Amos Luzon Development and Energy : Ronson- financial results for the three months ended 30 June 2023

CONTENTS

Management Board Report	3
Interim Condensed Consolidated Financial Statements for the six months ended 30 June 2023	23
Interim Condensed Consolidated Statement of Financial Position	23
Interim Condensed Consolidated Statement of Comprehensive Income	24
Interim Condensed Consolidated Statement of Changes in Equity	25
Interim Condensed Consolidated Statement of Cash Flows	26
Notes to the Interim Condensed Consolidated Financial Statements	27
Interim Condensed Standalone Financial Statements for the six months ended 30 June 2023	63
Interim Condensed Standalone Statement of Financial Positions	63
Interim Condensed Standalone Statement of Comprehensive Income	64
Interim Condensed Standalone Statement of Changes in Equity	65
Interim Condensed Standalone Statement of Cash Flows	66
Notes to the Interim Condensed Standalone Financial Statements	67

Ronson Development SE

Management Board Report

Business highlights during the six months ended 30 June 2023

1. Results breakdown by project

The following table specifies revenue, cost of sales, gross profit and gross margin during the six months ended

30 June 2023 on a project by project basis:

	Information on the		Revenue (1)		Cost of sales (2)			Gross			Gross
	delivered units									profit			margin
	Number	Area of		PLN			PLN				PLN
Project	units		%		%			%
of units		thousands		thousands			thousands
	(m2)
Miasto Moje VI	149	6,717	62,944	35.7%	41,842	34.8%	21,101	33.5%
Ursus Centralny IIb	115	6,320	60,249	34.1%	38,424	32.0%	21,825	36.2%
Viva Jagodno IIb	45	2,210	18,149	10.3%	11,148	9.3%	7,001	38.6%
Nowe Warzymice IV	34	1,498	12,954	7.3%	9,245	7.7%	3,709	28.6%
Miasto Moje V	14	981	8,041	4.6%	7,042	5.9%	1,000	12.4%
Grunwaldzka	12	483	4,726	2.7%	3,791	3.2%	935	19.8%
Viva Jagodno IIa	5	354	2,873	1.6%	2,183	1.8%	691	24.0%
Nowe Warzymice III	3	225	1,663	0.9%	1,150	1.0%	513	30.9%
Others (4)	6	418	4,832	2.7%	5,434	4.5%	(602)			n.a.
Total / Average	383	19,206	176,431	100%	120,259	100%	56,173	31.8%
Impairment recognized	n.a.	n.a.		n.a.							n.a.			n.a.
Results after write-down
383	19,206	176,431		120,259		56,173	31.8%
adjustment
Wilanów Tulip(3)	2	144	1,473		3,114		(1,641)	-111.4%
Economic results	385	19,350	177,904		123,372		54,532	30.7%

1. Revenue is recognized when the performance obligations are satisfied and when the customer obtains control of the good, i.e. upon signing of the protocol of technical acceptance and the transfer of the key of the residential unit to the buyer and total payment obtained.
2. Cost of sales allocated to the delivered units proportionally to the total expected revenue of the project.
3. The project presented in the Interim Condensed Consolidated Financial Statements under investment in joint ventures; the Company's share is 50%. Amount recognised using the equity method in accordance with IAS 28.
4. The amount include old projects delivery of units and parking places as well as revenue from leasing of buildings.

Revenue from the sale of residential units is recognized when the customer takes control of the unit, i.e. when the technical acceptance protocol is signed, the keys to the unit are handed over and full payment is received. Revenue from sales of apartments and service units of residential projects recognized during the six months ended 30 June 2023 amounted to PLN 176.43 million, whereas cost of sales before write-down adjustment amounted to PLN 120.26 million. Resulting in a gross profit before write-down adjustment amounting to PLN 56.17 million and a gross margin of 31.8%. Total economic revenue from sales of residential projects, when results from joint ventures are presented on a fully consolidated basis, amounted to PLN 177.90 million, whereas cost of sales amounted to PLN 123.37 million, that resulted in a gross profit amounting to PLN 54.53 million and a gross margin of 30.7%.

Projects completed during the six months ended on 30 June 2023

The table below presents information on the projects that were completed (i.e. completing all construction works and receiving occupancy permit) during the six months ended 30 June 2023:

		Number of	Area of units	Total units sold	Units delivered	Units sold not
Project name	Location	until	delivered as at
units	(m2)	in 2023
		30 June 2023	30 June 2023
Miasto Moje VI	Warsaw	227	11,722	202	149	53
Ursus Centralny IIb	Warsaw	206	11,758	205	115	90
Viva Jagodno IIb	Wrocław	152	8,876	132	45	87
Nowe Warzymice IV	Szczecin	75	3,818	66	34	32
Grunwaldzka	Poznań	70	3,351	58	12	46
Total		730	39,525	663	355	308

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