basis over the term of the contract.

Wages and salaries

Wages, salaries and social security contributions are processed in the income statement based on the employment conditions insofar they are owed to employees or the tax authority.

Pensions

The cost of pension schemes is equal, in principle, to the pension contributions payable to pension funds and insurance companies over the period. A liability is recognized for pension contributions not paid as at balance sheet date. Contributions paid in excess of contributions due as at balance sheet date are recognized as accrued income insofar as they will be repaid by the pension funds and/or insurance companies concerned or will be set off against future contributions.

Depreciation of tangible fixed assets

Tangible fixed assets are depreciated over their estimated useful lives as from the moment they are ready for use.

Interest income and interest expenses

Interest income and expenses are recognized on a prorated basis, taking account of the effective interest rate of the assets and liabilities to which they relate. In accounting for interest expenses, the recognized transaction expenses for loans received are taken into consideration.

Tax on result

Tax on the result is calculated based on the result before tax in the income statement, taking account of the losses available for set-off from previous financial years and exempt profit components and after the addition of non-deductible costs. Due account is also taken of changes which occur in the deferred tax assets and deferred tax liabilities in respect of changes in the applicable tax rate.

Within the group, there are several corporation tax groups. Each member of the tax group bears its tax burden as an independent taxpayer. Settlement takes place in current account.

Minority interest in result of group companies The result is the amount by which the carrying amount of the participation has changed since the previous financial statements, as a result of the earnings achieved by the participation to the extent that this can be attributed to Ten Brinke Group B.V.

Financial instruments and risk management

Interest rate and cash flow risk

Ten Brinke Group B.V. incurs interest rate risk on interest-bearing receivables (in particular those included in financial assets, securities and cash) and on interest-bearing non-current and current liabilities (including debts to credit institutions).

Where floating-interest loans and receivables are concerned, Ten Brinke Group B.V. incurs risk regarding future cash flows. In addition, Ten Brinke Group B.V. incurs risk on fixed-interest loans and receivables with respect to the fair value due to changes in the market rate of interest.

No financial derivatives for hedging of the interest rate risk are contracted with regard to the receivables and debts.

Liquidity risk

Liquidity risks are managed through interim monitoring and possible adjustments.The liquidity budgets take into account the availability of cash, including available overdrafts and bank guarantees. Ten Brinke Group B.V. uses several banks in order to avail itself of a range of overdraft facilities.

Credit risk

Ten Brinke Group B.V. implements an active policy to minimize credit risk. The credit risk is limited by using bank guarantees and creditworthiness assessments.

The credit risk is also limited by pre-financing and term arrangements. There were no significant concentrations of credit risk as at balance sheet date.

Notes to the consolidated balance sheet

1. Tangible fixed assets

The composition of the tangible fixed assets is as follows:

	Land and buildings	Plant and equipment	Other tangible fixed assets	Total
(x 1,000)	€	€	€	€
As at April 1,2021
Cost of acquisition	38,023	9,400	23,886	71,309
Accumulated depreciation	(17,409)	(6,594)	(14,120)	38,123
Book value	20,614	2,806	9,766	33,186
Changes in book value
Change of scope of consolidation	-	(8)	-	(8)
Investments	1,130	966	5.995	8,091
Depreciation	(1,888)	(932)	(3,846)	(6,666)
Disposals	(870)	(41)	(3,074)	(3,985)
Depreciation on disposals	762	41	2,365	3,168
	(866)	26	1,440	600
As at March 31,2022
Cost of acquisition	38,284	10,312	26,806	75,402
Accumulated depreciation	(18,536)	(7,480)	(15,600)	41,616
Book value	19,748	2,832	11,206	33,786
Depreciation percentages	0-10	10-20	20-33

2. Financial fixed assets

The movements in the financial fixed assets are as follows:

	Participations	Other participating Interests	Total
(x 1,000)	€	€	€
As at April 1, 2021	12,684	1,118	13,802
Changes in 2021/2022
Share in result for the year	3,195	63	3,258
Change in scope of consolidation	105	-	105
Investments	4,327	34	4,361
Dividend	(5,028)	(424)	(5,452)
Disposals	(578)	-	(578)
Others	14	(5)	9
	2,035	(332)	1,703
As at March 31,2022	14,719	786	15,505

The other participating interests concern interests over which no significant influence can be exercised.

3. Inventories

The composition of inventories is as follows:

	March 31, 2022	March 31, 2021
(x 1,000)	€	€
Materials	888	624
Land	1,432	2,765
Work in progress	413,794	374,411
Finished products (completed projects)	47,762	16,882
	463,876	394,682

Work in progress includes prepayments from third parties, whereby the rights and obligations of the full object have not yet been transferred to third parties. There are no construction materials that are valued at a lower realisable value. The prepayments amount to € 14.1 million (March 31,2020: € 48.9 million).

4. Work In progress for third parties

Work in progress for third parties as at March 31:

	March 31, 2022	March 31. 2021
(x 1,000)	€	€
Costs including profits based on percentage of completion, minus provisions for losses	1,366,911	1,018,330
Invoiced installments	(1,120,250)	(873,116)
Balance	246,661	145,214
The balance consists of:
Balance of work in progress for third parties greater than invoiced installments	320,762	189,849
Balance of work in progress for third parties less than invoiced installments	(74,101)	(44,635)
Total work in progress for third parties	246,661	145,214
5. Receivables
The composition of receivables is as follows:
Trade debtors	62,047	57,199
Receivables from group companies	15,495	11,734
Completed projects to be invoiced	9,467	12,257
Other receivables and accrued income	24,332	30,597
	111,341	111,787
Further explanation of receivables:
Provision for debtors	7,500	8,700
Long-term part of debtors (after deduction of provision)	5,500	9,300
Fixed-interest loans on participations and third parties	26,600	30,400
Long-term part fixed-interest loans	11,100	10,100

The fair value of the receivables approximates their book value, on account of their short-term nature and the fact that provisions have been formed for doubtful debts where necessary. The fixed-interests loans have an average interest rate of 6%.

6. Cash and cash equivalents

The composition of cash and cash equivalents is as follows:

	March 31, 2022	March 31, 2021
(X 1,000)	€	€
Banks	31,463	43,436
Cash	48	65
	31,511	43,501

Cash and cash equivalents include € 0.5 million in blocked balances. The other cash and cash equivalents are at free disposal.

Credit facility

Ten Brinke can draw on a € 119 million (March 31,2021: €66.5 million) committed and uncommitted revolving credit facility provided by multiple credit institutions to cover short-term liquidity shortages. Financial covenants have been agreed as security, being a minimum solvency ratio, EBITDA and EBITDA margin. Ten Brinke comfortably meets the financial covenants criteria.

7. Group equity

The movements in shareholder's equity as part of the group equity are:

	2021/2022		2020/2021
(x 1,000)	€	€	€	€
As at April 1		410,824		344,884
Consolidated net result attributable to the shareholders of the legal entity	161,226		115,940
Total of the direct changes in equity as part of the group equity	-		-
Total result		161,226		115,940
Dividend payment shareholders	(25,000)		(50,000)
Total movement in equity in relation to shareholders		(25,000)		(50,000)
As at March 31		547,050		410,824

Shareholder's equity is explained in the notes to the company balance sheet.

8. Minority Interests

This concerns the interest of third parties in the assets of the companies involved in the consolidation. The movements in minority interests are as follows:

	2021/2022	2020/2021
(X 1,000)	€	€
Balance as at April 1	14,991	672
Changes in 2021/2022
Minority interest in result of group companies	3,692	12,166
Dividends	(12,561)	(1,847)
Change in consolidation scoping	-	3,890
Purchase and sale of interests	(67)	110
	(8,936)	14,319
Balance as at March 31	6,055	14,991

9. Provisions

The composition of the provisions is as follows:

	Guarantee obligations	Rental guarantee	Deferred tax liabilities	Jubilee payments	Major maintenance	Total
(x 1,000)	€	€	€	€	€	€
As at April 1,2021	12,248	1,438	23,900	762	1,184	39,532
Changes in 2021/2022
Addition	6,336	1,044	19,382	38	-	26,800
Withdrawals	(4,078)	(374)	(2,768)	-	(1,184)	(8,404)
	2,258	670	16,614	38	(1,184)	18,396
As at March 31, 2022	14,506	2,108	40,514	800	-	57,928
The term of the provisions is as follows:
Less than 1 year	4,145	436	40,500	7	-	45,088
Longer than 5 year	691	-	-	676	-	1,367

10. Non-current liabilities

The composition of the non-current liabilities is as follows:

	As at April 1, 2021	Withdrawn 2021/2022	Repayments 2021/2022	As at March 31, 2022
(x 1,000)	€		€	€
Mizar B.V.	7,260	-	-	7,260
Gemeenschappelijk Belang B.V.	25,000	-	-	25,000
LOV Beheer B.V.	42,000	-	(42,000)	-
	74,260	-	(42,000)	32,260

Mizar B.V. (formerly Albert ten Brinke Beheer B.V.): concerns a loan of € 7.2 million created on January 1, 2000 due to repayment of loans A and B of Gebr. ten Brinke Lijfrente B.V. This is a subordinated loan from certain creditors. An annual interest rate of 7% is payable on the principal sum. Repayments are determined by the parties in mutual consultation.

Gemeenschappelijk Belang. B.V.: concerns a loan of € 25 million created on May 16, 2020. A fixed interest rate of 6% is payable on the principal for the first two years. As of April 1, 2022, the interest rate is 4% until the end of the term. The agreement has been entered into for five years and ends on May 16, 2024. The debtor is at all times authorized to repay the principal sum early. At the first request of the creditor, the debtor is obligated to provide additional security in a form to be determined by the creditor.

LOV Beheer B.V.: this loan was fully repaid during 2021/2022.

11. Current liabilities

Trade creditors

As a result of withholding for the guarantee period, the trade creditors include an amount of approximately € 7.8 million (previous year: € 6.9 million), with the duration of which is longer than one year.

Borrowings

Borrowings include project financing for the real estate projects included in the work in progress (for third parties). These real estate projects serve as security for the financiers. The interest on the project financing is predominantly variable and based on EURIBOR plus a surcharge.

Supplementary information

Registering of annual report Germany

According to § 264b HGB of the German Commercial code, all consolidated companies in the legal form GmbH & Co KG are exempt from the obligation to prepare, audit and publish an annual report including directors' report in accordance with German applicable regulations.

The following subsidiaries have made use of the exemption provision in section 3 of § 264 HGB:

―	Ten Brinke Bau GmbH
―	TBB-Imetaal Wohnungsbau GmbH

Off-balance sheet commitments

Unconditional obligations

- Land

As part of project development Ten Brinke has entered into obligations for the purchase of land positions. The total obligation amounts to € 89 million (previous year: € 100 million). Mostly, the obligations will be settled within 12 months.

Conditional obligations

Conditional obligations are potential liabilities that arise from events prior to balance sheet date.

These are possible obligations because the outflow of resources depends on whether or not uncertain events occur in the future.

- Guarantees

Based of regular activities, guarantees have been given to customers. Guarantees have been provided for completed and transferred buildings. A guarantee obligation has been included for the part for which an outgoing cash flow is expected. Implementation guarantees have been provided for current construction contracts. In respect to these guarantees, securities have been provided. A joint and several liability statement has been issued by the group companies of Ten Brinke with regard to credit institutions.

- Land

As part of project development, Ten Brinke has entered into obligations for the purchase of land positions. The total obligation amounts to € 145 million (previous year: € 160 million). This concerns in particular obligations to purchase land at the time that there is a building permit and/or realized sales percentage.

- Bank guarantees and securities

Guarantees have been issued by credit institutions. These guarantees are provided as a surety for the implementation obligations and for fulfilling warranty obligations. As of March 31, 2022, the guarantees provided amount to € 225 million (previous year: €223 million).

Ten Brinke has bank guarantee facilities with several credit institutions. The total size amounts to € 426 million (31 March 2020: € 359 million).

Financial covenants have been agreed as security, being a minimum solvency ratio, EBITDA and EBITDA margin. These conditions are fully met.

- Rental obligations for real estate

The obligations related to rental agreements as at the balance sheet date amount to € 13 million. The term of the commitments can be broken down as follows:

	March 31, 2022
(x 1.000)	€
Less than 1 year	2.130
Longer than 5 year	4.171

Notes to the consolidated income statement

12. Net revenue

Segmental information by area:

	2021/2022	2020/2021
	%	%
Germany	71.8	77.5
The Netherlands	19.1	16.4
Greece	5.6	2.5
Spain	3.5	3.6
	100.0	100.0
Segmental information by activity:
Development	53.8	54.9
Construction	73.8	73.8
Suppliers	3.6	3.2
Total	131.2	131.9
Internal	(31.2)	(31.9)
External/participations	100.0	100.0

13. Cost of raw materials and consumables

	2021/2022	2020/2021
(x 1.000)	€	€
Land	250,094	246,163
Materials	101,329	82,988
	351,423	329,151
14. Wages and salaries
Average number of employees by activity:
Development	209	185
Construction	727	640
Suppliers	112	109
Assetmanagement	2	22
Staff/holding	156	144
	1,206	1,100

In 2021/2022, 542 of the average number of employees worked outside the Netherlands (2020/2021: 496).

15. Social security charges

	2021/2022	2020/2021
(x 1,000)	€	€
Pension premium	7,026	6,288
Business association premium	4,675	4,243
Health insurance	4,733	4,086
Sickness benefits	2	8
	16,436	14,625

Pensions

The employees of Ten Brinke and its group companies are members of the following pension funds or insurance schemes depending on the relevant collective labor agreement and/or contract of employment:

―	pension fund for the construction industry;
―	pension fund for the metalworking and mechanical engineering industry;
―	defined contribution plan with an insurance company.

The first two pension funds administer industry-based pension schemes. The Ten Brinke companies have no obligation to make additional contributions other than the future contributions payable to make up for any underfunding in an industry-based pension scheme. Similarly, the Ten Brinke companies are not entitled to any surpluses present in the funds.

The third pension fund concerns a contribution plan with an insurance company. This pension plan started on January 1,2018 for a period of five years, and the available premium scale is based on a discount rate of 2%. The level of the scale used is derived from the costs of an average pay plan by Aegon Levensverzekeringen N.V. Ten Brinke bears the risk for changes to tax laws and regulations. The employee bears the remaining risks in the pension plan.

Ten Brinke has co-insured the consequences of disability of the employees and value transfer. The insurer is supervised by DNB.

Based on the above characteristics, the pension charge recognized for the year is equal to the contributions payable to the pension funds and the insurance company over that period.

The funding ratio of the industry-based pension funds are as follows:

	March 31, 2022	March 31, 2021
Pension fund for the construction industry	129.2%	117.3%
Pension fund for the metalworking and mechanical engineering industry	108.2%	98.9%

For foreign pension plans that are similar to the way the Dutch pension system is designed and operates, recognition and measurement of liabilities arising from these pension schemes are carried out in accordance with the valuation of the Dutch pension schemes.

16. Depreciation of tangible fixed assets

	2021/2022	2020/2021
(x 1,000)	€	€
Land and buildings	1,888	1,554
Plant and equipment	932	847
Other tangible fixed assets	3,846	3,953
	6,666	6,355
17. Other operating expenses
Other personnel costs	2,961	2,604
Housing costs	2,934	3,443
Sales costs	13,660	16,487
Equipment and manufacturing costs	6,230	5,102
Office costs	5,410	4,500
General costs	2,689	2,801
Various income and expenses	8,666	5,097
	42,550	40,034

18. Result from participations

The result from participations includes the result from non-consolidated participating interests of € 3.2 million (2020/2021: €2,1 million) and the book results from sales of participating interests of € 3.5 million (2020/2021:€ 1.2 million).

19. Tax on result

Corporate income tax current financial year	42,220	35,940
Corporate income tax previous financial year	(4,276)	(4,739)
Deferred corporate income tax	15,979	8,495
	53,923	39,696
Applicable tax rate	25.0%	25.0%
Effective tax rate	25.4%	24.1%

The effective tax rate deviates from the applicable tax rate due to taxed activities abroad at a different tax rate, exempt profit components, permanent differences between commercial and fiscal purposes, and not including a deferred tax asset for losses in the financial year.

Audit fees

The following audit fees were recognized in the income statement in the reporting period:

	2021/2022	2020/2021
(x 1,000)	€	€
Audit of the financial statements	255	240
Other audit services	8	-
Tax services	-	-
Other non-audit services	-	-
	263	240

The fees listed above relate to the procedures applied to the company and its consolidated group entities by accounting firms and external auditors as referred to in section 1, subsection 1 of the Audit Firms Supervision Act ('Wet toezicht accountantsorganisaties - Wta') as well as by Dutch and foreign-based accounting firms, including their tax services and advisory groups. These fees relate to the audit of 2021-2022 financial statements, regardless of whether the work was performed during the financial year.

Remuneration of the board of directors and supervisory board

Board of directors	490	490
Supervisory board	90	90
	580	580

The remuneration of the board of directors includes periodically paid remuneration, such as salaries, holiday allowance and social premiums, remuneration to be paid after a certain term, such as pensions, allowances on termination of employment, profit sharing, bonus payments and granted shares, to the extent that these items were charged to the company and all subsidiaries of the company.

Company balance sheet as at March 31, 2022 (after profit appropriation)

	March 31, 2022		March 31. 2021
(x 1,000)	€	€	€	€
Fixed assets
20. Financial fixed assets		391,828		299,989
Current assets
21. Receivables	173,672		152,814
Cash and cash equivalents	5,770		24,821
		179,442		177,635
Total assets		571,270		477,624
22. Equity
Issued capital	31		31
Share premium reserve	341		341
Statutory reserves	5,711		5,788
Other reserves	540,967		404,664
		547,050		410,824
23. Non-current liabilities		7,260		49,260
Current liabilities		16,960		17,540
Total liabilities		571,270		477,624

Company income statement for the year ended March 31, 2022

	2021/2022	2020/2021
(x 1,000)	€	€
Result from participations after tax	154,964	111,710
Company result after tax	6,262	4,230
	161,226	115,940

Notes to the company financial statements

General

The company financial statements have been prepared in accordance with the statutory provisions of Part 9, Book 2 of the Dutch Civil Code and the firm pronouncements in the Dutch Accounting Standards as issued by the Dutch Accounting Standards Board. The accounting policies for the company financial statements and the consolidated financial statements are the same. Participating interests in group companies are stated at net asset value in accordance with the accounting policies as included in the consolidated financial statements. For the accounting policies for the company balance sheet and income statement, reference is made to the notes to the consolidated financial statements.

20. Financial fixed assets

Ten Brinke Group B.V. has direct interests in Ten Brinke Germany Holding B.V., Varsseveld (100%), Briva Holding B.V., Varsseveld (100%), Ten Brinke Wohnungsbau Carat Grundstücksgesellschaft mbH & Co. KG, Oberhausen (89.5%), Team Bouw B.V., Rijssen (100%), Ten Brinke Netherlands Holding B.V., Varsseveld (100%),Ten Brinke CSS B.V., Varsseveld (100%), Ten Brinke Spain & Portugal Holding B.V., Varsseveld (100%), Ten Brinke Greece Holding B.V., Varsseveld (75%), Ten Brinke Poland Holding B.V., Varsseveld (100%) and Ten Brinke Bulgaria Holding B.V., Varsseveld (100%).

Movements in financial fixed assets are as follows:

	Participations
(X 1,000)	€
As at April 1, 2021	299,989
Changes in 2021/2022
Result from participations	154,964
Investments	-
Disposals	(3,125)
Dividend	(60,000)
	91,839
As at March 31,2022	391,828

21. Accounts receivable

The accounts receivable are composed as follows:

	March 31, 2022	March 31, 2021
(x 1,000)	€	€
Receivables from group companies	164,502	143,944
Other receivables	9,170	8.870
	173,672	152,814

22. Equity

Issued capital

The authorized capital of the company amounts to€ 90,000, divided into 200,000 ordinary shares, each with a nominal value of € 0.45. Of these, 69,600 ordinary shares have been issued.

Share premium reserve

The full payment of 10,800 shares has been made for an amount of € 363,024. For the difference with the nominal value, a share premium reserve of € 341.243 has been formed.

Statutory reserves

This concerns the statutory reserve for retained earnings from participating interests.

	2021/2022	2020/2021
(x 1,000)	€	€
As at April 1	5,788	9,275
Change in retained earnings from participations	3,907	786
Change in scope of consolidation	492	(3,778)
Dividend	(4,350)	(491)
Disposals	(126)	(4)
As at March 31	5,711	5,788
Other reserves
The movement is as follows:
As at April 1	404,664	335,237
Profit appropriation	161,226	115,940
Change in statutory reserves of retained earnings from participations	77	3,487
Dividend	(25,000)	(50,000)
As at March 31	540,967	404,664

23. Non-current liabilities

The non-current liabiliaties of € 7.3 million consist of the loan of Mizar B.V., entered on 1 January 2000, as clarified in note 10 of the consolidated balance sheet.

Interest income group companies

The corporate result includes interest income from group companies of € 4.6 million (2020/2021: € 2.5 million).

Supplementary information

Employees

During the financial year, the company had no employees.

Arrangements not Included In the balance sheet

Contingent liabilities

- Securities

In order to comply with issued guarantees, securities have been provided for which Ten Brinke Group B.V. is jointly and severally liable.

- Liability statement

The company is part of a tax group for corporate income tax purposes (group head: LOV Beheer B.V.) and for sales tax purposes (group head: Ten Brinke Group B.V.). Based on the Dutch Collection of State Taxes Act, the company and the companies that form the corporation tax group are each jointly and severally liable for the tax due by the tax group.

Proposed appropriation of the result

	2021/2022
(x 1,000)	€
It is proposed to distribute the result as follows:
Addition to the other reserves	161,226
	161,226

In anticipation of a relevant decision of the general meeting of shareholders, the proposal has already been incorporated in the balance sheet.

Varsseveld, December 9,2022

Ten Brinke Group B.V.
Burgemeester van der Zandestraat 21
7051 CS Varsseveld

On behalf of the board of directors

A. ten Brinke, on behalf of

A. ten Brinke Beheer B.V.

W. ten Brinke

P.J.A. Zents

On behalf of the supervisory board

W.J. Fuhrmann

F.M.M. Hageman

A.E.F. de Kock

Other information

Articles of association governing profit appropriation

Article 11 of the articles of association states the following regarding profit appropriation:

1.	The profit shall be determined according to standards which are considered acceptable in social practice. A resolution to make a distribution shall have no effect as long as the board of directors has not granted its approval. The board of directors shall only withhold its approval if it is aware or should reasonably anticipate that after the distribution, the company will not be able to continue paying its due debts.
2.	The profit shall be at the disposal of the general meeting.
3.	The company may make profit distributions to shareholders to the extent that its equity exceeds the reserves that must be maintained by law or by the articles of association. Profit distribution shall only take place after the adoption of the annual accounts showing that this is permissible.
4.	The part of the profit designated for distribution shall be made payable no later than thirty days after it has been determined. The shareholder's claim to payment shall lapse five years after the date on which it became payable.
5.	Shares held by the Company in its own capital shall not be included in the calculation of the profit distribution.
6.	The company may only make interim distributions if the requirement of the third paragraph has been fulfilled.

Independent auditor's report

To: the general meeting and the supervisory board of Ten Brinke Group B.V.

Report on the financial statements 2021/2022

Our opinion

In our opinion, the financial statements of Ten Brinke Group B.V. ('the Company') give a true and fair view of the financial position of the Company and the Group (the company together with its subsidiaries) as at 31 March 2022, and of its result for the year then ended in accordance with Part 9 of Book 2 of the Dutch Civil Code.

What we have audited

We have audited the accompanying financial statements 2021/2022 of Ten Brinke Group B.V., Varsseveld. The financial statements comprise the consolidated financial statements of the Group and the company financial statements.

The financial statements comprise:

•	the consolidated and company balance sheet as at 31 March 2022;
•	the consolidated and company income statement for the year then ended; and
•	the notes, comprising a summary of the accounting policies applied and other explanatory information.

The financial reporting framework applied in the preparation of the financial statements is Part 9 of Book 2 of the Dutch Civil Code.

The basis for our opinion

We conducted our audit in accordance with Dutch law, including the Dutch Standards on Auditing.

We have further described our responsibilities under those standards in the section 'Our responsibilities for the audit of the financial statements' of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We are independent of Ten Brinke Group B.V. in accordance with the 'Wet toezicht accountantsorganisaties' (Wta, Audit firms supervision act), the 'Verordening inzake de onafhankelijkheid van accountants bij assuranceopdrachten' (ViO, Code of Ethics for Professional Accountants, a regulation with respect to independence) and other relevant independence regulations in the Netherlands. Furthermore, we have complied with the 'Verordening gedrags- en beroepsregels accountants' (VGBA, Dutch Code of Ethics).

Report on the other information included in the annual report

The annual report contains other information. This includes all information in the annual report in addition to the financial statements and our auditor's report thereon.

Based on the procedures performed as set out below, we conclude that the other information:

•	is consistent with the financial statements and does not contain material misstatements; and
•	contains all the information regarding the directors' report and the other information that is required by Part 9 of Book 2 of the Dutch Civil Code.

We have read the other information. Based on our knowledge and the understanding obtained in our audit of the financial statements or otherwise, we have considered whether the other information contains material misstatements.

By performing our procedures, we comply with the requirements of Part 9 of Book 2 of the Dutch Civil Code and the Dutch Standard 720. The scope of such procedures was substantially less than the scope of those procedures performed in our audit of the financial statements.

The directors are responsible for the preparation of the other information, including the directors' report and the other information in accordance with Part 9 of Book 2 of the Dutch Civil Code.

Responsibilities for the financial statements and the audit

Responsibilities of the directors and the supervisory board for the financial statements

The directors are responsible for:

•	the preparation and fair presentation of the financial statements in accordance with Part 9 of Book 2 of the Dutch Civil Code; and for
•	such internal control as the directors determine is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

As part of the preparation of the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern. Based on the financial reporting framework mentioned, the directors should prepare the financial statements using the going-concern basis of accounting, unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. The directors should disclose in the financial statements any event and circumstances that may cast significant doubt on the Company's ability to continue as a going concern.

The supervisory board is responsible for overseeing the Company's financial reporting process.

Our responsibilities for the audit of the financial statements

Our responsibility is to plan and perform an audit engagement in a manner that allows us to obtain sufficient and appropriate audit evidence to provide a basis for our opinion. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error and to issue an auditor's report that includes our opinion. Reasonable assurance is a high but not absolute level of assurance, which makes it possible that we may not detect all material misstatements. Misstatements may arise due to fraud or error. They are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

Materiality affects the nature, timing and extent of our audit procedures and the evaluation of the effect of identified misstatements on our opinion.

A more detailed description of our responsibilities is set out in the appendix to our report.

Zwolle, 9 December 2022

PricewaterhouseCoopers Accountants N.V.

Original has been signed by M.E. Zeephat RA

Appendix to our auditor's report on the financial statements 2021/2022 of Ten Brinke Group B.V.

In addition to what is included in our auditor's report, we have further set out in this appendix our responsibilities for the audit of the financial statements and explained what an audit involves.

The auditor's responsibilities for the audit of the financial statements

We have exercised professional judgement and have maintained professional scepticism throughout the audit in accordance with Dutch Standards on Auditing, ethical requirements and independence requirements. Our audit consisted, among other things of the following:

•	Identifying and assessing the risks of material misstatement of the financial statements, whether due to fraud or error, designing and performing audit procedures responsive to those risks, and obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the intentional override of internal control.
•	Obtaining an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.
•	Evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
•	Concluding on the appropriateness of the directors' use of the going-concern basis of accounting, and based on the audit evidence obtained, concluding whether a material uncertainty exists related to events and/or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report and are made in the context of our opinion on the financial statements as a whole. However, future events or conditions may cause the Company to cease to continue as a going concern.
•	Evaluating the overall presentation, structure and content of the financial statements, including the disclosures, and evaluating whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Considering our ultimate responsibility for the opinion on the consolidated financial statements, we are responsible for the direction, supervision and performance of the group audit. In this context, we have determined the nature and extent of the audit procedures for components of the Group to ensure that we performed enough work to be able to give an opinion on the financial statements as a whole. Determining factors are the geographic structure of the Group, the significance and/or risk profile of group entities or activities, the accounting processes and controls, and the industry in which the Group operates. On this basis, we selected group entities for which an audit or review of financial information or specific balances was considered necessary.

We communicate with the supervisory board regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Appendix

List of group companies

The companies included in the consolidation, besides Ten Brinke Group B.V., are:

	Statutory seat	Share in issued capital
Briva Holding B.V.	Varsseveld	100%
Ten Brinke Germany Holding B.V.	Varsseveld	100%
Ten Brinke Materieeldienst B.V.	Varsseveld	100%
Ten Brinke Services B.V.	Varsseveld	100%
Ten Brinke Asset Management B.V.	Varsseveld	100%
Imetaal Holding B.V.	Ulft	100%
PBC - Projektplanung Bau-Consulting GmbH	Emmerich	100%
Bau- und Planungsbüro Emmerich GmbH	Emmerich	100%
Ten Brinke Rheinland GmbH	Bonn	100%
Imetaal Staalbouw B.V.	Ulft	100%
Imetaal Stahlbau GmbH	Emmerich	100%
TBP Immo Siegburg GmbH	Emmerich	100%
Imetaal Services B.V.	Ulft	100%
Elan Varsseveld B.V.	Varsseveld	100%
Elan Dach und Wand GmbH	Bocholt	100%
Ten Brinke Omega B.V.	Varsseveld	75%
Ten Brinke Beteiligungsgesellschaft mbH	Bocholt	100%
Ten Brinke IB Verwaltungs-GmbH	Bocholt	100%
Ten Brinke Bau Berlin B.V.	Varsseveld	100%
Ten Brinke Bau Baden-Württemberg B.V.	Varsseveld	100%
Ten Brinke Bau Verwaltungs-GmbH	Bocholt	100%
Ten Brinke Bau GmbH & Co. KG	Bocholt	100%
Ten Brinke Projektentwicklung GmbH & Co. KG	Bocholt	100%
Ten Brinke Bau Berlin GmbH & Co. KG	Bocholt	100%
Ten Brinke Grundlbesitz Berlin GmbH	Bocholt	100%
Ten Brinke Bau Baden-Württemberg GmbH & Co. KG	Bocholt	100%
Ten Brinke Grundbesitz Baden-Württemberg GmbH	Bocholt	100%
Industriebau Imetaal GmbH & Co. KG	Emmerich	100%
Imetaal Komplementär GmbH	Emmerich	100%
Industriebau Imetaal GmbH	Emmerich	100%
TBB-Imetaal Wohnungsbau GmbH	Regensburg	100%
Ten Brinke Bouw B.V.	Doetinchem	100%
Team-Bouw B.V.	Rijssen	100%
Team-Bouw GmbH	Bocholt	100%
Ten Brinke WB Verwaltungs-GmbH	Bocholt	100%
TBW Berlin MÜ58 GmbH	Berlijn	89%
Ten Brinke Wohnungsbau GmbH & Co. KG	Bocholt	100%
TBW Friedrichsdorf GmbH	Bocholt	100%
CARAT Grundstücks- und Beteiligungs GmbH	Bocholt	90%
Ten Brinke Wohnungsbau CARAT GmbH & Co. KG	Bocholt	90%
TBW Ruhrufer Essen-Kettwig GmbH & Co. KG	Bocholt	94%
TBW Münsterlandstraße GmbH	Bocholt	89%
Düsseldorf Westfalenstraße QWD Nord GmbH & Co. KG	Bocholt	100%
Ten Brinke Wohnungsbau Beteiligungs GmbH	Bocholt	100%
Ten Brinke Propertymanagement GmbH	Bocholt	100%
TBW Grundbesitz Hubertus FFB GmbH & Co. KG	Bocholt	100%
Ten Brinke Baugesellschaft mbH	Bocholt	100%
Ten Brinke Enter Projectontwikkeling B.V.	Varsseveld	100%
Ten Brinke Projectontwikkeling Varsseveld B.V.	Varsseveld	100%
Ten Brinke Vastgoedontwikkeling B.V.	Varsseveld	100%
TBR Planontwikkeling B.V.	Varsseveld	100%
Vastgoed Advies Nederland B.V.	Varsseveld	98%
Reggestad Planontwikkeling B.V.	Varsseveld	100%
Ten Brinke Vastgoedontwikkeling Enter B.V.	Varsseveld	89%
Ten Brinke Broers Projectontwikkeling B.V.	Doetinchem	75%
Ten Brinke Poortier Romein Projecten B.V.	Varsseveld	66%
Ten Brinke Grondexploitatie B.V.	Varsseveld	100%
Prospere Vastgoed Advies B.V.	Varsseveld	75%
Bouwmarkt Apeldoorn-Noord B.V.	Dongen	100%
NL Properties B.V.	Oosterhout	100%
Ten Brinke myb. B.V.	Varsseveld	67%
T.B.E.C. 1 B.V.	Varsseveld	100%
Vasum op NDSM B.V.	Varsseveld	67%
T.B.E.C. 5 B.V.	Varsseveld	100%
T.B.E.C 6 B.V.	Varsseveld	100%
T.B.E.C 7 B.V.	Varsseveld	100%
T.B.E.C. 8 B.V.	Varsseveld	100%
T.B.E.C. 9 B.V.	Varsseveld	100%
T.B.E.C. 10 B.V.	Varsseveld	100%
MVO Doetinchem B.V.	Varsseveld	100%
MVO Gaanderen B.V.	Doetinchem	100%
Ontwikkelingscombinatie Raadhuisstraat Losser B.V.	Doetinchem	100%
TB Bau Berlin Verwaltungs-GmbH	Bocholt	100%
BTB Zülpich GmbH	Bocholt	60%
Wohnen an der Itz GmbH & Co. KG	Bocholt	89%
TeHa GmbH	Bocholt	75%
BB-TB Immobilien GmbH	Bocholt	60%
TB Objekt Stuttgart-Untertürkheim GmbH	Bocholt	89%
GH Mittenwald GmbH & Co. KG	Bocholt	100%
PTB Real Estate GmbH	Bocholt	55%
Logistik Am alten Flughafen GmbH	Bocholt	100%
Patricius Wohnbaugesellschaft mbH	Bocholt	60%
WKS Berlin GbR	Bocholt	78%
Coraidelstein Immobilien GmbH	Bocholt	60%
Seniorenwohnpark Ehingen GmbH	Bocholt	100%
Seniorenzentrum Albstadt GmbH	Bocholt	89%
Immobiliengesellschaft Heilige Höfe GmbH	Bocholt	52%
Ten Brinke Interprojekt Lenbachstraße GmbH	Bocholt	55%
Bollmann-Ten Brinke Verwaltungs-GmbH	Bocholt	55%
Bollmann-Ten Brinke Grundbesitz GmbH	Bocholt	100%
Selmigerheide GmbH & Co. KG	Bocholt	100%
TBP Entwicklung GmbH & Co. KG	Bocholt	100%
FMZ Brühl Verwaltungs-GmbH	Bocholt	100%
EKZ Deistertalpark Verwaltungs-GmbH	Bocholt	100%
TBP Gewerbebau Komplementär GmbH	Bocholt	100%
Kubus GmbH	Bocholt	82%
TBS 1. Gewerbebau Nettetal GmbH	Bocholt	100%
Ten Brinke Bayern Verwaltungs-GmbH	Regensburg	100%
Ten Brinke Göttsch Verwaltungsgesellschaft mbH	Bocholt	100%
TBB Ten Brinke-Projektentwicklungs-GmbH	Regensburg	100%
SML Development GmbH	Bocholt	100%
Richter-Ten Brinke Wohn- und Gewerbebau GmbH	Bocholt	60%
TB Quartiersentwicklung Ditzingen GmbH	Bocholt	100%
Premium Grundstücksentwicklungsgesellschaft mbH	Bocholt	100%
FMZ Brühl GmbH & Co. KG	Bocholt	100%
Ten Brinke Development GmbH	Bocholt	100%
Ten Brinke Berlin GmbH	Berlijn	100%
Ten Brinke Bauträger GmbH	Bocholt	100%
Seniorenresidenz Völklingen am alten Rathaus GmbH & Co. KG	Bocholt	95%
TBP Objekt 1 GmbH	Bocholt	100%
Bahnhof-Arkaden Butzbach GmbH & Co. KG	Bocholt	100%
Ten Brinke Medical GmbH	Varsseveld	55%
Pflegeprojekt Haus Rosengarten GmbH	Bocholt	90%
lavida Wohnen GmbH	Leverkusen	55%
WR Fünfte Real Estate GmbH	Bocholt	60%
Quartier PIO GmbH	Regensburg	100%
ITB Retail Park B.V.	Varsseveld	100%
ITB Retail Park GmbH & Co. KG	Bocholt	100%
Marktgemeinde Eckental B.V.	Varsseveld	100%
TBP Projekt Immo GmbH & Co. KG	Bocholt	100%
Am alten Bootshafen Kiel GmbH	Bocholt	95%
SDTB Projekt Recklinghausen GmbH	Bocholt	70%
ITB SVC Nürnberg B.V.	Varsseveld	100%
Areal Langenzenn B.V.	Varsseveld	74%
GEG GV Leipzig - Brandenburger Straße GmbH & Co. KG	Bocholt	100%
ITB Real Property B.V.	Varsseveld	100%
ITB Grundbesitz Raunheim B.V.	Varsseveld	100%
ITB NVZ Lemgo B.V.	Varsseveld	100%
ITB EKZ Datteln B.V.	Varsseveld	100%
Ten Brinke International B.V.	Varsseveld	100%
ITB Grundbesitz Rosenheim B.V.	Varsseveld	100%
ITB Grundbesitz Rosenheim GmbH & Co. KG	Bocholt	100%
ITB FMZ Siegburg B.V.	Varsseveld	100%
BHV Komplementär GmbH	Emmerich am Rhein	100%
ITB Lübbecke Arcarden B.V.	Varsseveld	100%
Am Festplatz Traar B.V. & Co. KG	Bocholt	100%
ITB Berlin Adlershof B.V.	Varsseveld	100%
ITB Berlin Adlershof B.V. & Co. KG	Bocholt	100%
WB Bonn-Pützchen GmbH & Co. KG	Bocholt	100%
TB Residenz Berlin GmbH & Co. KG	Bocholt	100%
Ten Brinke WHK Mainz GmbH & Co. KG	Bocholt	100%
Bürgerspitalareal Amberg GmbH & Co. KG	Regensburg	100%
ITB Property Grundbesitz B.V.	Varsseveld	100%
ITB Property Grundbesitz B.V. & Co. KG	Bocholt	100%
ITB Management Darmstadt B.V.	Varsseveld	100%
Ten Brinke Spain & Portugal Holding B.V.	Varsseveld	100%
Ten Brinke CSS B.V.	Varsseveld	100%
ITB Management B.V.	Varsseveld	100%
ITB Real Estate B.V.	Varsseveld	100%
ITB Management West B.V.	Varsseveld	100%
ITB FMZ Bad Driburg B.V.	Varsseveld	100%
ZOB Düren B.V. & Co. KG	Bocholt	100%
ITB SB Bonn-Beuel B.V.	Varsseveld	100%
ITB Nürnberg Tempohaus B.V.	Varsseveld	100%
Ten Brinke Bulgaria Holding B.V.	Varsseveld	100%
ITB FMZ Rödental B.V.	Varsseveld	90%
ITB SB Alling B.V.	Varsseveld	100%
ITB FMZ Ebhausen B.V. & Co. KG	Bocholt	100%
ITB Management Köln-Kalk B.V.	Varsseveld	100%
ITB FMZ Köln-Kalk B.V.	Varsseveld	100%
ITB FMZ Köln-Kalk. B.V. & Co. KG	Bocholt	100%
ITB Office Bonn Oscar-Romero-Allee B.V.	Varsseveld	100%
ITB Office Bonn Oscar-Romero-Allee GmbH & Co. KG	Bocholt	100%
Ten Brinke Poland Holding B.V.	Varsseveld	100%
ITB FMZ Gütersloh B.V.	Varsseveld	100%
ITB Grundbesitz B.V. & Co. KG	Bocholt	100%
ITB Bestuur B.V.	Varsseveld	100%
ITB FMZ Ka-Li B.V.	Varsseveld	100%
ITB Management Düsseldorf B.V.	Varsseveld	100%
ITB SBW Düsseldorf-Rath B.V.	Varsseveld	100%
ITB SBW Düsseldorf-Rath B.V. & Co. KG	Bocholt	100%
ITB Management II B.V.	Varsseveld	100%
ITB FMZ Glückstadt B.V.	Varsseveld	100%
Snoek B.V.	Varsseveld	100%
Voorn B.V.	Varsseveld	100%
Steur B.V.	Varsseveld	67%
Kommeraal B.V.	Varsseveld	100%
ITB Baumarkt Leipzig B.V.	Varsseveld	100%
TB-WR Hechtsheimerstraße 2 Grundstücksverwaltungs GmbH & Co. KG	Bocholt	100%
ITB FMZ Lüdenscheid-Brügge B.V.	Varsseveld	100%
ITB EZH Ascheberg B.V.	Varsseveld	100%
ITB City-Center Ludwigsfelde B.V.	Varsseveld	90%
ITB Berlin Teltow B.V.	Varsseveld	100%
ITB N-Carrée B.V.	Varsseveld	100%
ITB SB Röhrmoos B.V.	Varsseveld	85%
ITB FMZ Ebhausen B.V.	Varsseveld	100%
ITB Management Frankenberg B.V.	Varsseveld	100%
ITB FMZ Frankenberg Acarden B.V.	Varsseveld	100%
ITB FMZ Niederpleis B.V.	Varsseveld	100%
TBISP Komplementär GmbH	Bocholt	100%
ITB FMZ Oelde B.V.	Varsseveld	100%
ITB Grundbesitz Alling B.V. & Co. KG	Bocholt	100%
ITB Grundbesitz Nordholz B.V.	Varsseveld	100%
ITB Bonn Maximilianstraße GmbH & Co. KG	Bocholt	100%
Whale Verwaltungs GmbH	Bocholt	100%
ITB Vastgoed B.V.	Varsseveld	100%
Ten Brinke The Netherlands Holding B.V.	Varsseveld	100%
ITB VBM Alsdorf B.V.	Varsseveld	100%
ITB Office Komplementär GmbH	Bocholt	100%
ITB LM Kiel Gutenbergstrasse B.V.	Varsseveld	54%
ITB FMZ Hagen-Boele B.V.	Varsseveld	100%
ITB FMZ Cochem B.V.	Varsseveld	100%
ITB Gmund Komplementär GmbH	Bocholt	100%
ITB Gmund B.V.	Varsseveld	100%
ITB Gmund GmbH & Co. KG	Bocholt	100%
ITB Bonn Komplementär GmbH	Bocholt	100%
ITB Office Bonn B.V.	Varsseveld	100%
ITB Office Bonn GmbH & Co. KG	Bocholt	100%
ITB Management Duisburg-Kaiserberg B.V.	Varsseveld	100%
ITB Duisburg-Kaiserberg B.V.	Varsseveld	100%
Office JLS Bonn GmbH	Bocholt	100%
TBP Office Brühl GmbH	Bocholt	100%
ITB FMZ Bruckmühl B.V.	Varsseveld	100%
ITB Management Nord B.V.	Varsseveld	100%
ITB LMD Osterrönfeld B.V.	Varsseveld	54%
Ten Brinke Participates NL B.V.	Varsseveld	100%
ITB Management Plattling B.V.	Varsseveld	100%
ITB FMZ Plattling B.V.	Varsseveld	100%
ITB FMZ Plattling B.V. & Co. KG	Bocholt	100%
ITB Management Süd B.V.	Varsseveld	100%
ITB HMQ Regensburg B.V.	Varsseveld	100%
ITB HMQ Regensburg B.V. & Co. KG	Bocholt	100%
ITB Management Remscheid-Lennep B.V.	Varsseveld	100%
ITB SBW Remscheid-Lennep B.V.	Varsseveld	100%
ITB Management FMZ B.V.	Varsseveld	100%
ITB Management Immo B.V.	Varsseveld	100%
Eitorf Komplementär GmbH	Bocholt	100%
ITB Verwaltungs-GmbH	Bocholt	100%
ITB Investment B.V.	Varsseveld	100%
ITB FMZ Bietigheim-Bissingen B.V.	Varsseveld	100%
Ten Brinke Baden-Württemberg GmbH	Böblingen	100%
ITB Komplementär GmbH	Bocholt	100%
ITB FMZ Fockbek B.V.	Varsseveld	54%
ITB EKZ Unna B.V.	Varsseveld	90%
TBP Objekt 2 GmbH	Münster	100%
Leoland GmbH & Co. KG	Münster	100%
Invest for U GmbH & Co. KG	Bocholt	100%
TBB Wohnen Am Katzenberg GmbH	Bocholt	100%
GEG Grundbesitz Bad Oeynhausen B.V.	Varsseveld	100%
TBW Rappenweg MÜC GmbH & Co. KG	Bocholt	100%
ITB Logistic Immo B.V.	Varsseveld	85%
Seniorenresidenz Dresden-Striesen Immobilien GmbH & Co. KG	Bocholt	94%
F-TB Projekt WB Kiel GmbH & Co. KG	Bocholt	96%
TBG Wohnpark Beusselstraße GmbH & Co. KG	Bocholt	100%
Quartier Neuss Berghäuschensweg GmbH & Co. KG	Bocholt	100%
TB Projekt Living GmbH & Co. KG	Bocholt	100%
Projekt Gielenstraße Neuss GmbH & Co. KG	Bocholt	100%
Wohnquartier Marktstraße GmbH & Co. KG	Bocholt	100%
TBB Projekt Berlin Living GmbH & Co. KG	Bocholt	100%
Ten Brinke Bau S.L.	Madrid	100%
Ten Brinke Ekis S.L.	Madrid	100%
Ten Brinke Retail S.L.U.	Madrid	100%
Global Real Estate Soluciones S.L.	Madrid	100%
Ten Brinke Sur S.L.	Madrid	100%
Ten Brinke Oro S.L.	Madrid	100%
Global Retail Invest Real Estate S.L.	Madrid	100%
Global Retail Invest Development S.L	Madrid	100%
Ten Brinke Residencial S.L.	Madrid	100%
Ten Brinke Desarrollos S.L	Madrid	100%
Ten Brinke Hellas A.E.	Athens	75%
Ten Brinke Residential Development A.E.	Athens	75%
Siltenco A.E.	Athens	75%
Salerco A.E.	Athens	75%
Biktenko A.E.	Athens	75%
Sartenco A.E	Athens	75%
Varkepo A.E.	Athens	75%
Ten Brinke Crete Store's A.E.	Athens	75%
Tekepo A.E.	Athens	75%
Rodenco A.E.	Athens	75%
Pilvenco A.E.	Athens	75%
Develco A.E.	Athens	75%
Evitenco A.E.	Athens	57%
Hourdenco A.E.	Athens	74%
Vosenco A.E.	Athens	75%
Sortenco A.E.	Athens	75%
Milora A.E.	Athens	75%
Mandral Warehouse-Properties SMSA	Athens	75%
Theorenco S.A.	Athens	75%
Kordenco S.A.	Athens	75%
Garzenco S.A.	Athens	75%
Fedenco S.A.	Athens	75%
Ria A.E.	Athens	75%
Vardenco S.A.	Athens	75%
Meltenco S.A.	Athens	75%
Stathmos A.E.	Thessaloniki	75%
Ergoskrap A.E.	Athens	75%
Relenco A.E.	Athens	75%
Persenco A.E.	Athens	75%
Stabelco A.E.	Athens	75%
Ipantie SA	Athens	75%
Vivanenco A.E.	Athens	75%
Nellenco A.E.	Athens	75%
Garzenco A.E.	Athens	75%
Bartelco A.E.	Athens	75%
Neptunedetails, LDA	Borralha - Águeda	100%
TenBrinke Investimentos Imobiliários, Unipessoal LDA	Borralha - Águeda	100%
Ten Brinke Bulgaria BG EOOD i.o.	Sofia	100%
Ten Brinke Developm. Bulgaria EOOD i.o.	Sofia	67%
Ten Brinke Greece Holding B.V.	Varsseveld	75%

The following companies have been part of the consolidation until the date of sale or dissolution:

	Statutory seat	Share in issued capital
Ten Brinke Woningbouw B.V.	Varsseveld	100%
Ten Brinke Van Donselaar B.V.	Varsseveld	100%
Aston Ten Brinke GmbH	Bocholt	100%
TBP 13. Gewerbebau Nurnberg Bahnhofstraße GmbH	Bocholt	100%
TBP 14. Gewerbebau Springe GmbH	Bocholt	100%
ITB Hotel Kelsterbach GmbH & Co. KG	Bocholt	100%
ITB LM Jülich B.V.	Varsseveld	85%
Göttsch Beheer B.V.	Varsseveld	100%
Areal Langenzenn B.V. & Co. KG	Bocholt	74%
GFTS GmbH	Emmerich am Rhein	100%
ITB LMD Nordholz B.V.	Varsseveld	100%
ITB FMZ Barth B.V.	Varsseveld	90%
ITB Management Niederpleis B.V.	Varsseveld	100%
Ten Brinke Medical B.V. i.o.	Varsseveld	60%
DIY-Store Düsseldorf-Heerdt B.V.	Varsseveld	100%
ITB Duisburg-Kaiserberg B.V. & Co. KG	Bocholt	100%
ITB Management Dusseldorf-Heerdt B.V.	Varsseveld	100%
TITB Management B.V.	Varsseveld	100%
ITB FMZ Pattensen B.V.	Varsseveld	100%
ITB EKZ Unna B.V. & Co.KG	Bocholt	60%
Adam Ten A.E.	Athens	75%
Botenko A.E.	Athens	75%
Notenco A.E.	Athens	75%
Kalvenco A.E.	Athens	75%
Zetenco A.E.	Athens	75%
Steltenco A.E.	Athens	75%
TB Development & Holdings Greece S.A.	Athens	75%
Megatrans A.E.	Athens	75%
Delta 4 A.E.	Thessaloniki	75%

List of minority interests

The following minority interests are not included in the consolidation in accordance with section 409, Part 9, Book 2 of the Dutch Civil Code:

	Statutory seat	Share in issued capital
GETEC energy efficiency GmbH	Magdeburg	49%
GETEC Energy Efficiency B.V.	Emmen	49%
Büscher Systembau GmbH	Heek	50%
Gelders Projecten Bureau I B.V.	Doetinchem	50%
HUBACHER Gebaudetechnik GmbH	Erfstadt	38%
Pier GmbH	Frankfurt am Main	51%
Klima - Service - Consult GmbH	Cuxhaven	50%
GNAP Nachhaltigkeitsplanung GmbH	Cuxhaven	38%
Reim & Reimers Ingenieure GmbH	Cuxhaven	50%
TEAMBAU planen und bauen GmbH	Ahaus	50%
TBG Real Estate B.V.	Varsseveld	50%
Medi Car Park Solutions B.V.	Eindhoven	50%
Ten Brinke MyBond Verheeskade B.V.	Varsseveld	25%
Ten Brinke LuBro Ontwikkeling B.V.	Varsseveld	50%
Volsung Ltd.	Hong Kong	25%
Het Waterlandhuys B.V.	Varsseveld	33%
TBK Rotterdam B.V.	Varsseveld	50%
Ten Brinke Lubbers Projectontwikkeling B.V.	Varsseveld	50%
Ten Brinke Inspire Vastgoedontwikkeling B.V.	Varsseveld	50%
Fryslân Projecten B.V.	Varsseveld	50%
VB Gebouw Grond B.V.	Varsseveld	50%
Ten Brinke Slot Projectontwikkeling B.V.	Varsseveld	50%
Ten Brinke CoHof B.V.	Varsseveld	50%
Laakhaven Verheeskade II B.V.	Varsseveld	33%
Hembrug Zaandam B.V.	Arnhem	30%
Porten Houthavenkade B.V.	Amsterdam	50%
Ten Brinke Rosetree B.V.	Varsseveld	50%
Prinses Beatrixlaan B.V.	Rotterdam	50%
Weesp Invest B.V.	Amsterdam	50%
Ten Brinke DUQER B.V.	Varsseveld	50%
Ten Brinke Poortier Romein Projecten VOF	Varsseveld	50%
Ten Brinke Vastgoedontwikkeling Enter VOF	Varsseveld	50%
Zwanenveld B.V.	Doetinchem	50%
Zwanenveld Ontwikkeling B.V.	Doetinchem	50%
Stockhorst I C.V.	Doetinchem	50%
BB-TB Verwaltungs- GmbH	Bocholt	50%
InnovationsPark VS Objekt GmbH	Mainz	50%
Lubig Real Estate GmbH & Co. KG	Bocholt	50%
HTB NVZ Coppenbrügge GmbH	Bocholt	50%
HTB NVZ Aerzen GmbH	Bocholt	50%
Dahmestraße 6 Projekt GmbH	Bocholt	50%
HTB NVZ Neuenkirchen Bramsche GmbH	Bocholt	50%
Aston Ten Brinke GmbH	Bocholt	50%
Bollmann-Ten Brinke Projektentwicklung GmbH	Bochum	50%
HTB Verwaltungs-GmbH	Porta Westfalica	50%
TBW Verwaltungsgesellschaft mbH	Bocholt	50%
TBW Projektentwicklung GmbH & Co. KG	Bocholt	50%
Projekt Am Stadtholz Bielefeld GmbH	Bocholt	50%
Ten Brinke Bertram Projektentwicklung GmbH	Bocholt	50%
SeiCon & Ten Brinke Projektentwicklung GmbH	Bocholt	50%
Ten Brinke Düsseldorf GmbH	Bocholt	50%
Barcelona Allee Verwaltungs GmbH	Köln	45%
Barcelona Allee GmbH & Co. KG	Köln	50%
PCE Property Consult Europe GmbH	Hamburg	33%
HTB Projektentwicklung GmbH & Co. KG	Bocholt	50%
Ten Brinke Hamburg Projektentwicklung GmbH & Co. KG	Bocholt	54%
CCU City-Center Ulzburg Verwaltungs GmbH	Bocholt	50%
Schlun Immobilien Düren GmbH & Co. KG	Aachen	50%
Schlun- Ten Brinke Komplementär GmbH	Bocholt	50%
Schlun- Ten Brinke FMZ Niederzier GmbH & Co. KG	Bocholt	50%
Schlun- Ten Brinke Projektentwicklung GmbH & Co. KG	Bocholt	50%
Fortis-Ten Brinke Projektentwicklung GmbH	Bocholt	50%
Allobjekt-Ten Brinke Verwaltungs-GmbH	Bocholt	50%
Hubland Center GmbH & Co. KG	Bocholt	50%
Richter - Ten Brinke Projektentwicklung GmbH	Bocholt	50%
BTB Nideggen GmbH	Bocholt	50%
ITB SB Rösrath B.V.	Varsseveld	50%
Kop Dev B.V.	Varsseveld	50%
GFTS GmbH	Emmerich am Rhein	50%
Kop Land 1 B.V.	Varsseveld	50%
BITB Management B.V.	Varsseveld	50%
Pelser B.V.	Varsseveld	50%
GD-ITB Management B.V.	Bocholt	50%
Vermietergemeinschaft Hechtsheimer Straße	Bocholt	29%
TB-WR Verwaltungsgesellschaft mbH	Bocholt	50%
SITB Office Brixx B.V.	Varsseveld	50%
SITB Rathausplatz Voerde B.V.	Varsseveld	50%
Spargelfeld JLS Bonn GmbH	Bocholt	50%
BLI-Ten Brinke Wohn- und Gewerbebau GmbH	Bocholt	50%
SITB Management B.V.	Varsseveld	50%
SITB LMD Marl B.V.	Varsseveld	50%
Bertram - Ten Brinke Invest, S.L.	Madrid	50%
Sevas Ten A.E.	Athens	38%
Mantenko A.E.	Athens	38%
Fotenco A.E.	Athens	38%
Steltenco A.E.	Athens	38%
TENtec Technical A.E.	Athens	38%
Polikenco A.E.	Athens	38%

Fiscal position

Tax regime

Ten Brinke Group B.V. is part of the corporation tax group of LOV Beheer B.V. The following companies are part of this tax group:

―	Ten Brinke Group B.V.
―	Briva Holding B.V.
―	Ten Brinke Germany Holding B.V.
―	LOV Beheer B.V.
―	Ten Brinke Materieeldienst B.V.
―	Ten Brinke Services B.V.
―	Ten Brinke Asset Management B.V.
―	Imetaal Holding B.V.
―	Bau- und Planungsbüro Emmerich GmbH
―	Imetaal Staalbouw B.V.
―	Imetaal Stahlbau GmbH
―	Imetaal Services B.V.
―	Elan Varsseveld B.V.
―	Elan Dach und Wand GmbH
―	Ten Brinke Beteiligungsgesellschaft mbH
―	Ten Brinke IB Verwaltungs-GmbH
―	Ten Brinke Bau Berlin B.V.
―	Ten Brinke Bau Baden-Wurttemberg B.V.
―	Imetaal Komplementär GmbH
―	Industriebau Imetaal GmbH
―	Ten Brinke Bouw B.V.
―	Team-Bouw B.V.
―	Team-Bouw GmbH
―	Ten Brinke Wohnungsbau Beteiligungs GmbH
―	Ten Brinke Baugesellschaft mbH
―	Ten Brinke Projectontwikkeling Varsseveld B.V.
―	Ten Brinke Vastgoedontwikkeling B.V.
―	TBR Planontwikkeling B.V.
―	Vastgoed Advies Nederland B.V.
―	Reggestad Planontwikkeling B.V.
―	Ten Brinke Grondexploitatie B.V.
―	Bouwmarkt Apeldoorn-Noord B.V.
―	NL Properties B.V.
―	MVO Doetinchem B.V.
―	MVO Gaanderen B.V.
―	Ontwikkelingscombinatie Raadhuisstraat Losser B.V.
―	ITB Retail Park B.V.
―	ITB SVC Nürnberg B.V.
―	ITB Real Property B.V.
―	ITB Grundbesitz Raunheim B.V.
―	ITB NVZ Lemgo B.V.
―	ITB EKZ Datteln B.V.
―	Ten Brinke International B.V.
―	ITB Grundbesitz Rosenheim B.V.
―	ITB FMZ Siegburg B.V.
―	ITB SB Bonn-Beuel B.V.
―	ITB Nurnberg Tempohaus B.V.
―	Ten Brinke Bulgaria Holding B.V.
―	ITB SB Alling B.V.
―	ITB Management Köln-Kalk B.V.
―	ITB FMZ Köln-Kalk B.V.
―	ITB Office Bonn Oscar-Romero-Allee B.V.
―	Ten Brinke Poland Holding B.V.
―	ITB FMZ Gütersloh B.V.
―	ITB Bestuur B.V.
―	ITB FMZ Ka-Li B.V.
―	ITB Management Dusseldorf B.V.
―	ITB SBW Düsseldorf-Rath B.V.
―	ITB Management II B.V.
―	ITB FMZ Glückstadt B.V.
―	Snoek B.V.
―	Voorn B.V.
―	Kommeraal B.V.
―	ITB Kornmarkt Bad Kreuznach B.V.
―	ITB Baumarkt Leipzig B.V.
―	ITB FMZ Ludenscheid-Brügge B.V.
―	ITB EZH Ascheberg B.V.
―	ITB Berlin Teltow B.V.
―	ITB N-Carrée B.V.
―	ITB FMZ Ebhausen B.V.
―	ITB Management Frankenberg B.V.
―	ITB FMZ Frankenberg Acarden B.V.
―	ITB FMZ Niederpleis B.V.
―	ITB FMZ Oelde B.V.
―	ITB NVZ Flensburg B.V.
―	ITB Grundbesitz Nordholz B.V.
―	ITB Vastgoed B.V.
―	Ten Brinke The Netherlands Holding B.V.
―	ITB VBM Alsdorf B.V.
―	ITB FMZ Hagen-Boele B.V.
―	ITB FMZ Cochem B.V.
―	ITB Gmund B.V.
―	ITB Office Bonn B.V.
―	ITB Management Duisburg-Kaiserberg B.V.
―	ITB Duisburg-Kaiserberg B.V.
―	ITB FMZ Bruckmühl B.V.
―	ITB Management Nord B.V.
―	Ten Brinke Participaties NL B.V.
―	ITB Management Plattling B.V.
―	ITB FMZ Plattling B.V.
―	BHV Komplementär GmbH
―	ITB Lubbecke Arcarden B.V.
―	ITB Berlin Adlershof B.V.
―	ITB Property Grundbesitz B.V.
―	ITB Management Darmstadt B.V.
―	Ten Brinke Spain & Portugal Holding B.V.
―	Ten Brinke CSS B.V.
―	ITB Management B.V.
―	ITB Real Estate B.V.
―	ITB Management West B.V.
―	ITB FMZ Bad Driburg B.V.
―	ITB Management Süd B.V.
―	ITB HMQ Regensburg B.V.
―	ITB Management Remscheid-Lennep B.V.
―	ITB SBW Remscheid-Lennep B.V.
―	ITB Management FMZ B.V.
―	ITB Management Immo B.V.
―	ITB Investment B.V.
―	ITB FMZ Bietigheim-Bissingen B.V.
―	GEG Grundbesitz Bad Oeynhausen B.V.
―	ITB Logistic Immo B.V.

The following companies have been part of the tax group until the date of sale/dissolution:

―	Ten Brinke Woningbouw B.V.
―	VB Gebouw Grond B.V.
―	ITB LMD Nordholz B.V.
―	ITB Management Niederpleis B.V.
―	DIY-Store Düsseldorf-Heerdt B.V.
―	ITB Management Düsseldorf-Heerdt B.V.
―	TITB Management B.V.
―	ITB FMZ Pattensen B.V.

The other group companies are independently liable for tax.

Ten Brinke Baugesellschaft mbH