• STANDALONE FINANCIAL REPORT OF ECHO INVESTMENT S.A. FOR 2020
  • About Echo Investment S.A.
  • Information on the financial statement
• CHAPTER 1
  • Statement of financial position
  • Profit and loss account
  • Statement of financial result and other comprehensive income
  • Cash flow statement
  • Statement of changes in equity
• CHAPTER 2
• EXPLANATORY NOTES
  • Explanatory notes to the statement of financial position
  • Explanatory notes to profit and loss account
  • Explanatory notes to cash flow statement
• CHAPTER 3
• INFORMATION ON THE FINANCIAL STATEMENTS
  • Application of new and amended standards and interpretations issued by the IFRS Interpretations Committee
  • Published standards and interpretations which are not effective yet and have not been adopted by the Company
  • Main accounting principles
  • Methods of determining the financial result
  • Error correction – changing the presenting principles - restatement of statements for previous period
  • Material estimates of the Company’s management board
  • Financial risk management
  • Capital risk management
  • Material agreements concluded with related entities
  • Material post-balance sheet events
  • Remuneration of the Management Board and Supervisory Board
  • Agreements concluded with an entity authorised to audit financial statements
• STATEMENT OF THE MANAGEMENT BOARD
  • Contact

STANDALONE ANNUAL REPORT OF
ECHO INVESTMENTS.A.
22

CONTENT
STANDALONE FINANCIAL REPORT OF ECHO INVESTMENTS.A. FOR 2020 4
About Echo Investment S.A. 5
Information on the financial statement 5
CHAPTER 1 6
Statement of financial position 7
Profit and loss account 9
Statement of financial result and other comprehensive income 10
Cash flow statement 11
Statement of changes in equity
13
CHAPTER 2 14
EXPLANATORY NOTES 14
Explanatory notes to the statement offinancial position 15
Explanatory notes to profit and loss account 74
Explanatory notes to cash flow statement 83
CHAPTER 3 87
INFORMATION ON THE FINANCIAL STATEMENTS 87
Application of new and amended standards and interpretations issued
by the IFRS Interpretations Committee 88
Published standards and interpretations which are not eective yet and have not been
adopted by the Company 89
Main accounting principles 91
Methods of determining the financial result 99
Error correction – changing the presenting principles - restatement
of statements for previous period 101
01.
02.
03.
04.
05.

06.
07.
08.
09.
10.
11.
12.
Material estimates of the Company’s management board 103
Financial risk management 105
Capital risk management 110
Material agreements concluded with related entities 111
Material post-balance sheet events 113
Remuneration of the Management Board and Supervisory Board 114
Agreements concluded with an entity authorised to audit financial statements 116
STATEMENT OF THE MANAGEMENT BOARD 117
Contact 119

STANDALONE
FINANCIAL
REPORT OF ECHO
INVESTMENTS.A.
FOR 2020

5
Standalone nancial report of Echo Investment S.A. for 2020
About Echo Investment S.A.
Information on the
financial statement
Echo Investment S.A.’s core activity consists in the
construction, lease and sale of oce and retail build -
ings, construction and sale of residential buildings
as well as trade in real estate. Echo Investment S.A.
(later referred to as Echo or the Company), with its
registered oce in Kielce, al. Solidarności 36, was
registered in Kielce on 23 July 1992. Echo is a Joint
Stock Company entered into the National Court Reg-
ister under no. 0000007025 by the District Court in
The statements of the Echo Investment S.A. pres-
ent financial data for the 12-month period ending
on 31 December 2020 and comparative data for the
12-month period ending on 31 December 2019. The
financial statements have been drawn up in accord-
ance with the historical cost principle with the ex-
ception of investment property, which was measured
at fair value. The reporting currency in the financial
statements and the functional currency of Echo
Investment S.A. is Polish zloty (PLN). Unless indi-
cated otherwise, all financial data in the Company’s
financial statements has been presented in thousand
zlotys (PLN).
DECLARATION OF CONFORMITY
The statements have been prepared in compliance
with the International Financial Reporting Standards
(IFRS), as adopted by the European Commission. To
fully understand the financial situation and business
results of the Company as the parent company of
the Echo Investment Capital Group, these financial
statements should be read together with the full con -
solidated financial statements for the 12-month peri-
od ending on 31 December 2020. The consolidated
financial statements are available at the Company’s
website https://en.echo.com.pl/.
Kielce, 10th Economic Department of the National
Court Register. Since 5 March 1996, the Company’s
shares are quoted at the Warsaw Stock Exchange on
the regulated market. They are included into Warsaw
Stock Exchange Index WIG, mWIG40 subindex, WIG
ESG social responsible companies index as well as
sector index WIG-Real Estate. The Company was es-
tablished for an indefinite period of time.
ASSUMPTION OF CONTINUITY
IN OPERATIONS
The statements have been drawn up according to the
going concern principle as there are no circumstanc-
es indicating a threat to continued activity. Due to
the correction of the incorrect presentation of loans
previously presented as short-term for long-term
loans, the Company presents negative working capi-
tal as at the balance sheet date. In the opinion of the
Management Board, this fact does not constitute a
threat to the going concern, as the true picture of the
Company’s financial situation should be considered
from the perspective of the entire group.
APPROVAL OF FINANCIAL STATEMENTS
The Company drew up the Separate Financial State-
ment for the year ended 31 December 2020, which
was approved for publication on 30 March 2021. The
Management Board of the Company has used its
best judgment regarding the application of stand-
ards and interpretations, as well as the methods and
principles of measurement of individual items of sep-
arate financial statements.

CHAPTER 1

| Financial statement
7
Standalone nancial report of Echo Investment S.A. for 2020
Statement of financial position
STATEMENT OF FINANCIAL POSITION PLN ‘000
NOTE
As at
31.12.2020
As at
31.12.2019
– restated
As at
1.01.2019 –
restated
ASSETS
Non-current assets
Intangible assets 1 3 447 3 614 2 445
Property, plant and equipment 2 20 340 21 766 5 284
Investment property 3 2 212 2 212 2 212
Investments in subsidiaries, jointly controlled entities and associates 4 1 073 287 1 021 440 975 449
Long-term financial assets 5 314 772 487 387 796 125
Loans granted 6 954 425 805 027 440 586
Deferred tax asset 7 - - -
2 368 483 2 341 446 2 222 101
Current assets
Inventory 8 198 504 212 191 201 445
Current tax receivables 9 205 - -
Other taxes receivable 9 1 205 - 248
Trade and other receivables 9 83 979 121 507 109 224
Short-term financial assets 5 183 438 - -
Loans granted 10 294 909 9 845 46 539
Other financial assets * 11 42 444 17 720 7 389
Cash and cash equivalents 11 107 437 232 147 181 977
912 121 593 410 546 822
Total assets 3 280 604 2 934 856 2 768 923
* Mainly cash in escrow accounts paid by residential clients

| Financial statement
8
Standalone nancial report of Echo Investment S.A. for 2020
STATEMENT OF FINANCIAL POSITION CONT. PLN ‘000
NOTE
As at
31.12.2020
As at
31.12.2019
– restated
As at
1.01.2019 –
restated
EQUITY AND LIABILITIES
Equity
Share capital 12 20 635 20 635 20 635
Supplementary capital 13 1 054 295 1 054 295 1 054 295
Dividend fund 186 051 164 639 326 309
Profit / (loss) from previous years - - 2 243
Net profit 57 825 21 412 42 432
1 318 806 1 260 981 1 445 914
Long-term liabilities
Loans, borrowings and bonds 14 872 941 1 063 866 903 448
- including subsidiaries: - 127 007 -
Long-term provisions 17 -
Deferred tax liabilities 7 19 534 4 639 1 468
Deposits and advances received 14 1 113 1 492 746
Lease liabilities 14 13 567 12 645 -
Derivative financial instruments 1 624 - -
908 779 1 082 642 905 662
Short-term liabilities
Loans, borrowings and bonds 16 839 569 362 212 267 725
- including subsidiaries: 208 179 - -
Current income tax payable 15 5 3 215 1 219
Other taxes liabilities 15 8 706 12 100 1 678
Trade payable 15 26 389 53 402 32 595
Deposits and advances received 15 89 791 104 940 74 795
Lease liabilities 15 9 530 13 274 -
Short-term provisions 17 11 304 15 507 17 317
Other liabilities 15 67 725 26 583 22 018
1 053 019 591 233 417 347
Total equity and liabilities 3 280 604 2 934 856 2 768 923

| Financial statement
9
Standalone nancial report of Echo Investment S.A. for 2020
PROFIT AND LOSS ACCOUNT PLN ‘000
NOTE
1.01.2020-
31.12.2020
1.01.2019-
31.12.2019
Revenue 19 329 559 312 924
Cost of sales 20 (253 744) (224 388)
Gross profit 75 815 88 536
Profit (loss) on investment property - -
Administrative costs associated with project implementation (7 836) (10 588)
Selling expenses 20 (22 828) (19 340)
General and administrative expenses 20 (66 792) (91 967)
Other operating income 21 178 750 120 382
- including interest on loans and bonds 59 464 53 005
Other operating expenses 21 (12 778) (3 527)
Operating profit 144 331 83 496
Financial income 22 3 804 11 089
Financial cost 22 (70 447) (64 778)
Profit before tax 77 688 29 807
Income tax 23 (19 863) (8 395)
Net profit 57 825 21 412
Net profit 57 825 21 412
Weighted average number of ordinary shares 412 690 582 412 690 582
Profit per one ordinary share (in PLN) 0,14 0,05
Diluted weighted average number of ordinary share 412 690 582 412 690 582
Diluted profit per one ordinary share (PLN) 0,14 0,05
Profit and loss account

| Financial statement
10
Standalone nancial report of Echo Investment S.A. for 2020
STATEMENT OF FINANCIAL RESULT AND OTHER COMPREHENSIVE INCOME
PLN ‘000
NOTE
1.01.2020-
31.12.2020
1.01.2019-
31.12.2019
Net profit 57 825 21 412
Other comprehensive income for the year: - -
Other comprehensive income for the year, net of tax - -
Total comprehensive income 57 825 21 412
Statement of financial result and
other comprehensive income

| Financial statement
11
Standalone nancial report of Echo Investment S.A. for 2020
CASH FLOW STATEMENT
PLN ‘000
NOTE
1.01.2020-
31.12.2020
1.01.2019-
31.12.2019
Operating cash flow – indirect method
I. Profit before tax 77 688 29 807
II. Adjustments (93 709) (46 770)
Depreciation 9 516 8 071
FX gains / (losses) (3 316) -
Interest and profit sharing (dividends) (105 052) (57 355)
Profit / (loss) on revaluation of assets and liabilities 5 151 2 738
Profit / (loss) from the sale of fixed assets and investment real estate (8) (224)
III. Changes in working capital (16 815) 25 911
Change in provisions (4 203) (1 810)
Change in inventories 10 454 (2 415)
Change in receivables 13 026 (28 687)
Change in short–term liabilities, except for loans and borrowings (11 368) 69 154
Change in other financial assets (24 724) (10 331)
IV. Net cash generated from operating activities (I+/-II+/-III) (32 836) 8 948
V. Income tax paid (8 382) (3 228)
VI. Net cash generated from operating activities ( IV+/-V) (41 218) 5 720
Cash flows from investing activities
I. Inflows 302 852 430 350
Disposal of intangible assets and tangible fixed assets 3 717
Disposal of investments in property - -
From financial assets, including: 302 849 429 633
a) in related entities 302 849 429 633
- disposal of financial assets 15 641 564
- dividends and profit sharing 21B 151 041 22 879
- repayment of loans granted 95 795 212 094
- interest 24 621 27 756
- purchase of certificates 3 751 28 400
- other proceeds from financial assets 12 000 137 940
b) in other entities - -
- disposal of financial assets - -
- repayment of loans granted - -
- interest - -
Other investment incomes - -
Cash flow statement

| Financial statement
12
Standalone nancial report of Echo Investment S.A. for 2020
CASH FLOW STATEMENT
PLN ‘000
NOTE
1.01.2020-
31.12.2020
1.01.2019-
31.12.2019
II. Outflows (589 071) (500 019)
Purchase of intangible assets and tangible fixed assets (2 066) (2 773)
Investment in property - -
For financial assets, including: (524 667) (497 246)
a) in related entities (524 667) (497 246)
- purchase of financial assets (9 963) (7 248)
- loans granted (514 704) (489 998)
b) in other entities - -
- purchase of financial assets - -
- loans granted - -
Other investment expenses (62 338) -
Net cash flow from investing activities (286 219) (69 669)
Cash-flows from financial activities
I. Inflows 25 605 909 634 648
Net proceeds from issuing shares (issue of shares) and other equity instru-
ments and capital contributions
- -
Loans and borrowings 113 726 500 816
Issue of debt securities 492 183 133 832
Other financial inflows - -
II. Outflows 25 (403 183) (520 529)
Purchase of own shares - -
Dividends and other payments to equity holders - (206 345)
Profit distribution expenses other than payments to owners - -
Repayment of loans and borrowings (123 959) (80 000)
Redemption of debt securities (206 940) (170 500)
Due to other financial liabilities - -
Payments of leasing liabilities (8 087) (6 269)
Interest (62 869) (54 825)
Other financial expenses (1 328) (2 590)
Net cash flow from financing activities 202 726 114 119
Total net cash flows (124 710) 50 170
Balance sheet change in cash, including: (124 710) 50 170
- change in cash due to exchange rate dierences - -
Cash and cash equivalents at the beginning of the period 25 232 147 181 977
Cash and cash equivalents at the end of the period 25 107 437 232 147

| Financial statement
13
Standalone nancial report of Echo Investment S.A. for 2020
STATEMENT OF CHANGES IN EQUITY
PLN ‘000
NOTE Share capital
Supplementary
capital Dividend fund
Prot (loss)
from previous
years
Prot for the
current year Equity total
As of January 1, 2020 20 635 1 054 295 164 639 21 412 - 1 260 981
Changes during the period:
distribution of the result from previous
years
13 21 412 (21 412) - -
dividend paid 13 -
dividend approved for payment 13 - -
net profit for the period - - - - 57 825 57 825
Changes in total - - 21 412 (21 412) 57 825 57 825
As of December 31, 2020 20 635 1 054 295 186 051 - 57 825 1 318 806
As of January 1, 2019 20 635 1 054 295 326 309 44 675 - 1 445 914
Changes during the period:
distribution of the result from previous
years
13 - - 44 675 (44 675) - -
dividend paid* 13 - (206 345) (206 345)
dividend approved for payment 13 - -
Net profit for the period - - - - 21 412 21 412
Changes in total - - (161 670) (44 675) 21 412 (184 933)
As of December 31, 2019 20 635 1 054 295 164 639 - 21 412 1 260 981
Statement of changes in equity
* In accordance with the resolution of the Ordinary General Meeting of Shareholders, Echo Investment S.A. paid dividends to shareholders in the amount of
PLN206345 291, which constituted the amount of PLN 0.50 per share. The dividend was fully settled with the advance payment for the dividend for the financial
year 2019 paid by the Company on October 21, 2019, pursuant to the resolution of the Management Board of the Company of September 11, 2019.

CHAPTER 2
EXPLANATORY NOTES

| Financial statement
15
Standalone nancial report of Echo Investment S.A. for 2020
Explanatory notes to the
statement offinancial position
NOTE 1A
INTANGIBLE ASSETS PLN ‘000
31.12.2020 31.12.2019
Purchased permits, patents, licences and similar assets, including: 2 654 3 051
Software 2 070 2 097
Intangible assets in development 793 563
Total intangible assets 3 447 3 614
The Company did not recognise impair-
ment losses of intangible assets item dur-
ing the periods covered by the financial
statements. The company has no con-
tractual obligations as at 31 December
2020.
NOTE 1B
CHANGES IN INTANGIBLE ASSETS BY TYPES PLN ‘000
Purchased permits, patents,
licences
and similar assets
Total
intangible
assetsFor the period 1.01.2020 – 31.12.2020 Software Other
Gross value of intangible assets at the beginning of the
period
7 004 2 710 9 711
Increases 1 811 - 1 811
due to purchase 1 811 - 1 811
Decreases - - -
due to sales - -
Gross value of intangible assets at the end of the period 8 815 2 710 11 522
-
Accumulated amortisation at the beginning of the period (4 907) (1 424) (6 660)
Amortisation for the period (1 838) (370) (2 208)
planned (1 838) (370) (2 208)
due to sale - -
Accumulated amortisation at the end of the period (6 745) (1 794) (8 868)
Net value of intangible assets at the end of the period 2 070 916 2 654
All intangible assets owned by the Com-
pany were acquired.
Depreciation methods used and adopt-
ed periods of use or depreciation rates
applied for:
−
acquired concessions, patents, licens-
es and similar values – the straight-line
method, 50%, depreciation booked on
general administrative costs,
−
other intangible assets – not transferred
for use as at 31 December 2020 are not
depreciated.

| Financial statement
16
Standalone nancial report of Echo Investment S.A. for 2020
NOTE 2A
PROPERTY, PLANT AND EQUIPMENT PLN ‘000
31.12.2020 31.12.2019
PP&E, including: 20 340 21 669
land 180 183
buildings, premises, civil and water engineering structures 15 023 16 152
plant and machinery 107 151
means of transport 4 800 4 849
other PP&E 230 334
PP&E under construction - 97
Advances on PP&E under construction - -
Total PP&E 20 340 21 766
The Company did not make any impair-
ment losses on property, plant and equip-
ment in the periods covered by these fi-
nancial statements. The Company has no
collateral established on fixed assets.
CHANGES IN INTANGIBLE ASSETS BY TYPES PLN ‘000
Purchased permits, patents,
licences
and similar assets
Total
intangible
assetsFor the period 1.01.2019 – 31.12.2019 Software Other
Gross value of intangible assets at the beginning of the
period
4580 2710 7290
Increases due to purchase 2424 - 2424
Decreases due to sale 2424 - 2424
Decreases - - (3)
due to sales - (3)
Gross value of intangible assets at the end of the period 7004 2710 9711
Accumulated amortisation at the beginning of the period (4566) (1051) (5617)
Amortisation for the period (341) (373) (1043)
planned (341) (373) (1046)
due to sale - 3
Accumulated amortisation at the end of the period (4907) (1424) (6660)
Net value of intangible assets at the end of the period 2097 1286 3051

| Financial statement
17
Standalone nancial report of Echo Investment S.A. for 2020
CHANGES IN PP&E  BY TYPES PLN ‘000
For the period 1.01.2020 – 31.12.2020
Own
land
Buildings and
structures
Technical
equipment
and machines
Means of
transport Other PP&E Total
Gross value of PP&E at the beginning of the period 193 20 503 3 496 9 465 3 730 37 386
Increases - 2 698 25 1 487 - 4 210
due to purchase - 97 25 - - 122
due to lease - 2 601 - 1 487 - 4 088
Decreases - - (22) - (173) (195)
due to liquidation - - - - (44) (44)
due to sale - - (22) - (129) (151)
Gross PP&E at the end of the period 193 23 201 3 499 10 952 3 557 41 401
Accumulated depreciation at the beginning of the period (11) (4 351) (3 347) (4 633) (3 376) (15 717)
Depreciation for the period (2) (3 827) (45) (1 519) 49 (5 344)
due to depreciation (2) (256) (67) (208) (122) (655)
decrease due to sale - - 22 - 127 149
due to lease - (3 571) - (1 311) - (4 882)
due to liquidation - - - - 44 44
Accumulated depreciation at the end of the period (13) (8 178) (3 392) (6 152) (3 327) (21 061)
Net value of fixed assets 180 15 023 107 4 800 230 20 340
including asset on lease - 11 522 - 4 800 - 16 322
CHANGES IN PP&E  BY TYPES PLN ‘000
For the period 1.01.2019 – 31.12.2019
Own
land
Buildings and
structures
Technical
equipment
and machines
Means of
transport Other PP&E Total
Gross value of PP&E at the beginning of the period 258 4266 4479 2665 4364 16032
Due to leasing as at 1.01.2019 - 7895 - 6439 - 14334
Gross value of PP&E at the beginning of the period 258 12161 4479 9104 4364 30366
Increases - 8763 200 752 576 10291
due to purchase - 760 200 - 576 1536
due to lease - 8003 - 752 - 8755
Decreases (64) (421) (1183) (392) (1211) (3271)
due to liquidation - (190) (782) - (578) (1550)
due to sale (64) (231) (401) (392) (633) (1721)
Gross PP&E at the end of the period 194 20503 3496 9464 3729 37386
Accumulated depreciation at the beginning of the period (8) (776) (4322) (2160) (3726) (10992)
Depreciation for the period (3) (3575) 977 (2455) 331 (4725)
due to depreciation (3) (227) (204) (278) (370) (1082)
decrease due to sale - 13 416 391 194 1014
due to lease (3406) (2568) (5974)
due to liquidation 45 765 507 1317
Accumulated depreciation at the end of the period (11) (4351) (3345) (4615) (3395) (15717)
Net value of fixed assets 183 16152 151 4849 334 21669
including asset on lease - 12492 - 4623 - 17115
NOTE 2B
There are no contractual obligations related to the
acquisition of tangible fixed assets.

| Financial statement
18
Standalone nancial report of Echo Investment S.A. for 2020
NOTE 3A
NOTE 3B
The Company Company presents
investment properties at the mo-
ment of their posting to the books
at purchase price / production
cost. After the initial posting, the
Company measures properties at
fair value at the end of each cal-
endar quarter. Profit/loss on val-
uation is disclosed under „Profit/
loss on investment property” in
the profit and loss account.
The fair value was determined us-
ing a market comparison model
based on current market prices.
In the hierarchy of fair value for
investment properties, the Com -
pany assigned level 3.
The Company has no collateral
established on investment prop-
erties. The Company has no con-
tractual obligations as at 31 De-
cember 2020.
CHANGES IN INVESTMENT PROPERTY PLN ‘000
1.01.2020-
31.12.2020
1.01.2019-
31.12.2019
Value of property investments at the beginning of the
period
2212 2212
Increases due to: - -
inventories taking - -
revaluation of property - -
Decreases due to: - -
sale - -
transfer of assets for sale - -
revaluation of property - -
Value of property investments at the end of the period 2212 2212
INVESTMENT PROPERTY  INFLUENCE ON THE RESULT
PLN ‘000
1.01.2020-
31.12.2020
1.01.2019-
31.12.2019
Revenue from investment property rents 18 27
Direct operating expenses (including repair and maintenance costs) on
investment property generating rent revenue in the period
- (34)
Direct operating expenses (including repair and maintenance costs) on
investment property not generating rent revenue in the period
- -
NOTE 4A
The Company’s share in the finan-
cial result of associates is equal to
the total number of votes at their
general meeting.
INTERESTS AND SHARES PLN ‘000
31.12.2020 31.12.2019
Investments in subsidiaries, joint ventures and associates
in subsidiaries 951 898 964 015
in joint-ventures - -
in associates 121 389 57 425
Total 1 073 287 1 021 440

| Financial statement
19
Standalone nancial report of Echo Investment S.A. for 2020
NOTE 4B
CHANGES IN INTERESTS AND SHARES PLN ‘000
1.01.2020-
31.12.2020
1.01.2019-
31.12.2019
Balance at the beginning of the period, including: 1 021 440 975 449
shares and interests 1 021 440 975 449
Increases due to: 78 385 202 740
purchase of interests 11 113 149 069
increase in capital 67 272 53 671
advances on capital increase - -
Decreases due to: (26 538) (156 749)
sale of interests (15 029) (141)
capital decrease (6 000) -
advances on capital increase - (46 066)
subsidiary liquidation - (106 413)
write–down on assets (5 509) (4 129)
Balance at the end of the period, including: 1 073 287 1 021 440
shares and interests 1 073 287 1 021 440

| Financial statement
20
Standalone nancial report of Echo Investment S.A. for 2020
WRITEDOWNS ON INTERESTS
Company
Value of
shares
[PLN
‘000]
Metropolis - Projekt Echo 121 Sp. zo.o. SKA 1 581
Projekt Echo - 115 Sp. zo.o. 1 375
Projekt Echo - 122 Sp. zo.o. 748
Projekt Echo - 120 Sp. zo.o. 393
Projekt Echo - 131 Sp. zo.o. 276
Projekt Echo - 113 Sp. zo.o. 248
Echo - Opolska Business Park Sp. zo.o. 233
Echo - Property Poznań 1 Sp. zo.o. 197
Projekt Echo - 111 Sp. zo.o. 72
Malta Oce Park - Grupa Echo Sp. zo.o. SKA 49
Projekt Echo - 93 Sp. zo.o. 35
Projekt Echo - 121 Sp. zo.o. 31
PPR-PE-77 Sp. zo.o. SKA 26
Projekt 13 - GE Sp. zo.o. SKA 24
Projekt 14 - GE Sp. zo.o. SKA 24
Projekt 21 - GE SKA 20
Galeria Tarnów Grupa Echo SKA 16
Bełchatów Ge Sp. zo.o. SKA 16
Echo - Babka Tower Sp. zo.o. 15
Selmer Investments Sp.K. 15
Selmer Investments Sp. zo.o. 12
Projekt K-6 GE SKA 11
Kielce - Projekt Echo 129 SKA 11
Echo - Pod Klonami Sp. zo.o. Sp.K. 10
Shanklin Sp. zo.o. 10
Projekt 147 Grupa Echo Sp. zo.o. Sp.K. 6
Projekt 148 Grupa Echo Sp. zo.o. Sp.K. 6
Projekt 150 - Shanklin Sp. zo.o. Sp.K. 6
Projekt 151 – PE-13 Ge Sp. zo.o. SKA Sp.K. 6
Projekt 152 – PE-14 Ge Sp. zo.o. SKA Sp.K. 6
Projekt 153 – PE-21 Ge Sp. zo.o. SKA Sp.K. 6
Projekt 154 - PK-6 Ge Sp. zo.o. SKA Sp.K. 6
Fianar Investments Sp. zo.o. 6
Projekt Echo - 119 Sp. zo.o. 5
Gleann Sp. zo.o. 5
Echo-Klimt House Sp. zo.o. Sp.K. 2
CONTRIBUTION REDUCTION
Company
Value of
shares
[PLN ‘000]
Echo - Browary Warszawskie Sp. zo.o. Sp.K. 6 000
PAYMENT AND CAPITAL INCREASE
IN THE FOLLOWING SUBSIDIARIES
Company
Value of
shares
[PLN ‘000]
Rosehill Investments Sp. zo.o. 58 829
R4R Poland Sp. zo.o. 5 135
Projekt Echo - 115 Sp. zo.o. 1 375
Projekt Echo - 122 Sp. zo.o. 748
Projekt Echo - 120 Sp. zo.o. 393
Projekt Echo - 131 Sp. zo.o. 276
Projekt Echo - 113 Sp. zo.o. 248
Echo - Opolska Business Park Sp. zo.o. 233
Projekt Echo - 139 Sp. zo.o. 5
Projekt Echo - 140 Sp. zo.o. 5
Projekt Echo - 141 Sp. zo.o. 5
Projekt Echo - 142 Sp. zo.o. 5
Projekt Echo - 143 Sp. zo.o. 5
Projekt Echo - 144 Sp. zo.o. 5
Projekt Echo - 145 Sp. zo.o. 5
ACQUISITION OF SHARES IN THE
FOLLOWING COMPANIES
Company
Value of
shares
[PLN ‘000]
M2 Hotel Sp. zo.o. 11 113
SALE OF SHARES IN THE
FOLLOWING COMPANIES
Company
Value of
shares
[PLN ‘000]
Projekt Echo - 132 Sp. zo.o. 3 902
M2 Hotel Sp. zo.o. 11 113
Projekt 18 - GE Sp. zo.o. SKA 14
CHANGES IN THE ECHO INVESTMENT CAPITAL GROUP IN 2020

| Financial statement
21
Standalone nancial report of Echo Investment S.A. for 2020
NOTE 4C
PLEDGES ON INTERESTS AND SHARES
Subject of the pledge Entity that shares or interests was subject of pledge
Value of
pledge
Collateral for a loan granted to the subsidiary Galeria Libero - Projekt Echo 120
Sp. z o.o. Sp.K. issued by Santander Bank Polska S.A.
Projekt Echo 120 Sp. zo.o. EUR 101 mn
Collateral for a loan granted to the subsidiary Galeria Libero - Projekt Echo 120
Sp. z o.o. Sp.K. issued by Santander Bank Polska S.A.
Projekt Echo 120 Sp. zo.o. PLN 18 mn
Collateral for a loan granted to the subsidiary Berea Sp. z o.o. Sp.K. issued by
CBRE Loan Services Limited.
Rosehill Investments Sp. zo.o. EUR 16 mn
Collateral for a loan granted to the subsidiary Dellia Investments - Projekt Echo
115 Sp. z o.o. Sp.K. issued by Bank Pekao S.A.
Projekt Echo 115 Sp. zo.o. EUR 131 mn
Collateral for a loan granted to the subsidiary Dellia Investments - Projekt Echo
115 Sp. z o.o. Sp.K. issued by Bank Pekao S.A.
Projekt Echo 115 Sp. zo.o. PLN 26 mn
Collateral for a loan granted to the subsidiary Projekt Beethovena - Projekt
Echo - 122 Sp. z o.o. Sp.K. issued by PKO Bank Polski S.A.
Projekt Beethovena - Projekt Echo - 122 Sp. zo.o. SKA EUR 75 mn
Collateral for a loan granted to the subsidiary Projekt Beethovena - Projekt
Echo - 122 Sp. z o.o. Sp.K. issued by PKO Bank Polski S.A.
Projekt Beethovena - Projekt Echo - 122 Sp. zo.o. SKA EUR 75 mn
Collateral for a loan granted to the subsidiary Projekt Beethovena - Projekt
Echo - 122 Sp. z o.o. Sp.K. issued by PKO Bank Polski S.A.
Projekt Beethovena - Projekt Echo - 122 Sp. zo.o. SKA PLN 24 mn
Collateral for a loan granted to the subsidiary Projekt Beethovena - Projekt
Echo - 122 Sp. z o.o. Sp.K. issued by PKO Bank Polski S.A.
Projekt Echo - 122 Sp. zo.o. EUR 75 mn
Collateral for a loan granted to the subsidiary Projekt Beethovena - Projekt
Echo - 122 Sp. z o.o. Sp.K. issued by PKO Bank Polski S.A.
Projekt Echo - 122 Sp. zo.o. EUR 75 mn
Collateral for a loan granted to the subsidiary Projekt Beethovena - Projekt
Echo - 122 Sp. z o.o. Sp.K. issued by PKO Bank Polski S.A.
Projekt Echo - 122 Sp. zo.o. EUR 24 mn
Collateral for a loan granted to the subsidiary Projekt Beethovena - Projekt
Echo - 122 Sp. z o.o. Sp.K. issued by PKO Bank Polski S.A.
Projekt Echo - 122 Sp. zo.o. EUR 75 mn
Collateral for a loan granted to the subsidiary Projekt Beethovena - Projekt
Echo - 122 Sp. z o.o. Sp.K. issued by PKO Bank Polski S.A.
Projekt Echo - 122 Sp. zo.o. EUR 75 mn
Collateral for a loan granted to the subsidiary Projekt Beethovena - Projekt
Echo - 122 Sp. z o.o. Sp.K. issued by PKO Bank Polski S.A.
Projekt Echo - 122 Sp. zo.o. PLN 11 mn
Collateral for a loan granted to the subsidiary Face2Face - Stranraer Sp. z o.o.
SKA issued by Bank Pekao S.A.
Stranraer Sp. zo.o. PLN 36 mn
Collateral for a loan granted to the subsidiary Face2Face - Stranraer Sp. z o.o.
SKA issued by Bank Pekao S.A.
Stranraer Sp. zo.o. PLN 130 mn
Collateral for a loan granted to the subsidiary Face2Face - Stranraer Sp. z o.o.
SKA issued by Bank Pekao S.A.
Face2Face - Stranraer Sp. zo.o. SKA PLN 36 mn
Collateral for a loan granted to the subsidiary Face2Face - Stranraer Sp. z o.o.
SKA issued by Bank Pekao S.A.
Face2Face - Stranraer Sp. zo.o. SKA PLN 130 mn
Collateral for a loan granted to the subsidiary React - Dagnall Sp. z o.o. SKA
issued by BNP Paribas Bank Polska S.A.
Dagnall Sp. zo.o. EUR 29 mn
Collateral for a loan granted to the subsidiary React - Dagnall Sp. z o.o. SKA
issued by BNP Paribas Bank Polska S.A.
Dagnall Sp. zo.o. PLN 1 mn
Collateral for a loan granted to the subsidiary Midpoint 71 - Cornwall Invest-
ments Sp. z o.o. SKA issued by Bank Pekao S.A.
Cornwall Investments Sp. zo.o. EUR 82 mn
Collateral for a loan granted to the subsidiary Midpoint 71 - Cornwall Invest-
ments Sp. z o.o. SKA issued by Bank Pekao S.A.
Cornwall Investments Sp. zo.o. EUR 82 mn
Collateral for a loan granted to the subsidiary Midpoint 71 - Cornwall Invest-
ments Sp. z o.o. SKA issued by Bank Pekao S.A.
Cornwall Investments Sp. zo.o. PLN 11 mn
Collateral for a loan granted to the subsidiary Midpoint 71 - Cornwall Invest-
ments Sp. z o.o. SKA issued by Bank Pekao S.A.
Midpoint 71 - Cornwall Investments Sp. zo.o. SKA EUR 82 mn
Collateral for a loan granted to the subsidiary Midpoint 71 - Cornwall Invest-
ments Sp. z o.o. SKA issued by Bank Pekao S.A.
Midpoint 71 - Cornwall Investments Sp. zo.o. SKA EUR 82 mn
Collateral for a loan granted to the subsidiary Midpoint 71 - Cornwall Invest-
ments Sp. z o.o. SKA issued by Bank Pekao S.A.
Midpoint 71 - Cornwall Investments Sp. zo.o. SKA PLN 11 mn

| Financial statement
22
Standalone nancial report of Echo Investment S.A. for 2020
INTERESTS OR SHARES IN SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES AS AT 31 DECEMBER 2020
No. Company name and legal form
Registered
oce
Business
activity
Value of
shares/intere-
sts according
to the
purchase price
Revaluation
adjustments
– opening
balance
Revaluation
adjustments –
movement
Revaluation
adjustments –
closing balance
Carrying
value of
interests/shares
%
Share
capital
held
Share in total
numer of votes
at the general
meeting
Another
basis for
control
INTERESTS OR SHARES IN SUBSIDIARIES
1 Projekt Echo - 93 Sp. zo.o. Kielce lease and property
management
51 - (34) (34) 17 99,00% 99,00% none
2 Echo - Aurus Sp. zo.o. Kielce lease and property
management
199 021 - - 199 021 99,99% 99,99% none
3 Princess Investment Sp. zo.o. Kielce execution
of construction
projects related to
buildings
5 063 (5 063) (5 063) - 99,99% 99,99% none
4 Bełchatów - Grupa Echo Sp. zo.o. SKA Kielce lease and property
management
73 (35) (16) (51) 22 99,95% 99,95% none
5 PPR - Grupa Echo Sp. zo. o. SKA Kielce lease and property
management
160 (89) (28) (117) 43 99,95% 99,95% none
6 Echo - SPV 7 Sp. zo. o. Kielce lease and property
management
189 018 - - 189 018 100,00% 100,00% none
7 Grupa Echo Sp. zo.o. Kielce business
and management
consultancy
activities
52 (52) (52) - 100,00% 100,00% none
8 Kielce - Grupa Echo Sp. zo.o. SKA Kielce lease and property
management
153 - (11) (11) 142 99,95% 99,95% none
9 Echo Investment ACC - Grupa Echo Sp.
zo.o. Sp.K.
Kielce accounting
and bookkeeping
activities
51 - - 51 99,00% 99,00% none
10 Malta Oce Park - Grupa Echo Sp. zo.o.
SKA
Kielce lease and property
management
2 469 (2 301) (48) (2 349) 120 99,95% 99,95% none
11 Echo - Arena Sp. zo.o. Kielce execution
of construction
projects related to
buildings
1 008 (1 008) (1 008) - 99,95% 99,95% none
NOTE 4D

| Financial statement
23
Standalone nancial report of Echo Investment S.A. for 2020
INTERESTS OR SHARES IN SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES AS AT 31 DECEMBER 2020
No. Company name and legal form
Registered
oce
Business
activity
Value of
shares/intere-
sts according
to the
purchase price
Revaluation
adjustments
– opening
balance
Revaluation
adjustments –
movement
Revaluation
adjustments –
closing balance
Carrying
value of
interests/shares
%
Share
capital
held
Share in total
numer of votes
at the general
meeting
Another
basis for
control
12 Echo - Galaxy Sp. zo.o. Kielce execution of
construction
projects related to
buildings
51 - - 51 99,00% 99,00% none
13 Echo - Opolska Biznes Park Sp. zo.o. Kielce lease and property
management
285 (52) (233) (285) - 100,00% 100,00% none
14 Projekt Saska Sp. zo.o. Kielce real estate
brokerage
20 419 (20 419) (20 419) - 95,00% 95,00% none
15 Echo -Advisory Services Sp. zo.o. Kielce lease and property
management
100 (100) (100) - 99,00% 99,00% none
16 Echo - Browary Warszawskie Sp. zo.o. Kielce lease and property
management
100 (71) (71) 29 99,00% 99,00% none
17 Echo -Kasztanowa Aleja Sp. zo.o.Sp.K. Kielce lease and property
management
452 - - 452 99,90% 99,90% none
18 Klimt House -Grupa Echo Sp. zo.o. Sp.K. Kielce lease and property
management
501 (222) (2) (224) 277 99,90% 99,90% none
19 Echo - Browary Warszawskie Sp. zo.o.
Sp.K.
Kielce lease and property
management
14 001 - - 14 001 100,00% 100,00% none
20 53 - Grupa Echo Sp. zo.o. SKA Kielce lease and property
management
1 316 - - 1 316 100,0000% 100,0000% none
21 Echo - Galaxy Sp. zo.o. SKA Kielce lease and property
management
8 611 (8 611) (8 611) - 99,95% 99,95% none
22 Galeria Tarnów - Grupa Echo Sp. zo.o.
SKA
Kielce lease and property
management
576 (52) (16) (68) 508 99,95% 99,95% none
23 Duże Naramowice - Projekt Echo - 111 Sp.
zo.o. SKA
Kielce lease and property
management
130 909 - - 130 909 100,00% 100,00% none
24 Avatar - Projekt Echo - 119 Sp. zo.o. SKA Kielce other business
and management
consultancy
activities
17 665 17 665 99,95% 99,95% none
25 Projekt Naramowice - Grupa Echo Sp.
zo.o. SKA
Kielce execution of
construction
projects related to
buildings
63 753 - - 63 753 100,00% 100,00% none
26 Oxygen - Grupa Echo Sp. zo.o. SKA Kielce lease and property
management
27 (27) (27) - 99,95% 99,95% none

| Financial statement
24
Standalone nancial report of Echo Investment S.A. for 2020
INTERESTS OR SHARES IN SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES AS AT 31 DECEMBER 2020
No. Company name and legal form
Registered
oce
Business
activity
Value of
shares/intere-
sts according
to the
purchase price
Revaluation
adjustments
– opening
balance
Revaluation
adjustments –
movement
Revaluation
adjustments –
closing balance
Carrying
value of
interests/shares
%
Share
capital
held
Share in total
numer of votes
at the general
meeting
Another
basis for
control
27 Park Postępu - Grupa Echo Sp. zo.o. SKA Kielce lease and property
management
1 587 (130) (130) 1 457 99,95% 99,95% none
28 Echo - Nowy Mokotów Sp. zo.o. Kielce lease and property
management
94 (76) (76) 18 99,90% 99,90% none
29 Metropolis - Grupa Echo 121 Sp. zo. o.
SKA
Kielce lease and property
management
18 156 (349) (1 581) (1 930) 16 226 100,00% 100,00% none
30 Galeria Nova - Grupa Echo Sp. zo.o.
S.K.A
Kielce execution of
construction
projects related to
buildings
16 - - 16 100,00% 100,00% none
31 Echo Investment Projekt Management
SRL
Brasov real estate
management
4 129 (4 129) (4 129) - 100,00% 100,00% none
32 Projekt Echo - 99 Sp. zo. o. Kielce buying and
selling of property
on own account
97 (42) (42) 55 99,80% 99,80% none
33 Projekt 1 -Grupa Echo Sp. z. o. o. SKA Kielce lease and property
management
4 007 (78) (78) 3 929 99,95% 99,95% none
34 Pod Klonami - Grupa Echo Sp. zo. o.
Sp.K.
Kielce buying and selling
of property on own
account
10 - (10) (10) - 99,00% 99,00% none
35 Projekt CS Sp. zo.o. Kielce other financial
brokerage
122 (97) (97) 25 99,00% 99,00% none
36 Taśmowa - Projekt Echo - 116 Sp. zo.o.
SKA
Kielce lease and property
management
11 - - 11 100,00% 100,00% none
37 Projekt 5 - Grupa Echo Sp. zo.o. SKA Szczecin lease and property
management
51 (51) (51) - 99,95% 99,95% none
38 Echo - Nowy Mokotów Sp. zo. o. Sp.K. Kielce buying and selling
of property
on own account
1 251 - - 1 251 99,00% 99,00% none
39 Projekt Echo - 104 Sp. zo. o. Kielce lease and property
management
50 (50) (50) - 99,90% 99,90% none
40 Projekt Echo - 108 Sp. zo. o. Kielce lease and property
management
65 65 100,00% 100,00% none
41 Echo - Babka Tower Sp. zo. o. Kielce lease and property
management
51 (35) (16) (51) - 100,00% 100,00% none

| Financial statement
25
Standalone nancial report of Echo Investment S.A. for 2020
INTERESTS OR SHARES IN SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES AS AT 31 DECEMBER 2020
No. Company name and legal form
Registered
oce
Business
activity
Value of
shares/intere-
sts according
to the
purchase price
Revaluation
adjustments
– opening
balance
Revaluation
adjustments –
movement
Revaluation
adjustments –
closing balance
Carrying
value of
interests/shares
%
Share
capital
held
Share in total
numer of votes
at the general
meeting
Another
basis for
control
42 Echo - Property Poznan 1 Sp. zo. o. Kielce other business
and management
consultancy activities
197 - (197) (197) - 99,00% 99,00% none
43 Projekt K-6 - Grupa Echo Sp. zo.o. SKA Kielce other business
and management
consultancy activities
61 (50) (11) (61) - 100,00% 100,00% none
44 Projekt 12 - Grupa Echo Sp. zo.o. SKA Kielce lease and property
management
25 - - 25 100,00% 100,00% none
45 Projekt 13 - Grupa Echo Sp. zo.o. SKA Kielce lease and property
management
24 - (24) (24) - 100,00% 100,00% none
46 Projekt 14 - Grupa Echo Sp. zo.o. SKA Kielce other financial
brokerage
24 - (24) (24) - 100,00% 100,00% none
47 Projekt 16 - Grupa Echo Sp. zo.o. SKA Kielce real estate brokerage 50 - - 50 100,00% 100,00% none
48 Projekt 17 - Grupa Echo Sp. zo.o. SKA Kielce real estate brokerage 46 050 - - 46 050 100,00% 100,00% none
49 Cinema Asset Manager - Grupa Echo
Sp.zo.o. SKA
Kielce real estate brokerage 50 (30) (30) 20 100,00% 100,00% none
50 Face2Face - Stranraer Sp. zo.o. SKA Kielce real estate brokerage 50 050 - - 50 050 100,00% 100,00% none
51 Projekt 21 - Grupa Echo Sp. zo.o. SKA Kielce real estate brokerage 50 (30) (20) (50) - 100,00% 100,00% none
52 Midpoint 71 - Cornwall Investments
Sp.zo.o. SKA
Kielce real estate brokerage 49 050 - - 49 050 100,00% 100,00% none
53 Pure Systems Sp. zo.o. Kraków other financial
service activities,
except insurance
and pension funding
1 1 99,90% 99,90% none
54 Projekt Echo - 111 Sp. zo.o. Kielce lease and property
management
101 (29) (72) (101) - 99,95% 99,95% none
55 Projekt Echo - 112 Sp. zo.o. Kielce lease and property
management
31 (31) (31) - 100,00% 100,00% none
56 Projekt Echo - 113 Sp. zo.o. Kielce lease and property
management
279 (31) (248) (279) - 100,00% 100,00% none
57 Projekt Echo - 115 Sp. zo.o. Kielce lease and property
management
1 406 (31) (1 375) (1 406) - 99,83% 99,83% none
58 Projekt Echo - 116 Sp. zo.o. Kielce lease and property
management
31 - - 31 99,83% 99,83% none

| Financial statement
26
Standalone nancial report of Echo Investment S.A. for 2020
INTERESTS OR SHARES IN SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES AS AT 31 DECEMBER 2020
No. Company name and legal form
Registered
oce
Business
activity
Value of
shares/intere-
sts according
to the
purchase price
Revaluation
adjustments
– opening
balance
Revaluation
adjustments –
movement
Revaluation
adjustments –
closing balance
Carrying
value of
interests/shares
%
Share
capital
held
Share in total
numer of votes
at the general
meeting
Another
basis for
control
59 Projekt Echo - 119 Sp. zo.o. Kielce lease and property
management
25 (20) (5) (25) - 99,80% 99,80% none
60 Projekt Echo - 120 Sp. zo.o. Kielce lease and property
management
424 (31) (393) (424) - 100,00% 100,00% none
61 Projekt Echo - 121 Sp. zo.o. Kielce lease and property
management
31 - (31) (31) - 100,00% 100,00% none
62 Projekt Echo - 122 Sp. zo.o. Kielce lease and property
management
779 (31) (748) (779) - 100,00% 100,00% none
63 Projekt Echo - 127 Sp. zo.o. Kielce lease and property
management
31 - - 31 100,00% 100,00% none
64 Projekt Echo - 128 Sp. zo.o. Kielce lease and property
management
31 (31) - (31) - 100,00% 100,00% none
65 Projekt Echo - 130 Sp. zo.o. Kielce lease and property
management
41 (31) - (31) 10 100,00% 100,00% none
66 Projekt Echo - 131 Sp. zo.o. Kielce lease and property
management
307 (31) (276) (307) - 100,00% 100,00% none
67 Projekt Echo - 135 Sp. zo.o. Kielce lease and property
management
31 (31) - (31) - 100,00% 100,00% none
68 Projekt Echo - 136 Sp. zo.o. Kielce lease and property
management
31 - - 31 100,00% 100,00% none
69 Projekt Echo - 137 Sp. zo.o. Kielce lease and property
management
31 - - 31 100,00% 100,00% none
70 Projekt Echo - 136 Sp. zo.o. Sp.K. Kielce lease and property
management
84 006 - - 84 006 99,00% 99,00% none
71 Villea investments Sp. zo.o. Warsaw lease and property
management
5 5 100,00% 100,00% none
72 Selmer Investments Sp. zo.o. Warsaw other business
and management
consultancy
activities
12 - (12) (12) - 100,00% 100,00% none
73 Selmer Investments Sp.K. Warsaw other business
and management
consultancy
activities
15 - (15) (15) - 100,00% 100,00% none

| Financial statement
27
Standalone nancial report of Echo Investment S.A. for 2020
INTERESTS OR SHARES IN SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES AS AT 31 DECEMBER 2020
No. Company name and legal form
Registered
oce
Business
activity
Value of
shares/intere-
sts according
to the
purchase price
Revaluation
adjustments
– opening
balance
Revaluation
adjustments –
movement
Revaluation
adjustments –
closing balance
Carrying
value of
interests/shares
%
Share
capital
held
Share in total
numer of votes
at the general
meeting
Another
basis for
control
74 Cornwall Investments Sp. zo.o. Warsaw other business
and management
consultancy
activities
12 - - 12 100,00% 100,00% none
75 Gosford Investments Sp. zo.o. Warsaw lease and property
management
5 5 100,00% 100,00% none
76 Fianar Investments Sp. zo.o. Warsaw other business
and management
consultancy
activities
6 (6) (6) - 100,00% 100,00% none
77 Doxent Investments Sp. zo.o. Warsaw lease and property
management
5 5 100,00% 100,00% none
78 City Space - GP Sp. zo.o. Warsaw lease and property
management
137 (137) - (137) - 100,00% 100,00% none
79 City Space - Management Sp. zo.o. Warsaw other activities
related to
employees
outsourcing
937 (937) - (937) - 100,00% 100,00% none
80 Gleann Sp. zo.o. Warsaw lease and property
management
5 (5) (5) - 100,00% 100,00% none
81 Perth Sp. zo.o Warsaw lease and property
management
5 5 100,00% 100,00% none
82 Potton Sp. zo.o. Warsaw lease and property
management
5 5 100,00% 100,00% none
83 Pudsey Sp. zo.o. Warsaw other business
and management
consultancy activities
82 82 100,00% 100,00% none
84 Seaford Sp. zo.o. Warsaw other business
and management
consultancy
activities
5 5 100,00% 100,00% none
85 Elektrownia RE Sp. zo.o. Kielce buying and selling
of property on own
account
36 286 36 286 100,00% 100,00% none
86 Projekt 140 Grupa Echo Sp. zo.o. Sp.K. Kielce lease and property
management
15 006 15 006 99,99% 99,99% none

| Financial statement
28
Standalone nancial report of Echo Investment S.A. for 2020
INTERESTS OR SHARES IN SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES AS AT 31 DECEMBER 2020
No. Company name and legal form
Registered
oce
Business
activity
Value of
shares/intere-
sts according
to the
purchase price
Revaluation
adjustments
– opening
balance
Revaluation
adjustments –
movement
Revaluation
adjustments –
closing balance
Carrying
value of
interests/shares
%
Share
capital
held
Share in total
numer of votes
at the general
meeting
Another
basis for
control
87 GRO Nieruchomości Sp. zo.o. Kraków lease and property
management
10 10 100,00% 100,00% none
88 Projekt 147 Grupa Echo Sp. zo.o. Sp.K. Kielce lease and property
management
6 (6) (6) - 99,99% 99,99% none
89 Projekt 148 Grupa Echo Sp. zo.o. Sp.K. Kielce lease and property
management
6 (6) (6) - 99,99% 99,99% none
90 Swanage Sp. zo.o. Warsaw lease and property
management
10 (10) (10) - 100,00% 100,00% none
91 Stranraer Sp. zo.o. Warsaw lease and property
management
10 10 100,00% 100,00% none
92 Dagnall Sp. zo.o. Warsaw lease and property
management
10 10 100,00% 100,00% none
93 Shanklin Sp. zo.o. Warsaw lease and property
management
10 (10) (10) - 100,00% 100,00% none
94 Strood Sp. zo.o. Warsaw lease and property
management
27 125 27 125 100,00% 100,00% none
95 RPGZ Sp. zo.o. Kraków projects
execution related
to building
construction
21 21 100,00% 100,00% none
96 Projekt Beethovena - Projekt Echo - 122
Sp. zo.o, SKA
Kielce lease and property
management
3 430 - - - 3 430 99,95% 99,95% none
97 Projekt 150 - Shanklin Sp. zo.o. SKA SP.K. Kielce lease and property
management
6 (6) (6) - 99,99% 99,99% none
98 Projekt 151 - PE13 GE Sp. zo.o. SKA SP.K. Kielce lease and property
management
6 (6) (6) - 99,99% 99,99% none
99 Projekt 152 - PE14 GE Sp. zo.o. SKA SP.K. Kielce lease and property
management
6 (6) (6) - 99,99% 99,99% none
100 Projekt 153 - PE21 GE Sp. zo.o. SKA SP.K. Kielce lease and property
management
6 (6) (6) - 99,99% 99,99% none
101 Projekt 154 - PK-6 GE Sp. zo.o. SKA SP.K. Kielce lease and property
management
6 (6) (6) - 99,99% 99,99% none
102 Projekt Echo - 139 Sp. zo.o. Kielce buying and selling
of property on own
account
6 6 99,99% 99,99% none

| Financial statement
29
Standalone nancial report of Echo Investment S.A. for 2020
INTERESTS OR SHARES IN SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES AS AT 31 DECEMBER 2020
No. Company name and legal form
Registered
oce
Business
activity
Value of
shares/intere-
sts according
to the
purchase price
Revaluation
adjustments
– opening
balance
Revaluation
adjustments –
movement
Revaluation
adjustments –
closing balance
Carrying
value of
interests/shares
%
Share
capital
held
Share in total
numer of votes
at the general
meeting
Another
basis for
control
103 Projekt Echo - 140 Sp. zo.o. Kielce buying and selling
of property on own
account
6 6 100,00% 100,00% none
104 Projekt Echo - 141 Sp. zo.o. Kielce buying and selling
of property on own
account
6 6 100,00% 100,00% none
105 Projekt Echo - 142 Sp. zo.o. Kielce buying and selling
of property on own
account
6 6 100,00% 100,00% none
106 Projekt Echo - 143 Sp. zo.o. Kielce buying and selling
of property on own
account
6 6 100,00% 100,00% none
107 Projekt Echo - 144 Sp. zo.o. Kielce buying and selling
of property on own
account
6 6 100,00% 100,00% none
108 Projekt Echo - 145 Sp. zo.o. Kielce buying and selling
of property on own
account
6 6 100,00% 100,00% none
Total 1 002 068 (44 661) (5 509) (50 170) 951 898
INTERESTS OR SHARES IN ASSOCIATED ENTITIES
1 SPC S.A Warsaw management
of other entities
34 (34) - (34) - 34,00% 34,00% none
Total 34 (34) - (34) -
INTERESTS OR SHARES IN JOINT-VENTURES
1 Rosehill Investments Sp. zo.o. Warsaw lease and property
management
103 410 103 410 30,00% 30,00% none
2 Projekt Echo - 138 Sp. zo.o. Warsaw lease and property
management
2 2 30,00% 30,00% none
3 R4R Poland Sp. zo.o. Warsaw lease and property
management
17 977 17 977 30,00% 30,00% none
Total 121 389 - - - 121 389
TOTAL INTERESTS OR SHARES IN SUBSIDIARIES 1 123 491 (44 695) (5 509) (50 204) 1 073 287

| Financial statement
30
Standalone nancial report of Echo Investment S.A. for 2020
In the chart the Company presented a re-
valuation write-down of the value of owned
shares and stocks in subsidiaries, joint-ven-
tures and associates, which was made dur-
ing the financial year. If the write-down is not
made, in opinion of the Company, there were
no indications as at the balance sheet date
that the need to change the value of adjust-
ments have to be made.
The change in the value of adjustments up-
dating the value of shares was recognised
in the result as at 31 December 2020 in the
‘revaluation of investments’ item in finan-
cial revenue/ expenses. The costs included
the amount of the impairment loss created
amounting to PLN 5,509,000. According to
IFS 12 paragraph 44, the Company analyzed
an asset on owned shares in subsidiaries and
does not create it, due to lack of possibility
to reversal of its value in predictable future.
The Company has control over entities listed
above directly – by holding its shares or indi-
rectly, by other subsidiaries controlled by the
Company. The exemptions of this are compa-
nies: Rosehill Investments Sp. z o.o., Projekt
Echo - 138 Sp. z o.o. and R4R Poland Sp. z o.o.

| Financial statement
31
Standalone nancial report of Echo Investment S.A. for 2020
INTERESTS OR SHARES IN SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES AS AT 31 DECEMBER 2019
No. Company name and legal form
Registered
oce Business activity
Value of shares
/interests
according to
the purchase
price
Revaluation
adjustments
– opening
balance
Revaluation
adjustments
– movement
Revaluation
adjustments –
closing balance
Carrying value
of interests /
shares
% of share
capital held
Share in total
number of votes
at the general
meeting
Another
basis for
control
INTERESTS OR SHARES IN SUBSIDIARIES
1 Projekt Echo - 93 Sp. zo.o. Kielce lease and property
management
51 - - 51 99,00% 99,00% none
2 Echo - Aurus Sp. zo.o. Kielce lease and property
management
199021 - - - 199021 99,99% 99,99% none
3 Princess Investment Sp. zo.o. Kielce execution
of construction
projects related to
buildings
5063 (5063) (5063) - 99,99% 99,99% none
4 Bełchatów - Grupa Echo Sp. zo.o.
S.K.A.
Kielce lease and property
management
73 - (35) (35) 38 99,95% 99,95% none
5 PPR - Grupa Echo Sp. zo.o. S.K.A. Kielce lease and property
management
160 (89) (89) 71 99,95% 99,95% none
6 Echo - SPV 7 Sp. zo.o. Kielce lease and property
management
189018 - - 189018 100,00% 100,00% none
7 Grupa Echo Sp. zo.o. Kielce business
and management
consultancy
52 - (52) (52) - 100,00% 100,00% none
8 Kielce - Grupa Echo Sp. zo.o. S.K.A. Kielce lease and property
management
153 - - 153 99,95% 99,95% none
9 Echo Investment ACC - Grupa Echo
Sp.zo.o. Sp.K.
Kielce accounting
and bookkeeping
activities
51 - - 51 99,00% 99,00% none
10 Malta Oce Park - Grupa Echo
Sp.zo.o.S.K.A.
Kielce lease and property
management
2469 - (2301) (2301) 168 99,95% 99,95% none
11 Echo - Arena Sp. zo.o. Kielce execution
of construction
projects related to
buildings
1008 (1008) (1008) - 99,95% 99,95% none
12 Echo - Galaxy Sp. zo.o. Kielce execution
of construction
projects related to
buildings
51 - - 51 99,00% 99,00% none
13 Echo - Opolska Biznes Park
Sp. zo.o.
Kielce lease
and property
management
52 - (52) (52) - 100,00% 100,00% none

| Financial statement
32
Standalone nancial report of Echo Investment S.A. for 2020
INTERESTS OR SHARES IN SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES AS AT 31 DECEMBER 2019
No. Company name and legal form
Registered
oce Business activity
Value of shares
/interests
according to
the purchase
price
Revaluation
adjustments
– opening
balance
Revaluation
adjustments
– movement
Revaluation
adjustments –
closing balance
Carrying value
of interests /
shares
% of share
capital held
Share in total
number of votes
at the general
meeting
Another
basis for
control
14 Projekt Saska Sp. zo.o. Kielce real estate brokerage 20420 (20419) (20419) 1 95,00% 95,00% none
15 Echo - Advisory Services Sp. zo.o. Kielce lease and property
management
100 (100) (100) - 99,00% 99,00% none
16 Echo - Browary Warszawskie Sp. zo.o. Kielce lease and property
management
100 (71) (71) 29 99,00% 99,00% none
17 Echo - Kasztanowa Aleja Sp.zo.o.Sp.K. Kielce lease and property
management
451 - - 451 99,90% 99,90% none
18 Klimt House - Grupa Echo
Sp.zo.o.Sp.K.
Kielce lease and property
management
501 (200) (22) (222) 279 99,90% 99,90% none
19 Echo - Browary Warszawskie
Sp.zo.o.Sp.K.
Kielce lease and property
management
20002 - - 20002 100,00% 100,00% none
20 53 - Grupa Echo Sp. zo.o. S.K.A. Kielce lease and property
management
1317 - - 1317 100,0000% 100,0000% none
21 Echo - Galaxy Sp. zo.o. S.K.A. Kielce lease and property
management
8611 (8611) (8611) - 99,95% 99,95% none
22 Galeria Tarnów - Grupa Echo
Sp.zo.o.S.K.A.
Kielce lease and property
management
577 - (52) (52) 525 99,95% 99,95% none
23 Duże Naramowice - Projekt Echo - 111
Sp. zo.o. S.K.A.
Kielce lease and property
management
130908 - - 130908 100,00% 100,00% none
24 Avatar - Projekt Echo - 119
Sp.zo.o.S.K.A.
business
and management
consultancy
17665 17665 99,95% 99,95% none
25 Projekt Naramowice - Grupa Echo
Sp.zo.o. S.K.A.
Kielce execution
of construction
projects related to
buildings
63753 - - 63753 100,00% 100,00% none
26 Oxygen - Grupa Echo Sp. zo.o. S.K.A. Kielce lease and property
management
27 - (27) (27) - 99,95% 99,95% none
27 Park Postępu - Grupa Echo
Sp.zo.o.S.K.A.
Kielce lease and property
management
1587 (130) (130) 1457 99,95% 99,95% none
28 Echo - Nowy Mokotów Sp. zo.o. Kielce lease and property
management
94 (76) (76) 18 99,90% 99,90% none
29 Metropolis - Grupa Echo 121
Sp.zo.o.S.K.A.
Kielce lease and property
management
18156 - (349) (349) 17807 100,00% 100,00% none

| Financial statement
33
Standalone nancial report of Echo Investment S.A. for 2020
INTERESTS OR SHARES IN SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES AS AT 31 DECEMBER 2019
No. Company name and legal form
Registered
oce Business activity
Value of shares
/interests
according to
the purchase
price
Revaluation
adjustments
– opening
balance
Revaluation
adjustments
– movement
Revaluation
adjustments –
closing balance
Carrying value
of interests /
shares
% of share
capital held
Share in total
number of votes
at the general
meeting
Another
basis for
control
30 Galeria Nova - Grupa Echo
Sp.zo.o.S.K.A
Kielce execution
of construction
projects related to
buildings
16 - - 16 100,00% 100,00% none
31 Echo Investment Projekt Management
SRL
Brasov property management 4129 (4135) 6 (4129) - 100,00% 100,00% none
32 Projekt Echo - 99 Sp. zo.o. Kielce buying and selling
of property on own
account
97 (42) (42) 55 99,80% 99,80% none
33 Projekt 1 - Grupa Echo Sp. z. o.o. S.K.A. Kielce lease and property
management
4007 (78) (78) 3929 99,95% 99,95% none
34 Pod Klonami - Grupa Echo
Sp.zo.o.Sp.K.
Kielce buying and selling
of property on own
account
10 - - 10 99,00% 99,00% none
35 Projekt CS Sp. zo.o. Kielce other financial broke-
rage
122 (43) (54) (97) 25 99,00% 99,00% none
36 Taśmowa - Projekt Echo - 116
Sp.zo.o.S.K.A.
Kielce lease and property
management
11 - - 11 100,00% 100,00% none
37 Projekt 5 - Grupa Echo Sp. zo.o. S.K.A. Szczecin lease and property
management
51 (51) (51) - 99,95% 99,95% none
38 Echo - Nowy Mokotów Sp. zo.o. Sp. K. Kielce buying and selling
of property on own
account
1251 - - 1251 99,00% 99,00% none
39 Projekt Echo - 104 Sp. zo.o. Kielce lease and property
management
50 (50) (50) - 99,90% 99,90% none
40 Projekt Echo - 108 Sp. zo.o. Kielce lease and property
management
65 65 100,00% 100,00% none
41 Echo - Babka Tower Sp. zo.o. Kielce lease and property
management
51 (35) (35) 16 100,00% 100,00% none
42 Echo - Property Poznan 1 Sp. zo.o. Kielce business and
management
consultancy
197 - - 197 99,00% 99,00% none
43 Projekt K-6 - Grupa Echo
Sp.zo.o.S.K.A.
Kielce business and
management
consultancy
61 (50) (50) 11 100,00% 100,00% none
44 Projekt 12 - Grupa Echo Sp. zo.o.S.K.A. Kielce lease and property
management
24 - - 24 100,00% 100,00% none

| Financial statement
34
Standalone nancial report of Echo Investment S.A. for 2020
INTERESTS OR SHARES IN SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES AS AT 31 DECEMBER 2019
No. Company name and legal form
Registered
oce Business activity
Value of shares
/interests
according to
the purchase
price
Revaluation
adjustments
– opening
balance
Revaluation
adjustments
– movement
Revaluation
adjustments –
closing balance
Carrying value
of interests /
shares
% of share
capital held
Share in total
number of votes
at the general
meeting
Another
basis for
control
45 Projekt 13 - Grupa Echo
Sp. zo.o. S.K.A.
Kielce lease and property
management
24 - - 24 100,00% 100,00% none
46 Projekt 14 - Grupa Echo
Sp. zo.o. S.K.A.
Kielce other financial
brokerage
24 - - 24 100,00% 100,00% none
47 Projekt 16 - Grupa Echo
Sp. zo.o.S.K.A.
Kielce real estate brokerage 50 - - 50 100,00% 100,00% none
48 Projekt 17 - Grupa Echo
Sp. zo.o.S.K.A.
Kielce real estate brokerage 46050 - - 46050 100,00% 100,00% none
49 Projekt 18 - Grupa Echo
Sp. zo.o. S.K.A.
Kielce real estate brokerage 50 (36) (36) 14 100,00% 100,00% none
50 Projekt 19 - Grupa Echo
Sp. zo.o. S.K.A.
Kielce real estate brokerage 50 (30) (30) 20 100,00% 100,00% none
51 Face2Face - Stranraer
Sp. zo.o. S.K.A.
Kielce real estate brokerage 50050 - - 50050 100,00% 100,00% none
52 Projekt 21 - Grupa Echo
Sp. zo.o.S.K.A.
Kielce real estate brokerage 50 (30) (30) 20 100,00% 100,00% none
53 Projekt 22 - Grupa Echo
Sp. zo.o. S.K.A.
Kielce real estate brokerage 49050 - - 49050 100,00% 100,00% none
54 Pure Systems Sp. zo.o. Cracow other financial
services, except
insurance and
retirement funds
1 1 99,90% 99,90% none
55 Projekt Echo - 111 Sp. zo.o. Kielce lease and property
management
101 (29) (29) 72 99,95% 99,95% none
56 Projekt Echo - 112 Sp. zo.o. Kielce lease and property
management
31 - (31) (31) - 100,00% 100,00% none
57 Projekt Echo - 113 Sp. zo.o. Kielce lease and property
management
31 - (31) (31) - 100,00% 100,00% none
58 Projekt Echo - 115 Sp. zo.o. Kielce lease and property
management
31 - (31) (31) - 99,83% 99,83% none
59 Projekt Echo - 116 Sp. zo.o. Kielce lease and property
management
31 - - 31 99,83% 99,83% none
60 Projekt Echo - 119 Sp. zo.o. Kielce lease and property
management
25 (20) (20) 5 99,80% 99,80% none
61 Projekt Echo - 120 Sp. zo.o. Kielce lease and property
management
31 - (31) (31) - 100,00% 100,00% none

| Financial statement
35
Standalone nancial report of Echo Investment S.A. for 2020
INTERESTS OR SHARES IN SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES AS AT 31 DECEMBER 2019
No. Company name and legal form
Registered
oce Business activity
Value of shares
/interests
according to
the purchase
price
Revaluation
adjustments
– opening
balance
Revaluation
adjustments
– movement
Revaluation
adjustments –
closing balance
Carrying value
of interests /
shares
% of share
capital held
Share in total
number of votes
at the general
meeting
Another
basis for
control
62 Projekt Echo - 121 Sp. zo.o. Kielce lease and property
management
31 - - 31 100,00% 100,00% none
63 Projekt Echo - 122 Sp. zo.o. Kielce lease and property
management
31 - (31) (31) - 100,00% 100,00% none
64 Projekt Echo - 127 Sp. zo.o. Kielce lease and property
management
31 - - 31 100,00% 100,00% none
65 Projekt Echo - 128 Sp. zo.o. Kielce lease and property
management
31 - (31) (31) - 100,00% 100,00% none
66 Projekt Echo - 130 Sp. zo.o. Kielce lease and property
management
41 (31) - (31) 10 100,00% 100,00% none
67 Projekt Echo - 131 Sp. zo.o. Kielce lease and property
management
31 (21) (10) (31) - 100,00% 100,00% none
68 Projekt Echo - 132 Sp. zo.o. Kielce lease and property
management
5373 (1472) (1472) 3901 100,00% 100,00% none
69 Projekt Echo - 135 Sp. zo.o. Kielce lease and property
management
31 - (31) (31) - 100,00% 100,00% none
70 Projekt Echo - 136 Sp. zo.o. Kielce lease and property
management
31 - - 31 100,00% 100,00% none
71 Projekt Echo - 137 Sp. zo.o. Kielce lease and property
management
31 - - 31 100,00% 100,00% none
72 Projekt Echo - 136 Sp. zo.o.Sp. K. Kielce lease and property
management
84006 - - 84006 99,00% 99,00% none
73 Villea investments Sp. zo.o. Warsaw lease and property
management
6 6 100,00% 100,00% none
74 Selmer Investments Sp. zo.o. Warsaw business and
management
consultancy
12 - - 12 100,00% 100,00% none
75 Selmer Investments Sp. K. Warsaw business and
management
consultancy
14 - - 14 100,00% 100,00% none
76 Cornwall Investments Sp. zo.o. Warsaw business and
management
consultancy
12 - - 12 100,00% 100,00% none
77 Gosford Investments Sp.zo.o. Warsaw lease and property
management
5 5 100,00% 100,00% none

| Financial statement
36
Standalone nancial report of Echo Investment S.A. for 2020
INTERESTS OR SHARES IN SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES AS AT 31 DECEMBER 2019
No. Company name and legal form
Registered
oce Business activity
Value of shares
/interests
according to
the purchase
price
Revaluation
adjustments
– opening
balance
Revaluation
adjustments
– movement
Revaluation
adjustments –
closing balance
Carrying value
of interests /
shares
% of share
capital held
Share in total
number of votes
at the general
meeting
Another
basis for
control
78 Fianar Investments Sp. zo.o. Warsaw business and
management
consultancy
5 5 100,00% 100,00% none
79 Doxent Investments Sp. zo.o. Warsaw lease and property
management
5 5 100,00% 100,00% none
80 City Space - GP Sp. zo.o. Warsaw lease and property
management
137 (37) (100) (137) - 100,00% 100,00% none
81 City Space - Management Sp. zo.o. Warsaw other activities
related to the
provision of
employees
937 (37) (900) (937) - 100,00% 100,00% none
82 Gleann Sp. zo.o. Warsaw lease and property
management
5 5 100,00% 100,00% none
83 Perth Sp. zo.o. Warsaw lease and property
management
5 5 100,00% 100,00% none
84 Potton Sp. zo.o. Warsaw lease and property
management
5 5 100,00% 100,00% none
85 Pudsey Sp. zo.o. Warsaw business and
management
consultancy
82 82 100,00% 100,00% none
86 Seaford Sp. zo.o. Warsaw business and
management
consultancy
6 6 100,00% 100,00% none
87 Elektrownia RE Sp. zo.o. Warsaw buying and
selling of property
on own account
36286 36286 100,00% 100,00% none
88 Projekt 140 Grupa Echo
Sp. zo.oSp. K.
Kielce lease and property
management
15006 15006 99,99% 99,99% none
89 GRO Nieruchomości Sp. zo.o. Cracow lease and property
management
10 10 100,00% 100,00% none
90 Projekt 147 Grupa Echo
Sp. zo.oSp. K.
Kielce lease and property
management
6 6 99,99% 99,99% none
91 Projekt 148 Grupa Echo
Sp. zo.oSp. K.
Kielce lease and property
management
6 6 99,99% 99,99% none
92 Swanage Sp. zo.o. Warsaw lease and property
management
10 (10) (10) - 100,00% 100,00% none

| Financial statement
37
Standalone nancial report of Echo Investment S.A. for 2020
INTERESTS OR SHARES IN SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES AS AT 31 DECEMBER 2019
No. Company name and legal form
Registered
oce Business activity
Value of shares
/interests
according to
the purchase
price
Revaluation
adjustments
– opening
balance
Revaluation
adjustments
– movement
Revaluation
adjustments –
closing balance
Carrying value
of interests /
shares
% of share
capital held
Share in total
number of votes
at the general
meeting
Another
basis for
control
93 Stranraer Sp. zo.o. Warsaw lease and property
management
10 10 100,00% 100,00% none
94 Dagnall Sp. zo.o. Warsaw lease and property
management
10 10 100,00% 100,00% none
95 Shanklin Sp. zo.o. Warsaw lease and property
management
10 10 100,00% 100,00% none
96 Strood Sp. zo.o. Warsaw lease and property
management
27125 27125 100,00% 100,00% none
97 RPGZ Sp. zo.o.* Cracow execution of
construction projects
related to buildings
21 21 100,00% 100,00% none
98 Projekt Beethovena - Projekt Echo - 122
Sp. zo.o- S.K.A.
Kielce lease and property
management
3430 - - 3430 99,95% 99,95% none
99 Projekt 150 - Shanklin zo.o. S.K.A.
Sp.K.*
Kielce lease and property
management
6 6 99,99% 99,99% none
100 Projekt 151 - PE13 GE zo.o. S.K.A. Sp.K.* Kielce lease and property
management
6 6 99,99% 99,99% none
101 Projekt 152 - PE14 GE zo.o. S.K.A.
Sp.K.*
Kielce lease and property
management
6 6 99,99% 99,99% none
102 Projekt 153 - PE21 GE Sp. zo.o. S.K.A.
Sp.K.*
Kielce lease and property
management
6 6 99,99% 99,99% none
103 Projekt 154 - PK-6 GE Sp. zo.o. S.K.A.
Sp.K.*
Kielce lease and property
management
6 6 99,99% 99,99% none
104 Projekt Echo - 139 Sp. zo.o.* Kielce buying
and selling of
property on
own account
1 1 99,99% 99,99% none
105 Projekt Echo - 140 Sp. zo.o.* Kielce buying
and selling
of property on own
account
1 1 100,00% 100,00% none
106 Projekt Echo - 141 Sp. zo.o.* Kielce buying and selling
of property on own
account
1 1 100,00% 100,00% none
107 Projekt Echo - 142 Sp. zo.o.* Kielce buying and selling
of property on own
account
1 1 100,00% 100,00% none

| Financial statement
38
Standalone nancial report of Echo Investment S.A. for 2020
INTERESTS OR SHARES IN SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES AS AT 31 DECEMBER 2019
No. Company name and legal form
Registered
oce Business activity
Value of shares
/interests
according to
the purchase
price
Revaluation
adjustments
– opening
balance
Revaluation
adjustments
– movement
Revaluation
adjustments –
closing balance
Carrying value
of interests /
shares
% of share
capital held
Share in total
number of votes
at the general
meeting
Another
basis for
control
108 Projekt Echo - 143 Sp. zo.o.* Kielce buying and
selling of property
on own account
1 1 100,00% 100,00% none
109 Projekt Echo - 144 Sp. zo.o.* Kielce buying and
selling of property
on own account
1 1 100,00% 100,00% none
110 Projekt Echo - 145 Sp. zo.o.* Kielce buying and
selling of property
on own account
1 1 100,00% 100,00% none
1010184 (42004) (4165) (46169) 964015
INTERESTS OR SHARES IN ASSOCIATED ENTITIES
1 SPC S.A Warsaw management
of other entities
34 (34) - (34) - 34,00% 34,00% none
Total 34 (34) - (34) -
INTERESTS OR SHARES IN CO-CONTROLLED ENTITIES
1 Rosehill Investments Sp. zo.o. Warsaw lease and property
management
44581 44581 30,00% 30,00% none
2 Projekt Echo - 138 Sp. zo.o. Warsaw lease and property
management
2 2 30,00% 30,00% none
3 R4R Poland Sp. zo.o. Warsaw lease and property
management
12842 12842 30,00% 30,00% none
Total 57425 - - - 57425
TOTAL INTERESTS OR SHARES IN SUBSIDIARIES 1067643 (42038) (4165) (46203) 1021440
* companies acquired and established in 2019

| Financial statement
39
Standalone nancial report of Echo Investment S.A. for 2020
In the chart the Company presented a re-
valuation write-down of the value of owned
shares and stocks in subsidiaries, jointly con-
trolled entities and associates, which was
made during the financial year.
If the revaluation write-down is not made,
in opinion of the Company, there were no
indications as at the balance sheet date that
the need to change the value of adjustments
have to be made.
The change in the value of adjustments up-
dating the value of shares was recognised
in the result as at 31 December 2019 in the
‘revaluation of investments’ item in finan-
cial revenue/expenses. The costs included
the amount of the impairment loss created
amounting to PLN 4,165,000.
According to IFS 12 paragraph 44, the Com-
pany analyzed an asset on owned shares in
subsidiaries and does not create it, due to
lack of possibility to reversal of its value in
predictable future.
The Company has control over entities listed
above directly – by holding its shares or indi-
rectly, by other subsidiaries controlled by the
Company. The exemptions of this are compa-
nies: Rosehill Investments Sp. z o.o., Projekt
Echo - 138 Sp. z o.o. and R4R Poland Sp. z o.o.

| Financial statement
40
Standalone nancial report of Echo Investment S.A. for 2020
On June 1, 2020 the Company redeemed
4,010 certificates issued by Forum 60
Funduszu Inwestycyjnego Zamkniętego
for PLN 3,752 million.
As at December 31, 2020, the Company
estimated the value of bonds impairment
loss in the amount PLN 29 million and as
at December 31, 2019 at PLN 29 million.
Bonds meet the SPPI test according to
IFRS 9 par. 4.1.2., therefore they are not
measured at fair value, but at amortised
cost. The valuation does not dier sig-
nificantly from the valuation at fair val-
ue. The bonds were granted to related
entities with good financial standing. In
relation to related entities, credit risk, in
the opinion of the Management Board,
is minimized through current control of
operating activity and evaluation of in-
vestment projects of these companies. In
NOTE 5
LONGTERM AND SHORTTERM FINANCIAL ASSETS
PLN ‘000
31.12.2020 31.12.2019
Advances received - -
Investment certificates - 4 791
In associates 495 221 473 564
Bonds 495 221 473 564
– long-term 311 783 473 654
– short-term 183 438 -
Receivables for the repurchase of certificates and interest sale 2 989 9 032
Total long-term and short-term financial assets 498 210 487 387
the opinion of the Management Board,
through the possibility of monitoring op-
erations of subsidiaries and periodically
confirming the profitability of their pro-
jects, the Company is able to assess and
identify receivables for which credit risk
has significantly increased. The Compa-
ny’s Management Board did not find such
bonds. The Management Board assessed
the bonds granted in terms of creating
a write-down for expected credit losses
based on the evaluation of Echo Invest-
ment Capital Group’s credibility. In ac-
cordance with the requirements of IFRS
9, a write-down for expected credit losses
was created.
As at 31 December 2019, the write-down
amounted PLN 287 thousand and as at 31
December 2018, the write-down amount-
ed PLN 288 thousand.
After the analysis, the Management Board
of the Company decided to correct the
presentation of long-term and short-term
KEY DATA ON BONDS AS AT 31 DECEMBER 2020
Contractor
Value
[PLN ‘000] Interest
Redemption
date
Classication
by maturity
Swanage Sp. zo.o. 197 560 Wibor 6M + margin 28.12.2021 Long- and
short-term
Strood Sp. zo.o. 154 781 EURIBOR 6M +
margin
20.12.2021 Long-term
Echo - Galaxy Sp. zo.o. SKA 47 500 Wibor 6M + margin 14.12.2021 Long- and
short-term
Taśmowa - Projekt Echo 116 Sp. zo.o. SKA 40 810 Wibor 6M + margin 10.09.2023 Long-term
Projekt Beethovena - Projekt Echo 122 Sp. zo.o. SKA 34 975 Wibor 6M + margin 05.11.2023 Short-term
Projekt Beethovena - Projekt Echo 122 Sp. zo.o. SKA 27 000 Wibor 6M + margin 01.01.2024 Short-term
Gosford Investments Sp. zo.o. - Euribor 6M + margin 27.12.2021 Short-term
bonds without interest and write-os 502 626
interest and write-os (7 405)
Total bonds with interest and write-os 495 221
loans. The classification of loans now de-
pends on the actual repayment date.

| Financial statement
41
Standalone nancial report of Echo Investment S.A. for 2020
The loans meet the SPPI test and are maintained in
line with the business model it aims at maintenance of
financial assets for obtaining contractual cash flows in
accordance with IFRS 9 and therefore are not meas-
ured at fair value, and the amortized cost method.
Valuation does not dier materially from the meas-
urement at fair value.
The maximum value of credit risk related to loans
equals their carrying value. The loans granted are not
secured. The loans granted are not overdue and the
value of the loans has not been lost. Loans were grant-
ed to related entities with good financial condition. In
respect of aliated companies, the risk is minimised
through the control of their operations on a regular ba-
sis and through the evaluation of investment projects
in the aforementioned companies. In the opinion of
NOTE 6
LONGTERM LOANS GRANTED PLN ‘000
31.12.2020 31.12.2019
In subsidiaries 755 590 641 819
In joint-ventures 198 835 163 208
Total long-term loans granted 954 425 805 027
the Management Board, through the ability to monitor
the operations of subsidiaries and periodically confirm
the profitability of their projects, the Company has the
opportunity to assess and identify loans for which the
credit risk has increased significantly. The Management
Board of the Company did not find such loans. The
Management Board assessed the loans in terms of cre-
ating a write-down for expected loan losses based on
the assessment of Echo Investment Capital Group’s
credibility.
In accordance with the requirements of IFRS 9, a write-
down for expected credit losses was created. As at De -
cember 31, 2020 its value was estimated at the amount
of PLN 1,481 thousand, and as at December 31, 2019 - in
the amount of PLN 1,078 thousand.
LONGTERM BORROWINGS AS AT 31 DECEMBER 2020
PLN ‘000
Contractor Amount Interest Repayment date
Projekt 12 - Grupa Echo Sp. zo.o. Sp.K. 122 718 Wibor 3M + margin 30.09.2021
Galeria Libero Sp. zo.o. Sp.K. 97 507 Wibor 3M + margin 10.10.2026
Echo - SPV 7 Sp. zo.o. 72 875 Wibor 3M + margin 31.12.2021
Fianar Investments Sp. zo.o. 71 360 Wibor 3M + margin 31.12.2021
Villea Investments Sp. zo.o. 68 375 Wibor 3M + margin 31.03.2021
R4R Poland Sp. zo.o. 61 518 margin 31.03.2029
RPGZ IX Sp. zo.o. 47 465 Wibor 3M + margin 31.12.2021
Senja 2 Sp. zo.o. 43 052 Wibor 3M + margin 31.03.2021
Echo Aurus Sp. zo.o. 42 029 Wibor 3M + margin 31.12.2021
R4R Poland Sp. zo.o. 35 151 margin 30.09.2026
Perth Sp. zo.o. 25 990 Wibor 3M + margin 31.12.2021
Projekt Echo - 130 Sp. zo.o. 25 860 Wibor 3M + margin 30.09.2021
Rosehill Investments Sp. zo.o. 25 703 Euribor 3M + margin 31.12.2025
Berea Sp. zo.o. 24 550 margin 31.12.2025
Projekt Echo - 123 Sp. zo.o. 22 700 Wibor 3M + margin 30.06.2021
GRO Nieruchomości Sp. zo.o. 21 642 Wibor 3M + margin 31.12.2021
Berea Sp. zo.o. 20 079 Euribor 3M + margin 31.12.2025
Projekt Echo 135 Sp. zo.o. Sp.K. 19 000 Wibor 3M + margin 30.09.2021
Park Rozwoju III - Projekt Echo 112 Sp. zo.o. Sp.K. 17 000 Wibor 3M + margin 30.09.2021
R4R Poland Sp. zo.o. 16 128 margin 31.03.2030
Strood Sp. zo.o. 9 890 Wibor 3M + margin 30.06.2021
RPGZ IX Sp. zo.o. 1 900 Wibor 3M + margin 30.09.2021
Gro Nieruchomości Sp. zo.o. 1 590 Wibor 3M + margin 31.03.2021
loans without interest and write-os 894 082
interest and write-os 60 343
Total loans with interest and write-os 954 425

| Financial statement
42
Standalone nancial report of Echo Investment S.A. for 2020
The Management Board of the Company decided
to change the incorrect presentation of some loans
previously presented as short-term into long-term.
The change was introduced due to the inability to
repay these loans in the short term, which is caused
by the business considerations of the borrowers.
The Management Board of the Company decided to
change the incorrect presentation of some loans pre-
viously presented as short-term into long-term. The
The maximum value of credit risk related to loans is
equal to their carrying amount. The loans granted
are not secured. The loans granted are not past due
and there was no impairment.
LONGTERM BORROWINGS AS AT 31 DECEMBER 2019 PLN ‘000
Contractor Amount Interest Repayment date
Projekt 12 - Grupa Echo Sp. zo.o. Sp.K. 121 073 Wibor 3M + margin 30.09.2020
Galeria Libero Sp. zo.o. Sp.K. 97 507 Wibor 3M + margin 10.10.2026
R4R Poland Sp. zo.o. 77 251 Wibor 3M + margin 1.07.2026
Fianar Investments Sp. zo.o. 71 360 Wibor 3M + margin 31.12.2020
Villea Investments Sp. zo.o. 63 375 Wibor 3M + margin 31.03.2020
RPGZ IX Sp. zo.o. 47 465 Wibor 3M + margin 31.12.2021
Berea Sp. zo.o. 46 703 Wibor 3M + margin 30.06.2020
Berea Sp. zo.o. 683 Euribor 3M + margin 30.06.2020
Projekt 144 - Grupa Echo Sp. zo.o. Sp.K. 43 770 Wibor 3M + margin 31.03.2020
Echo Aurus Sp. zo.o. 37 034 Wibor 3M + margin 31.12.2020
Zam - Projekt Echo 127 Sp. zo.o. Sp.K. 27 725 Wibor 3M + margin 31.12.2020
Perth Sp. zo.o. 25 990 Wibor 3M + margin 31.12.2020
Rosehill Investments Sp. zo.o. 25 702 Wibor 3M + margin 31.12.2021
GRO Nieruchomości Sp. zo.o. 21 657 Wibor 3M + margin 31.12.2021
Dellia Investments - Projekt Echo - 115 Sp. zo.o. Sp.K. 19 365 Wibor 3M + margin 31.12.2020
Echo - SPV 7 Sp. zo.o. 16 196 Wibor 3M + margin 31.12.2020
Gosford Investments Sp. zo.o. 15 725 Wibor 3M + margin 31.12.2020
City Space Management Sp. zo.o. 5 029 Wibor 3M + margin 30.06.2020
Rondo 1 City Space GP Sp. zo.o. Sp.K. 4 051 Wibor 3M + margin 30.09.2020
GRO Nieruchomości Sp. zo.o. 1 415 Wibor 3M + margin 31.03.2020
Plac Unii City Space GP Sp. zo.o. Sp.K. 499 Wibor 3M + margin 30.09.2020
142 – City Space GP Sp. zo.o. Sp.K. 440 Wibor 3M + margin 30.09.2020
Elektrownia Sp. zo.o. 109 Wibor 3M + margin 30.06.2020
loans without interest and write-os 770 123
interest and write-os 34 904
Total loans with interest and write-os 805 027
LONGTERM LOANS GRANTED BY CURRENCY
PLN ‘000
31.12.2020 31.12.2019
In Polish currency 917 134 804 344
In foreign currencies (after translation into PLN) 37 291 683
Total long-term loans granted 954 425 805 027
NOTE 6A
The note contains long-term loans with interests.
change was introduced due to the inability to repay
these loans in the short term, which is caused by the
business considerations of the borrowers.

| Financial statement
43
Standalone nancial report of Echo Investment S.A. for 2020
MOVEMENT IN DEFERRED TAX ASSETS/PROVISION
PLN ‘000
1.01.2020-
31.12.2020
1.01.2019-
31.12.2019
Deferred tax assets/provision at the beginning of the period (4 639) (1 468)
financial instruments - -
investment property 513 513
receivables and liabilities due to borrowings (7 167) (3 701)
liabilities due to loans and bonds (405) (779)
tax loss 4 816 3 454
Inventories 2 163 3 602
Interests and shares - -
leasing 72 -
other (4 631) (4 557)
Increases 308 1 808
financial instruments 308 -
investment property - -
receivables and liabilities due to borrowings - -
liabilities due to loans and bonds - 374
tax loss - 1 362
Inventories - -
Interests and shares
leasing - 72
other - -
Decreases (13 672) (4 979)
financial instruments - -
investment property - -
receivables and liabilities due to borrowings (5 419) (3 466)
liabilities due to loans and bonds (2 141) -
tax loss (2 355) -
Inventories (2 246) (1 439)
Interests and shares - -
leasing (46) -
other (2 996) (74)
Deferred tax assets/provision at the end of the period (19 534) (4 639)
financial instruments 308 -
investment property 513 513
receivables and liabilities due to borrowings (12 586) (7 167)
liabilities due to loans and bonds (2 546) (405)
tax loss 2 461 4 816
Inventories (83) 2 163
Interests and shares - -
leasing 26 72
other (7 627) (4 631)
NOTE 7
Tax loss amount from which no assets
were created, amounts to PLN 9,390
thousand.
Time limit for lapse of the right to reduc-
tion tax due to tax loss falls in 2025.

| Financial statement
44
Standalone nancial report of Echo Investment S.A. for 2020
NOTE 8A
NOTE 8B
INVENTORY PLN ‘000
31.12.2020 31.12.2019
Semi-finished products and work-in-progress 145 824 190 186
Land-use right asset 5 098 8 331
Finished products 52 680 16 365
Goods - 5 640
Total 198 504 212 191
INVENTORIES  INFLUENCE ON THE RESULT PLN ‘000
31.12.2020 31.12.2019
Inventories write-os recognised as cost in the period - -
Value of the reversal of write-os, that decrease the value of
inventory recognized as a cost of sales adjustment for the
period
11 574 7 088
Movement in write-down on inventories 11 574 7 088
Inventories are measured at production
or purchase cost, but not higher than the
net realisable value of sales. This value
is obtained from current market prices
from primary housing market. Reversal of
inventory write-down takes place either
in connection with sale of inventories or
in connection with increase of net sale
price. The amounts of inventory write-
downs recognised as cost in the period
and amounts of reversals of write-downs
of values decreasing the value of inven-
tories recognised as cost reductions in
the period are presented in the income
statement under „cost of sales”.
Inventory write-downs and their reversals
apply to residential projects and are in-
tended to write down the value to the
level of obtainable price. The value of
inventories recognized as income/cost
in the period is disclosed in the income
statement under „cost of sales”.
The ‘finished products’ item contains
completed residential units intended for
sale.
The ‘products and products in progress’
item contains mainly real estate and ex-
penditures on residential projects under
preparation and construction.
The ‘goods’ item contains land for sale.
The change in the inventory write-down
in 2020 concerns, among others, resi-
dential projects of Grota – Roweckiego
111 in Wrocław and Nowa Dzielnica in
Łódź. The change in the inventory write-
down as at December 31, 2020 amounted
to PLN 11,574 thousand, and PLN 7 088
thousand as at 31 December 2019.

| Financial statement
45
Standalone nancial report of Echo Investment S.A. for 2020
SHORTTERM TRADE RECEIVABLES, TAXES AND OTHER
PLN ‘000
31.12.2020 31.12.2019
Receivables from subsidiaries 43 199 75 269
Trade, with maturity: 25 432 21 436
up to 12 months 25 432 21 436
Other: 17 767 53 833
due to profit from limited partnerships 17 767 53 833
Receivables from other parties 42 190 46 238
Trade, with maturity: 12 910 21 310
up to 12 months 12 910 21 310
over 12 months - -
Due to taxes 1 410 -
Other 8 812 718
paid securities 595 132
receivables due to leasing 1 010 94
deposit paid - -
Advances on deliveries 19 058 24 210
Total net short–term trade receivables, taxes and other 85 389 121 507
total write–downs on expected loans losses (2 076) (1 319)
Total gross short–term trade receivables, tax-es and other 87 464 122 826
NOTE 9A
The maximum value of credit risk related to trade
receivables does not significantly dier from the
carrying amount. The estimated fair value of trade
receivables is the current value of future expected
discounted cash flows and it does not deviate sig-
nificantly from the balance sheet value of these re-
ceivables.
Receivables from aliated companies are not se-
cured. In relation to related entities, credit risk, in the
opinion of the Management Board, is minimised by
the ongoing control of operating activities and as-
sessment of investment projects of these companies.
By monitoring the operations of subsidiaries and pe-
riodically confirming the profitability of their pro-
jects, the Company has the opportunity of assessing
receivables for which the credit risk has significantly
increased. The Management Board of the Compa-
ny did not find such receivables, even with respect
to overdue receivables over 30 days, based on the
assessment of investment projects of subsidiaries.
Trade receivables from others entities result from the
rental of oce space and residential premises and
the provision of services implementation of invest-
ments and other services. The Company constantly
controls the condition and payment capacity of its
contractors. In relation to any of the clients outside
the Echo Investment Group no significant risk con-
centration is observed. As at December 31, 2020,
the Company estimated the value of the impairment
loss for trade receivables, using a provision matrix
developed on the basis of historical data regarding
the repayment of receivables by counterparties.

| Financial statement
46
Standalone nancial report of Echo Investment S.A. for 2020
CHANGES IN WRITEDOWNS ON SHORTTERM RECEIVABLES
PLN ‘000
1.01.2020-
31.12.2020
1.01.2019-
31.12.2019
Opening balance 1 319 1 545
Increases 865 77
due to recognition of a write-down 865 77
Decreases (108) (303)
due to repayment - (30)
due to release (108) (273)
Write-downs on short-term receivables at the end of the period 2 076 1 319
The impairment loss expected credit losses on receivables has
been disclosed under ‘other operating revenue/ costs’ in the
profit and loss account of the Company.
NOTE 9B
GROSS SHORTTERM TRADE RECEIVABLES, TAXES
AND OTHER  CURRENCY STRUCTURE PLN ‘000
31.12.2020 31.12.2019
In the Polish currency (PLN) 85 904 105 089
In foreign currencies, after translation into PLN 1 559 17 737
unit/currency EUR 338 4 158
PLN '000 1 559 17 707
unit/currency USD - 8
PLN '000 - 30
Total Gross Short-Term Trade Receivables, Taxes and Other 87 464 122 826
NOTE 9C
NOTE 9D
OVERDUE GROSS TRADE RECEIVABLES, WITH REMAINING MATURI
TY FROM THE BALANCE SHEET DATE PLN ‘000
31.12.2020 31.12.2019
up to 1 month 28 616 8 477
between 1 month and 3 months 5 815 31 054
between 3 month and 6 months - -
between 6 month and 12 months - -
over 12 months - -
overdue receivables 5 987 4 534
Total (gross) trade receivables 40 418 44 065
write-downs for expected credit losses of re-ceivables due to delivery
and services
(2 076) (1 319)
Total (net) trade receivables 38 342 42 746

| Financial statement
47
Standalone nancial report of Echo Investment S.A. for 2020
OVERDUE GROSS TRADE RECEIVABLES, WITH REMAINING
MATURITY FROM THE BALANCE SHEET DATE PLN ‘000
31.12.2020 31.12.2019
up to 1 month 2 428 1 406
between 1 month and 3 months 388 543
between 3 month and 6 months 166 211
between 6 month and 12 months 419 717
over 12 months 2 586 1 657
Total (gross) overdue trade receivables 5 987 4 534
write-downs for expected credit losses and val-uation of overdue
receivables for supplies and services
(2 075) (1 319)
Total (net) overdue trade receivables 3 912 3 215
NOTE 9E
GROSS TRADE RECEIVABLES PLN ‘000
31.12.2020 31.12.2019
Unimpaired current receivables 34 431 39 531
Unimpaired overdue receivables 3 912 3 215
Impaired overdue receivables 2 075 1 319
Total 40 418 44 065
NOTE 9F
DISPUTED AND OVERDUE RECEIVABLES PLN ‘000
31.12.2020 31.12.2019
Disputed receivables - -
Other - -
not covered by write-down - -
Overdue receivables 5 987 4 534
Trade 5 987 4 534
not covered by write-down 3 912 3 215
NOTE 9G

| Financial statement
48
Standalone nancial report of Echo Investment S.A. for 2020
SHORTTERM LOANS GRANTED PLN ‘000
31.12.2020 31.12.2019
In subsidiaries
loans granted 294 909 9 845
294 909 9 845
In joint-ventures
loans granted - -
- -
Total 294 909 9 845
NOTE 10A
The note includes short-term loans with interest
and a write-down. Loans meet the SPPI test and are
held in accordance with the business model where
its objective is to hold financial assets to obtain con-
tractual cash flows in accordance with IFRS 9 and
therefore are not measured at fair value but using
the amortized cost method.
The maximum value of credit risk related to loans
equals their carrying value. The loans granted are not
secured. The loans granted are not overdue and the
value of the loans has not been lost. They were grant-
ed to aliated companies, that have good financial
position. Credit risk in respect to those entities is
minimised through the constant control of their op-
erations and through the evaluation of investment
projects.
In the opinion of the Management Board, through
the ability to monitor the operations of subsidiar-
ies and periodically confirm the profitability of their
projects, the Company has the opportunity to as-
sess and identify loans for which the credit risk has
increased significantly. The Management Board of
the Company did not find such loans. The Manage-
ment Board assessed the loans in terms of creat-
ing a write-down for expected loan losses based on
the assessment of Echo Investment Capital Group’s
credibility. In accordance with the requirements of
IFRS 9, a write-down for expected credit losses as
at December 31, 2020 was created in the amount of
PLN 1,481 thousand, and as at December 31, 2019 - in
the amount of PLN 1,078 thousand.

| Financial statement
49
Standalone nancial report of Echo Investment S.A. for 2020
SHORTTERM LOANS GRANTED
 CURRENCY STRUCTURE PLN ‘000
31.12.2020 31.12.2019
In the Polish currency (PLN) 244 063 9 845
In foreign currencies (after translation into PLN) 50 846 -
Total 294 909 9 845
NOTE 10B
The note includes short-term loans with interest.
BASIC DATA ON SHORTTERM BORROWINGS
AS AT 31 DECEMBER 2020 PLN ‘000
Contractor Amount Interest rate Repayment deadline
Pudsey Sp. zo.o. 49 402 Euribor 3M + margin 31.03.2021
Gosford Investments Sp. zo.o. 46 397 Wibor 3M + margin 30.09.2021
Projekt 144 - Grupa Echo Sp. zo.o. Sp.K. 43 770 Wibor 3M + margin 31.03.2021
Echo - SPV 7 Sp. zo.o. 36 122 Wibor 3M + margin 31.12.2021
Zam - Projekt Echo - 127 Sp. zo.o. Sp.K. 35 882 Wibor 3M + margin 31.12.2021
Elektrownia Sp. zo.o. 33 102 Wibor 3M + margin 31.03.2021
Zam - Projekt Echo - 127 Sp. zo.o. Sp.K. 16 190 Wibor 3M + margin 31.03.2021
Pudsey Sp. zo.o. 9 740 Wibor 3M + margin 30.06.2021
City Space Management Sp. zo.o. 6 500 Wibor 3M + margin 30.06.2021
Dellia Investments - Projekt Echo 115 Sp. zo.o. Sp.K. 5 945 Wibor 3M + margin 31.12.2021
Projekt Naramowice Sp. zo.o. SKA 5 400 Wibor 3M + margin 30.09.2021
Rondo 1 City Space GP Sp. zo.o. Sp.K. 4 051 Wibor 3M + margin 30.09.2021
Echo - Advisory Services Sp. zo.o. 3 397 Wibor 3M + margin 30.06.2021
Echo Property Poznań 1 Sp. zo.o. 2 070 Wibor 3M + margin 30.09.2021
Projekt Echo - 111 Sp. zo.o. 620 Wibor 3M + margin 30.09.2021
Plac Unii City Space GP Sp. zo.o. Sp.K. 499 Wibor 3M + margin 30.09.2021
142 – City Space GP Sp. zo.o. Sp.K. 440 Wibor 3M + margin 30.09.2021
City Space Management Sp. zo.o. 29 Wibor 3M + margin 30.09.2021
Projekt Echo 141 Sp. zo.o. 15 Wibor 3M + margin 30.09.2021
Projekt Echo 142 Sp. zo.o. 15 Wibor 3M + margin 30.09.2021
Projekt Echo 143 Sp. zo.o. 15 Wibor 3M + margin 30.09.2021
Projekt Echo 144 Sp. zo.o. 15 Wibor 3M + margin 30.09.2021
Projekt Echo 145 Sp. zo.o. 15 Wibor 3M + margin 30.09.2021
loans without interest and write-os 299 631
interest and write-os (4 722)
loans with interest and write-os 294 909
The maximum value of credit risk associated with
the loans equals their carrying amount. The grant-
ed loans are not secured, they are not overdue or
impaired. The loans were granted to related entities
with good financial standing. In relation to aliated
companies, the credit risk, in the opinion of the Man-
agement Board, is minimized through current control
of operating activity and evaluation of investment
projects of these companies. In the opinion of the
Management Board, through the possibility of mon-
itoring the operations of subsidiaries and periodical-
ly confirming the profitability of their projects, the
Company is able to evaluate and identify the loans
for which the credit risk has significantly increased.

| Financial statement
50
Standalone nancial report of Echo Investment S.A. for 2020
BASIC DATA ON SHORTTERM BORROWINGS
AS AT 31 DECEMBER 2019 PLN ‘000
Contractor Amount Interest rate Repayment deadline
Echo - SPV 7 Sp. zo.o. 2 208 Wibor 3M + margin 31.12.2020
Echo Aurus Sp. zo.o. 6 535 Wibor 3M + margin 31.12.2020
loans without interest and write-os 8 744
interest and write-os 1 101
loans with interest and write-os 9 845
The maximum value of credit risk associated with
the loans equals their carrying amount. The grant-
ed loans are not secured, they are not overdue or
impaired. The loans were granted to related entities
with good financial standing. In relation to aliated
companies, the credit risk, in the opinion of the Man-
agement Board, is minimized through current control
of operating activity and evaluation of investment
projects of these companies. In the opinion of the
Management Board, through the possibility of mon-
itoring the operations of subsidiaries and periodical-
ly confirming the profitability of their projects, the
Company is able to evaluate and identify the loans
for which the credit risk has significantly increased.

| Financial statement
51
Standalone nancial report of Echo Investment S.A. for 2020
NOTE 11A
CASH AND CASH EQUIVALENTS PLN ‘000
31.12.2020 31.12.2019
Other financial assets 42 444 17 720
- inflows from residential clients on escrow account, being release by bank in line
with the projects development
42 444 17 720
Cash and cash on accounts 107 437 232 147
Total cash and other financial assets 149 881 249 867
As at December 31, 2020 the Company has cash at
renowned banks, mainly mBank S.A., PKO BP S.A. and
DNB Bank Polski S.A.
The maximum value of credit risk related to cash equals
its balance sheet value.
Cash in the bank bears interest at variable interest rates,
the amount of which depends on the interest rate on
one-day bank deposits. Short-term deposits are made
for various periods, from one day to one month, de-
pending on the current demand of the Company for
cash and they bear interest according to the interest
rates set for them.
NOTE 11B
CASH AND CASH EQUIVALENTS
 CURRENCY STRUCTURE PLN ‘000
31.12.2020 31.12.2019
In the Polish currency (PLN) 137 802 119 549
In foreign currencies (after translation into PLN) 12 079 130 318
unit/currency EUR 2 611 30 602
PLN '000 12 049 130 317
unit/currency HUF 2 295 -
PLN '000 29 -
unit/currency USD - -
PLN '000 1 1
Total 149 881 249 867

| Financial statement
52
Standalone nancial report of Echo Investment S.A. for 2020
NOTE 12
SHARE CAPITAL Nominal value per 1 share = 0,05 PLN
Series / Issue Type of share
Type of limited
rights to shares No. of shares
Nominal value
of series / issues
[PLN ‘000] Capital coverage
A, B, C, D, E, F bearer shares none 412690582 20635 cash
Total no. of shares 412690582
Total share capital 20635
SUPPLEMENTARY CAPITAL PLN ‘000
31.12.2020 31.12.2019
Share premium 100 748 100 748
Statutory 6 878 6 878
Created from generated profits according to the statute/articles, above the statuto-
rily required (minimum) value
946 647 946 647
Other 22 22
Total 1 054 295 1 054 295
NOTE 13
SHAREHOLDERS OF ECHO INVESTMENT S.A. HOLDING MORE THAN 5% OF
THE SHARE CAPITAL AS AT 31 DECEMBER 2020
Shareholders No. of shares and votes
% of
shareholding capital % of votes on GMS
Lisala Sp. z o.o. (Wing IHC Zrt and Grin Real
Estate partners)
272 375 784 66,0 66,0
Nationale-Nederlanden OFE 55 833 698 13,53 13,53
Aviva Otwarty Fundusz Emerytalny Aviva
Santander
27 350 695 6,63 6,63
Nicklas Lindberg 538 676 0,13 0,13
Maciej Drozd 221 765 0,05 0,05
Péter Kocsis 44 000 0,01 0,01
Other 56 325 964 13,65 13,65
Total 412 690 582 100,00% 100,00%
– Lisala Sp. z o.o. (Wing IHC Zrt and Grin Real
Estate partners)
– Nationale-Nederlanden OFE
– Aviva Otwarty Fundusz Emerytalny Aviva Santander
– Nicklas Lindberg – CEO
– Maciej Drozd – Vice-President, CFO
– Péter Kocsis – Member of the Supervisory Board
– Other
Number of shares:
272 375 784 –
55 833 698 –
27 350 695 –
538 676 –
221 765 –
44 000 –
56 325 964 –

66%
6.63%
13.53%
13.53%
0.13%
0.05%
0.01%

| Financial statement
53
Standalone nancial report of Echo Investment S.A. for 2020
On 26 April, 2017 the Management Board
of Echo Investment adopted a resolution
on the Company’s dividend policy. The
adopted dividend policy states that from
the profit in 2018 and subsequent years
the Management Board will be recom-
mending the payment of the dividend up
to amount of 70% of the consolidated net
profit of the Capital Group attributable
to shareholders of the parent company.
When recommending the dividend pay-
ment the Management Board will take
CHANGES ON DIVIDEND FUND
PLN ‘000
1.01.2020-
31.12.2020
1.01.2019-
31.12.2019
Opening balance 164 639 326 309
Changes in the period - -
share capital - -
dividend fund - (206 345)
allocation of profit from previous years 21 412 44 675
Closing balance 186 051 164 639
NOTE 13A
into consideration the current and ex-
pected condition of the Company and
the Capital Group as well as their devel-
opment strategy, in particular:
−
safe and the most eective man-
agement of debt and liquidity in the
Group;
−
investment plans resulting from the
development strategy, purchase of
land in particular.
CHANGES ON PROFIT / LOSS FROM PREVIOUS YEARS
PLN ‘000
1.01.2020-
31.12.2020
1.01.2019-
31.12.2019
Opening balance 21 412 44 675
Changes in the period
adjustments of the result from previous years - -
allocation of profit from previous years (21 412) (44 675)
Closing balance - -
NOTE 13B

| Financial statement
54
Standalone nancial report of Echo Investment S.A. for 2020
NOTE 14A
LONGTERM LIABILITIES WITHOUT INCOME TAX PROVISION
PLN ‘000
31.12.2020 31.12.2019
Due to subsidiaries - -
on loans and borrowings - 127 007
- 127 007
Due to other entities
on leasing 13 567 12 645
security deposits received 1 113 1 492
financial derivative instruments - IRS 1 624 -
due to issue of debt securities 872 941 936 859
889 245 950 996
Total long-term liabilities 889 245 1 078 003
Interest rates used to discount the expected cash flows from the lease from 1,77%
to 3,03%
from 3,43%
to 3,61%
According to the best information and
data of the Company, there were no
breaches of terms of loan agreements
and established security levels during the
financial year and until the date of signing
of the financial statement.
NOTE 14B
LONGTERM LIABILITIES WITHOUT INCOME TAX PROVISION
WITH REMAINING MATURITIES FROM THE BALANCE SHEET DATE
PLN ‘000
31.12.2020 31.12.2019
Between 1 to 3 years 466 750 898 021
Between 3 to 5 years 422 292 177 985
Over 5 years 203 1 997
Total Long-Term Liabilities 889 245 1 078 003
Interest rates applied for discounting the ex-pected cash flows 4,25% 5,15%
Long-term liabilities in nominal value
were presented by the Company in note
14E.

| Financial statement
55
Standalone nancial report of Echo Investment S.A. for 2020
LONGTERM LIABILITIES WITHOUT INCOME TAX PROVISION
 CURRENCY STRUCTURE PLN ‘000
31.12.2020 31.12.2019
In the Polish currency (PLN) 712 900 1 078 003
In foreign currencies (after translation into PLN) 176 345 -
Total 889 245 1 078 003
NOTE 14C
Financial liabilities due to debt financial
instruments are measured at amortized
cost of a liability component, in accord-
ance with IFRS 9. The fair value of long-
term liabilities does not dier significant-
ly from their carrying amount.
The total outflow of cash under the lease
as at December 31, 2020 amounted to
PLN 8,433 thousand PLN.
According to the best information and
data of the Management Board of the
Company, there was no breach of terms
of loan agreements and established se-
curity levels during the financial year and
until the date of signing of the financial
statement.
NOTE 14D
LONGTERM LIABILITIES  CHANGE RELATED TO IFRS 16
PLN ‘000
31.12.2020 31.12.2019
Opening balance 12 645 8 843
Changes in the period 922 3 802
new purchases 922 8 756
financial costs - 657
payment - (5 611)
completion of project or its sale
Closing balance 13 567 12 645
COSTS DUE TO LEASING
PLN ‘000
1.01.2020-
31.12.2020
1.01.2019-
31.12.2019
Cost associated with leasing low-value assets 281 878
Cost related to short-term leasing 6 575 6 285
Total 6 856 7 163

| Financial statement
56
Standalone nancial report of Echo Investment S.A. for 2020
NOTE 14E
Credit lines are secured with standard
security features, such as a power of at-
torney to a bank account or a declaration
of submission to enforcement.
The loan value corresponds to undis-
counted cash flows.
CREDIT FACILITIES
AS AT 31 DECEMBER 2020 ‘000 PLN
Bank
Contractual
amount of loan
Outstanding
loan amount Interest rate
Repayment
deadline
PKO BP S.A.* 75 000 63 458 WIBOR 1M + margin 31.10.2022
Alior Bank S.A. 35 000 35 000 WIBOR 3M + margin 14.04.2021
Santander Bank Polska S.A.** 100 000 39 523 WIBOR 1M + margin 30.11.2022
Total 210 000 137 981
* The available loan amount as on 31 December 2020 is decreased by the guarantees issued and amounts to PLN 1,9 million
PLN.
** Under the credit limit of PLN 100 million, the Company has been granted a sublimit for current loan up to PLN 75 million
and a sublimit up to PLN 25 million for guarantees. As at 31 December 2020, the whole guarantee limit is available.
CREDIT FACILITIES
AS AT 31 DECEMBER 2019 PLN ‘000
Bank
Contractual
amount of loan
Outstanding
loan amount Interest rate
Repayment
deadline
PKO BP S.A.* 75000 65452 WIBOR 1M + margin 30.10.2020
Alior Bank S.A. 75000 75000 WIBOR 3M + margin 26.03.2020
Santander Bank Polska S.A.** 100000 73 423 WIBOR 1M + margin 30.11.2020
Total 250000 213 875
* The available loan amount as at 31/12/2019 is reduced by the issued guarantees and amounts to PLN 0.2 million.
** Within the credit limit of PLN 100 million, the Company is granted a sublimit for a current loan of up to PLN 75 million
and a sublimit of up to PLN 25 million for guarantees. As at 31/12/2019, the utilization of the guarantee limit was PLN
24.2 million.

| Financial statement
57
Standalone nancial report of Echo Investment S.A. for 2020
NOTE 14F
Value of the bonds corresponds to un -
discounted cash flows without interests.
Change of business and economic con-
ditions had no significant eect on the
financial obligations’ fair value.
Bonds issued by Echo Investment S.A.
are not secured. With an exception of
2P/2020-series, they are all quoted in
Alternative Exchange System (ASO) Cat-
alyst: bonds for individual investors on
GPW ASO Catalyst platform and for in-
stitutional investors – on BondSpot ASO
Catalyst.
COMPANY’S LIABILITIES DUE TO BONDS ISSUED
AS AT 31 DECEMBER 2020
Bonds for institutional investors [‘000 PLN]
Series ISIN code Bank / brokerage house Nominal value Maturity Interest rate
1/2017 PLECHPS00225 mBank S.A. 155000 31.03.2021 WIBOR 6M + margin 2,9%
2/2017 PLECHPS00258 mBank S.A. 139950 30.11.2021 WIBOR 6M + margin 2,9%
1/2018 PLECHPS00282 mBank S.A. 46600 25.04.2022 WIBOR 6M + margin 2,9%
1/2019 PLECHPS00308 mBank S.A. 96510 11.04.2023 WIBOR 6M + margin 4,25%
1/2020 PLO017000012 mBank S.A. 150000 31.05.2024 WIBOR 6M + margin 4,50%
1P/2020 PLO017000020 PKO TFI Parasolowy and Michael / Ström Dom
Maklerski S.A. as an agent
100000 5.08.2024 WIBOR 6M + margin 4,50%
Total 688060
Bonds for individual investors [‘000 PLN]
E-series PLECHPS00217 DM PKO BP S.A. 100000 6.07.2021 WIBOR 6M + margin 2,9%
F-series PLECHPS00233 DM PKO BP S.A. 125000 11.10.2022 WIBOR 6M + margin 2,9%
G-series PLECHPS00241 DM PKO BP S.A. 75000 27.10.2022 WIBOR 6M + margin 2,9%
H-series PLECHPS00266 DM PKO BP S.A. 50000 22.05.2022 WIBOR 6M + margin 2,8%
I-series PLECHPS00274 Consortium: DM PKO Banku Polskiego S.A.,
Noble Securities S.A. and
Centralny Dom Maklerski Pekao S.A
50000 8.11.2023 WIBOR 6M + margin 3,4%
J and J2-series PLECHPS00290 J-series: consortium Noble Securities
S.A., Michael / Ström Dom Maklerski
S.A., Dom Maklerski Banku Ochrony
Środowiska S.A
33832 21.09.2023 WIBOR 6M + margin 3,4%
J2-series: DM PKO Banku Polskiego S.A.
Total 433832
Total PLN-denominated bonds 1 121 892
Bonds for institutional investors EUR-denominated [‘000 EUR]
1E/2020 PLECHPS00316 Bank Pekao S.A. 40 000 23.10.2024 fixed interest rate 4,5%
2P/2020* PLO017000038 Michael/Ström DM 12 800 31.10.2021 fixed interest rate 6%
Total EUR-denominated bonds 52 800
* Issue beyond the bond issue program in EUR of September 3, 2020.

| Financial statement
58
Standalone nancial report of Echo Investment S.A. for 2020
Issuance of bonds denominated in EUR
The Management Board of Echo Invest-
ment on September 3, 2020 concluded
an issue agreement with Bank Pekao S.A.,
establishing a program for the issuance of
unsecured ordinary bearer bonds up to
the total amount of the issued and out-
standing bonds of EUR 100 million. Bonds
issued pursuant to the Issuance Program
will be oered for purchase without the
need to draw up a prospectus or informa-
tion memorandum. On the issuance date
the Bonds will be registered in the de-
pository maintained by Krajowy Depozyt
Papierów Wartościowych S.A. and it will
be introduced to trading in an alterna-
tive trading system operated by Warsaw
Stock Exchange (Giełda Papierów War-
tościowych w Warszawie S.A.). Bonds will
be issued as unsecured ordinary bearer
bonds denominated in EUR and bearing
interest at a fixed or variable interest rate,
with a maturity not exceeding 5 years.
The final parameters of the bonds will be
determined through talks with investors
and will be subject to approval of the
Company’s Management Board.
Euro-denominated bonds will help sta-
bilize Echo Investment’s balance sheet
in terms of exchange rate fluctuations. A
significant part of the Group’s assets are
under construction and finished commer-
cial properties denominated on the mar-
ket in EUR. On the liabilities side, the debt
in euro is proportionally smaller, thus dis-
torting the group’s results by fluctuations
in exchange rates.
Private bond issue
On October 28, 2020, Echo Investment
has also issued short-term bonds for a
private investor in a total value of EUR
12,8 million (the euro-bonds issuance
program described above).
BONDS ISSUED BY THE COMPANY IN 2020 IN PLN
Series Date
Nominal
value
[‘000 PLN]
Bonds for institutional investors – series 1/2020 2.06.2020 150 000
Bonds for institutional investors – series 1P/2020 5.08.2020 100 000
Total 250 000
BONDS ISSUED BY THE COMPANY IN 2020 IN EUR
Series Date
Nominal
value
[‘000 PLN]
Bonds for institutional investors – series 1E/2020 23.10.2020 40 000
Bonds for institutional investors – series 2P/2020* 28.10.2020 12 800
Total 52 800
*Issue out of the issuance program with Bank Pekao S.A.

| Financial statement
59
Standalone nancial report of Echo Investment S.A. for 2020
BONDS REDEEMED BY THE COMPANY IN 2020
Series Date
Nominal
value
[‘000 PLN]
Bonds for institutional investors – series 1/2016 18.11.2020 100 000
Bonds for institutional investors – series 2/2017 1.06.2020 10 050
Bonds for institutional investors – series 1/2018 1.06.2020 93 400
Bonds for institutional investors – series 1/2019 1.06.2020 3 490
Total 206 940
LONG AND SHORTTERM LIABILITIES DUE TO THE DEBT FINANCIAL INSTRUMENTS ISSUED
AS AT 31 DECEMBER 2019
Series ISIN code Bank/brokerage house
Nominal
value Maturity Interest rate Securities
Quotation
market
Bonds purchased by the company in 2019
1/2016 PLECHPS00209 mBank S.A. 100000 18.11.2020 WIBOR 6M
+ margin 3,0%
none ASO CATALYST
1/2017 PLECHPS00225 mBank S.A. 155000 31.03.2021 WIBOR 6M
+ margin 2,9%
none ASO CATALYST
2/2017 PLECHPS00258 mBank S.A. 150000 30.11.2021 WIBOR 6M
+ margin 2,9%
none ASO CATALYST
1/2018 PLECHPS00282 mBank S.A. 140000 25.04.2022 WIBOR 6M
+ margin 2,9%
none ASO CATALYST
1/2019 PLECHPS00308 mBank S.A. 100000 11.04.2023 WIBOR 6M
+ margin 4,25%
none ASO CATALYST
Total 645000
Bonds for individual investors
E-series
issue
PLECHPS00217 DM PKO BP S.A. 100000 06.07.2021 WIBOR 6M
+ margin 2,9%
none CATALYST
regulated market
F-series
issue
PLECHPS00233 DM PKO BP S.A. 125000 11.10.2022 WIBOR 6M
+ margin 2,9%
none CATALYST
regulated market
G-series
issue
PLECHPS00241 DM PKO BP S.A. 75000 27.10.2022 WIBOR 6M
+ margin 2,9%
none CATALYST
regulated market
H-series
issue
PLECHPS00266 DM PKO BP S.A. 50000 22.05.2022 WIBOR 6M
+ margin 2,8%
none CATALYST
regulated market
I-series
issue
PLECHPS00274 Consortium: DM PKO Bank Polski
S.A., Noble Securities S.A. and Centralny
Dom Maklerski Pekao S.A.
50000 08.11.2023 WIBOR 6M
+ margin 3,4%
none CATALYST
regulated market
J and
J2-series
issue
PLECHPS00290 J-series: consortium of Noble Securities
S.A., Michael / Ström Dom Maklerski
S.A., Dom Maklerski Banku Ochrony
Środowiska S.A
33832 21.09.2023 WIBOR 6M
+ margin 3,4%
none CATALYST
regulated market
J2 series: DM PKO Bank Polski S.A.
Total 433832
Bonds in total 1078832

| Financial statement
60
Standalone nancial report of Echo Investment S.A. for 2020
SHORTTERM TRADE LIABILITIES, TAXES, SECURITY DEPOSITS
RECEIVED, ADVANCES RECEIVED AND OTHER
 WITHOUT PROVISIONS PLN ‘000
31.12.2020 31.12.2019
Trade, due to subsidiaries, with maturity: 1 937 2 590
up to 12 months 1 937 2 590
over 12 months - -
Trade, due to other companies, with maturity: 24 452 50 812
up to 12 months 24 452 50 812
over 12 months - -
Total short-term trade liabilities 26 389 53 402
Advances received (contractual liability) 83 253 100 163
Security deposits received 6 538 4 777
Total security deposits and advances received 89 791 104 940
Taxes, customs duties, insurance and other benefits 8 706 12 100
Current portion of income tax 5 3 215
Total tax 8 711 15 315
Leasing liabilities 9 530 13 274
Total liability for leasing and conversion fees 9 530 13 274
Other liabilities 67 725 26 583
payroll 4 10
other (due to) 67 721 26 573
dividend - -
cash on escrow account 42 444 17 720
acquisition of shares - 370
Other 25 277 8 483
bonuses for Management and employees 6 572 5 940
Total other short-term liabilities 67 725 26 583
Total 202 146 213 514
Interest rates used to discount the expected cash flows from the lease from 1,77%
to 6,94%
6,94%
The fair value of trade and other liabili -
ties does not dier materially from their
carrying value.
NOTE 15A

| Financial statement
61
Standalone nancial report of Echo Investment S.A. for 2020
SHORTTERM TRADE LIABILITIES, TAXES, SECURITY
DEPOSITS RECEIVED, ADVANCES RECEIVED
AND OTHER  WITHOUT PROVISIONS PLN ‘000
31.12.2020 31.12.2019
In the Polish currency (PLN) 199 757 199 729
In foreign currencies (after translation into PLN) 2 389 13 785
unit/currency EUR 518 3 237
PLN '000 2 389 13 785
unit/currency USD - -
PLN '000 - -
Total 202 146 213 514
NOTE 15B
NOTE 15C
NOTE 16A
SHORTTERM LOANS, BORROWINGS AND BONDS
PLN ‘000
31.12.2020 31.12.2019
Due to subsidiaries
borrowings 208 179 -
208 179 -
Due to other parties
loans and borrowings 137 981 213 874
due to issue of debt securities 493 409 148 338
631 390 362 212
Total 839 569 362 212
According to the best information and
data of the Company, there were no
breaches of terms of loan agreements
and established security levels during the
financial year and until the date of signing
of the financial statement.
The changes related to the introduction
of IFRS 16 are described in the chapter
“Main accounting principles” in the item
of leasing.
SHORTTERM LIABILITIES
 CHANGE RELATED TO IFRS 16 PLN ‘000
31.12.2020 31.12.2019
Opening balance 13 274 15 048
Changes in the period (3 744) (1 774)
new purchases 4 916 -
financial costs 955 450
payment (6 841) (647)
completion of project or its sale (2 774) (1 577)
Closing balance 9 530 13 274

| Financial statement
62
Standalone nancial report of Echo Investment S.A. for 2020
SHORTTERM LOANS, BORROWINGS AND BONDS
 CURRENCY STRUCTURE PLN ‘000
31.12.2020 31.12.2019
In the Polish currency (PLN) 572 321 362 212
In foreign currencies (by currency and after translation
into PLN)
267 248 -
Total 839 569 362 212
NOTE 16B
BASIC DATA ON MAJOR SHORTTERM BORROWINGS
AS AT 31 DECEMBER 2020
Contractor
Value
['000 PLN] Interest rate Repayment rate
Projekt Echo - 129 Sp. zo.o. 192 666 Wibor 3M + margin 30.09.2021
loans without interest and write-os 192 666
interest and write-os 15 513
loans with interest and write-os 208 179

| Financial statement
63
Standalone nancial report of Echo Investment S.A. for 2020
NOTE 17
Provision for penalties and costs includes
the value of any penalties and costs with
which the Company may be charged due
to contracts concluded, with a probabil-
ity of charging that exceeds 50%. The
amount of the provision was estimated
based on the best knowledge of the Com-
pany and based on its past experience.
The provision for projected costs of war-
ranty repairs includes the value of repairs
or compensation for sold premises and
projects with a probability of charging
that exceeds 50%. The amount of the pro-
vision was estimated based on the best
knowledge of the Company and based on
its past experience.
The provision for guarantees includes the
value of expected losses due to the issu-
ing by the Company of guarantees and
sureties for the benefit of subsidiaries,
which constitute security related to the
implementation of projects or post-sale
security for new investors. The amount
of the provision was estimated in accord-
ance with the requirements of IFRS 9.
The dates of crystallising of the provi-
sions for penalties and costs, warranty
costs and court cases are not possible
to be estimated, however, there is a high
probability of their implementation within
12 months from the balance sheet date.
MOVEMENT IN SHORTTERM PROVISIONS
 DUE TO PLN ‘000
31.12.2020 31.12.2019
At the beginning of the period
provisions for penalties 2 000 2 000
provisions for guarantees 514 270
provisions for repair -
court proceedings - -
provision for costs 12 993 15 047
15 507 17 317
Increases
provisions for guarantees 76 244
provisions for repair 794
provision for costs 1 333 4 003
court proceedings 272 -
2 475 4 247
Utilisation due to
provision for costs - (4 840)
provision for penalties - -
- (4 840)
Release due to
provision for costs (6 678) (1 217)
provisions for repair - -
(6 678) (1 217)
At the end of the period
provisions for penalties 2 000 2 000
provisions for repair 794
provisions for guarantees 590 514
court proceedings 272 -
provision for costs 7 648 12 993
11 304 15 507

| Financial statement
64
Standalone nancial report of Echo Investment S.A. for 2020
NOTE 18
OFFBALANCE ITEMS PLN ‘000
31.12.2020 31.12.2019
Contingent receivables - -
Contingent liabilities 1 968 163 1 941 756
For related parties 1 968 163 1 941 756
due to guarantees and sureties granted 1 968 163 1 941 756
For other parties - -
due to guarantees and sureties granted - -
Other 664 719
due to court proceedings against Echo Investment 664 719
Total 1 968 827 1 942 475
IFRS 9 introduced a model based on the
expected loss concept, also for the issu-
er of financial guarantees. The Company
does not conduct separate activities in
this area, but is only a party to guarantees
and sureties in relation to oce and com-
mercial projects carried out by subsidiar-
ies. Such guarantees constitute a security
related to the implementation of projects
or after-sale security for new investors
and constitute a form of security com-
monly used in the market. In the opinion
of the Management Board, through the
ability to monitor the activities of sub-
sidiaries, the Company has the full ability
to monitor the credit risk related to the
issued guarantees.
The entities of the Echo Investment Group
have full ability and readiness to fulfil the
concluded contractual obligations, there-
fore the Management Board of the Com-
pany did not find significant expected
losses due to the issuance of guarantees
and sureties by the Company. In accord-
ance with the requirements of IFRS 9, a
provision for expected credit losses was
created as at December 31, 2020 in the
amount of PLN 590 thousand and as at
December 31, 2019 - in the amount of PLN
514 thousand.

| Financial statement
65
Standalone nancial report of Echo Investment S.A. for 2020
SURETY AGREEMENTS ISSUED BY ECHO INVESTMENT GROUP AS AT 31 DECEMBER 2020
PLN ‘000
For Beneciary
Value
[‘000] Expiry date Description
Plac Unii City Space - GP
Sp. zo.o. Sp.K.
Bletwood Investments
Sp. zo.o.
1 552 The entire period of le-
ase agreement validity
and three consecutive
months from its termi-
nation.
Surety for liabilities of Cogl II Poland Limited Sp. z o.o. as
a collateral of liabilities resulting from the lease agreement
of 6.11.2015. Issued in EUR.
Echo – Browary War-
szawskie Sp. zo.o. Sp.K.
oraz Dellia Investments
– Projekt Echo – 115 Sp.
zo.o. Sp.K.
HPO AEP Sp. zo.o. Sp.J. 11 537 Until the date of obta-
ining a permit for use
for the projects being
carried out, but not
later than 7.12.2031.
Surety for liabilities of Echo – Browary Warszawskie Sp. z
o.o. Sp.K. and Dellia Investments – Projekt Echo – 115 Sp.
z o.o. Sp.K. as a collateral of liabilities resulting from the
lease agreement of 7.12.2016. Mutual surety issued in EUR.
Sagittarius - Projekt
Echo - 113 Sp. zo.o. Sp.K.
Human Oce Polska Sp.
zo.o.
100 until the expiry of
lease obligations
Surety for liabilities of Sagittarius – Projekt Echo – 113 Sp.
z o.o. Sp.K. resulting from the lease agreement concluded
on 2.08.2018.
Projekt Beethovena -
Projekt Echo - 122 Sp.
zo.o. SKA
PKO BP S.A. 373 805 until 31.12.2026 Surety for particular liabilities of Projekt Beethovena -
Projekt Echo – 122 Sp. z o.o. SKA as a collateral of claims
resulting from housing project and mortgage separation
of real estate. Issued in EUR.
Dellia Investments - Pro-
jekt Echo - 115 Sp. zo.o.
Sp.K.
Bank Pekao S.A. 420 270 until 31.12.2030 Surety for particular liabilities of Dellia Investments -
Projekt Echo - 115 Sp. z o.o. Sp.K. as a collateral of claims
resulting from housing projects and sold oce building, as
well as fulfilling the terms of the lease agreement with one
of the tenants. Issued in EUR.
Projekt Echo 130 Sp.
zo.o.
PKO BP S.A. 23 074 unitl 31.01.2024 Surety for the repayment of the loan in connection with
the disbursement of the construction loan up to the limit
of EUR 5 million without completion of transferring a part
of the property to the Company.
Total 830 338
SURETY AGREEMENTS ISSUED BY ECHO INVESTMENT GROUP AS AT 31 DECEMBER 2019
PLN ‘000
For
Value
[PLN ‘000] Validity Description
Bletwood Investments Sp. zo.o. 1432 The entire duration of the
lease and three consecutive
months from the date of its
termination
Surety for liabilities of the company Cogl II Limited Poland
Sp. z o.o. as security for the obligations arising from the
lease agreement concluded on 6.11.2015. Issued in EUR.
HPO AEP Sp. zo.o. Sp. J. 10646 Until obtaining the occupan-
cy permit for projects carried
out, however not later than
until 07.12.2031.
Surety for liabilities of Echo – Browary Warszawskie Sp. z
o.o. Sp.K. and Dellia Investments - Projekt Echo - 115 Sp. z
o.o. Sp. K. as security for the obligations arising from the
contract concluded on 7.12.2016. Mutual guarantee issued
in EUR.
Human Oce Polska Sp. zo.o. 100 Until the expiry of the lease
contract
Surety for liabilities of Sagittarius - Sagittarius - Projekt
Echo-113 Sp. z o.o. Sp.K. resulting from the lease contract
PKO BP S.A. 344944 until 31.12.2026 Surety for liabilities of Projekt Beethovena - Projekt Echo –
122 Sp. z o.o. S.K.A. as a collateral of claims resulting from
housing project in the Company and mortgage separation
of real estate. Issued in EUR
PeKaO S.A. 389135 until 31.12.2030 Surety for liabilities Dellia Investments - Projekt Echo -
115 Sp. z o.o. S.K. as a collateral of claims resulting from
housing projects, sold oce building in the Company and
fulfilling the terms of the lease agreement with one of the
tenants. Issued in EUR.
Total 746 258

| Financial statement
66
Standalone nancial report of Echo Investment S.A. for 2020
GUARANTEE AGREEMENTS ISSUED BY ECHO INVESTMENT S.A. AS AT 31 DECEMBER 2020
PLN ‘000
For Beneciary
Value
[PLN
‘000] Validity Due
Projekt 104 Sp. zo.o. Skua Sp. zo.o. 27 689 until 31.07.2021 Security of the proper performance of the final sale con-
tract and the master lease contract for the Aquarius Busi-
ness House II oce building in Wrocław. Issued in EUR.
Echo Investment S.A. IREEF – Stryków Propco
Sp. zo.o.
553 until 31.07.2021 Guarantee for the obligations of Echo Investment S.A.
resulting from the lease contract concluded on 24.10.2016.
Issued in EUR.
Q22 - Projekt Echo - 128
Sp. zo.o. Sp.K.
IREEF – Stryków Propco
Sp. zo.o.
81 until 31.05.2022 Rental guarantee related to the sale of the oce building
Q22 in Warsaw. The guarantee is issued in EUR. The amo-
unt of the guarantee is updated as the liability decreases.
Echo - Opolska Business
Park Sp. zo.o. Sp.K.
issued for Ventry Invest-
ments Sp. z o.o. Sp. k.
(currently entitled EPP
Oce O3 Business Cam-
-pus Sp. z o.o.)
42 108 until 21.12.2026 Construction guarantee related to the sale of the O3
Business Campus I oce building in Kraków. The con-
struction guarantee is secured by a corporate guarantee
issued by Echo Investment S.A. The guarantee issued in
EUR.
ZAM - Projekt Echo - 127
Sp. zo.o. Sp.K.
issued for Emfold
Investments Sp. z o.o.
(currently entitled Tryton
Business Park Sp. z o.o.)
43 925 until 21.12.2026 Construction guarantee related to the sale of the Tryton
oce building in Gdańsk. The construction guarantee is
secured by a corporate guarantee issued by Echo Invest-
ment S.A. Guarantee issued in EUR.
Symetris - Projekt Echo -
131 Sp. zo.o. Sp.K.
issued for Flaxton Invest-
ments Sp. z o.o. (curren-
tly entitled EPP Oce
– Symetris Business Park
Sp. z o.o.)
18 789 until 21.12.2026 Construction guarantee related to the sale of the Syme-
tris I oce building in Łódź. The construction guarantee
is secured by a corporate guarantee issued by Echo
Investment S.A. Guarantee issued in EUR.
Projekt Echo 135 Sp.
zo.o. Sp.K.
A4 Business Park Sp.
zo.o.
25 382 until 26.04.2027 Construction guarantee related to the sale of the A4
Business Park III oce building in Katowice. The guaran-
tee is secured by a corporate guarantee issued by Echo
Investment S.A. Guarantee issued in EUR.
Echo - Opolska Business
Park Sp. zo.o. Sp.K.
EPP Oce O3 Business
Campus Sp. zo.o
40 148 until 21.12.2027 Construction guarantee related to the sale of the O3
Business Campus II oce building in Kraków. The guaran-
tee is secured by a corporate guarantee issued by Echo
Investment S.A. Guarantee issued in EUR.
Echo - Opolska Business
Park Sp. zo.o. Sp.K.
EPP Oce O3 Business
Campus Sp. zo.o
383 until 28.05.2021 Corporate guarantee of Echo Investment S.A. securing
rental guarantee related to the sale of O3 Business Cam-
pus II in Kraków. Partially issued in EUR. The maximum
amount of the liability shall be successively reduced as
the amount of the liability secured by the guarantee
decreases.
Direct guarantee of Echo
Investment S.A.
Nobilis - Projekt Echo -
117 Sp. zo.o. Sp.K.
40 000 until 31.10.2026 Quality guarantee for construction work related to the
Nobilis oce building in Wrocław.
Grupa Echo Sp. zo.o. IB 14 FIZAN 82 495 until 24.05.2024 Security for the proper performance of the obligations
arising from the contract for the sale of the West Link of-
fice building in Wrocław. Issued in EUR. After 24.05.2021
the maximum amount of the liability will be reduced by
80 percent.
Midpoint 71-Cornwall
Investments Sp. z o.o.
SKA (previously Projekt
22 – Grupa Echo Sp. z
o.o. S.K.A.)
A19 Sp. zo.o. 27 689 until 4.07.2038 Guarantee for the obligations of Midpoint 71-Cornwall
Investments Sp. z o.o. SKA (Midpoint 71 project) arising
from the good neighborly agreement concluded on
4.07.2018. Issued in EUR.
Symetris - Projekt Echo -
131 Sp. zo.o. Sp.K.
issued for Flaxton Invest-
ments Sp. z o.o. (curren-
tly entitled EPP Oce
– Symetris Business Park
Sp. z o.o.)
17 618 until 31.08.2023 Construction guarantee related to the sale of the oce
building Symetris II in Łódź. Issued in EUR. The maximum
amount of the liability will be successively reduced as the
amount of the liability that is secured by the guarantee
decreases.
Symetris - Projekt Echo -
131 Sp. zo.o. Sp.K.
issued for Flaxton Invest-
ments Sp. z o.o. (curren-
tly entitled EPP Oce
– Symetris Business Park
Sp. z o.o.)
112 until 27.12.2021 Rental guarantee related to the sale of the oce building
Symetris II in Łódź. Partially issued in EUR. The maximum
amount of the liability will be successively reduced as the
amount of the liability that is secured by the guarantee
decreases.

| Financial statement
67
Standalone nancial report of Echo Investment S.A. for 2020
GUARANTEE AGREEMENTS ISSUED BY ECHO INVESTMENT S.A. AS AT 31 DECEMBER 2020
PLN ‘000
For Beneciary
Value
[PLN
‘000] Validity Due
R4R Łódź Wodna Sp.
zo.o. R4R Wrocław Kępa
Sp. zo.o. R4R Wrocław-
skie Rychtalska Sp. zo.o.
R4R Warszawa Browary
Sp. zo.o.
Bank Pekao S.A. 14 147 until 30.09.2021 Guarantee securing exceeding the costs of performing
Resi4REnt projects: Łódź Wodna, Wrocław Rychtalska,
Warsaw Brewery, Wrocław Kępa.
Rosehill Investments Sp.
zo.o.
IB 6 FIZAN / GPF 3
FIZAN
105 783 until 31.03.2023 Security for the proper performance of the obligations of
Rosehill Investments Sp. z o.o. resulting from the program
contract concluded on 31.08.2017. Issued in EUR.
Projekt Beethovena –
Projekt Echo – 122 Sp.
zo.o. SKA
PKO BP S.A. 36 000 until 30.06.2023 Security for exceeding the costs of performing the Moje
Miejsce oce project in Warsaw.
Echo Investment S.A. LUX Europa III S.a.r.l. 6 450 until 7.05.2021 Security for the liabilities of Dellia Investments - Projekt
Echo - 115 Sp. z o.o. Sp.K. arising from the contract of
quality guarantee concluded on 27.03.2019.
Dellia Investments - Pro-
jekt Echo - 115 Sp. zo.o.
Sp.K.
LUX Europa III S.a.r.l. 101 249 until 31.12.2024 Security for the proper performance of Dellia Investments
- Projekt Echo - 115 Sp. z o.o. Sp.K. arising from the sale
contract of the Gatehouse Oces building being part of
the Warsaw Brewery complex. Issued in EUR.
Dellia Investments - Pro-
jekt Echo - 115 Sp. zo.o.
Sp.K.
LUX Europa III S.a.r.l. 117 until 30.06.2029 Security for the proper performance of Dellia Investments
- Projekt Echo - 115 Sp. z o.o. Sp.K. liabilities, arising from
the sale agreement of the Gatehouse Oce building in
the Warsaw Brewery complex. Rental guarantee issued
in EUR. The maximum amount of the liability will be
successively reduced as the amount of the liability that is
secured by the guarantee decreases.
Dellia Investments - Pro-
jekt Echo - 115 Sp. zo.o.
Sp.K.
LUX Europa III S.a.r.l. 163 550 until 30.06.2030 Security for the proper performance of Dellia Investments
- Projekt Echo - 115 Sp. z o.o. Sp.K. liabilities, arising from
the sale agreement of the Gatehouse Oce building in
the Warsaw Brewery complex. Issued in PLN.
Dellia Investments - Pro-
jekt Echo - 115 Sp. zo.o.
Sp.K.
LUX Europa III S.a.r.l. 50 763 until 3.03.2027 Security for the proper performance of the liabilities of
Dellia Investments - Projekt Echo - 115 Sp. z o.o. Sp.K.
arising from the sale contract of the Gatehouse Oces
building being part of the Warsaw Brewery complex.
Issued in EUR.
Echo Investment S.A. LUX Europa III S.a.r.l. 25 until 30.06.2021 Security of the liabilities of Dellia Investments - Projekt
Echo - 115 Sp. z o.o. Sp.K. arising from the rental guaran-
tee contract. The maximum amount of the liability will be
successively reduced as the amount of the liability that is
secured by the guarantee decreases.
Dellia Investments - Pro-
jekt Echo - 115 Sp. zo.o.
Sp.K.
Bank Pekao S.A. 73 738 until conversion
from construction
into investment loan
Guarantee securing the costs exceed of the oce project
in the Warsaw Brewery complex in Warsaw. Issued in
EUR.
Projekt 17 - Grupa Echo
Sp. zo.o. SKA
Bank Millennium S.A. 8 045 until conversion
from construction
into investment loan
Guarantee of exceeding the costs of performing the West
4 Business Hub oce project in Wrocław.
Projekt 17 - Grupa Echo
Sp. zo.o. SKA
Bank Millennium S.A. 4 938 until conversion
from construction
into investment loan
Guarantee securing rent proceeds during the performan-
ce of the West 4 Business Hub oce project in Wrocław.
Issued in EUR.
Projekt 132 - City Space -
GP Sp. zo.o. Sp.K.
issued for Echo - Opol-
ska Business Park Sp. z
o.o. Sp.K. (currently enti-
tled EPP Development 6
Sp. z o.o.)
2 147 until 30.06.2021 Security for the liabilities of Projekt 132 - City Space - GP
Sp.z o.o. Sp.K. arising from the lease agreement conc-
luded on 4.06.2019. Issued in EUR.
Face2Face – Stranraer
Sp. z o.o. SKA (previo-
usly na-med Projekt 20
- Grupa Echo Sp. z o.o.
SKA)
Bank Pekao S.A. 70 000 until 29.12.2023 Guarantee securing cost overrun, covering interests on
minimal level and securing own contribution on Face2Fa-
ce oce project in Katowice. Issued in PLN.

| Financial statement
68
Standalone nancial report of Echo Investment S.A. for 2020
GUARANTEE AGREEMENTS ISSUED BY ECHO INVESTMENT S.A. AS AT 31 DECEMBER 2020
PLN ‘000
For Beneciary
Value
[PLN
‘000] Validity Due
Echo - Opolska Business
Park Sp. zo.o. Sp.K.
EPP Development 6 Sp.
zo.o.
4 027 until 11.02.2025 Corporate guarantee of Echo Investment S.A. securing
the rent guarantee related to the sale of O3 Business
Campus III in Cracow. Partly issued in EUR. The maximum
amount of liability will be successively reduced as the
amount of liability secured by the guarantee decreases.
Echo - Opolska Business
Park Sp. zo.o. Sp.K.
EPP Development 6 Sp.
zo.o.
37 226 until 9.08.2028 Construction guarantee related to the sale of the O3 Bu-
siness Campus III oce building in Kraków. The guaran-
tee is secured by a corporate guarantee issued by Echo
Investment S.A. Guarantee issued in EUR.
Galeria Libero - Projekt
Echo - 120 Sp. zo.o.
Sp.K.
Tax Administration Oce
Director in Kielce
873 until 10.02.2021 Lottery guarantee for Galeria Libero - Projekt Echo - 120
Sp. z o.o. Sp.K.
143 - City Space - GP Sp.
zo.o. Sp.K.
Berea Sp. zo.o. 21 until 22.06.2024 Security for the liabilities of Projekt 142 - City Space - GP
Sp.z o.o. Sp.K. arising from the lease agreement conc-
luded on 21.05.2019. Issued in EUR.
143 - City Space - GP Sp.
zo.o. Sp.K.
Berea Sp. zo.o. 112 until 29.09.2024 Security for the liabilities of Projekt 142 - City Space - GP
Sp. z o.o. Sp.K. arising from the lease agreement conc-
luded on 21.05.2019. Issued in EUR.
Aquarius - City Space -
GP Sp. zo.o. Sp.K.
Skua Sp. zo.o. 26 until 31.12.2021 Bank guarantee issued by PKO Bank Polski S.A. at the
request of Echo Investment securing the liabilities of
Aquarius - City Space - GP Sp. z o.o. Sp.K. under the lease
agreement of 5.09.2018.
Aquarius - City Space -
GP Sp. zo.o. Sp.K.
Horta Sp. zo.o. 608 until 31.12.2021 Bank guarantee issued by PKO Bank Polski S.A. at the
request of Echo Investment securing the liabilities of
Aquarius - City Space - GP Sp. z o.o. Sp.K. under the lease
agreement of 5.09.2018.
Projekt 12 - Grupa Echo
Sp. zo.o. SKA
Tesco (Polska) Sp. zo.o. na until 30.06.2025 Echo Investment S.A. corporate guarantee securing
performance of obligations of Project 12 - Grupa Echo
Sp. z o.o. SKA regarding priority to lease space in the
new shopping center, resulting from the preliminary sales
contract of real estate concluded on 30.07.2019. Due to
business and legal arrangements the warranty has no
upper limit potential liability.
Tryton City Space - GP
Sp. zo.o. Sp.K.
Tryton Business Park Sp.
zo.o.
1 245 until 31.01.2021 Security for the liabilities of Tryton City Space - GP Sp.z
o.o. Sp.K. arising from the lease contract concluded on
12.06.2018. Issued in EUR.
Supersam City Space -
GP Sp. zo.o. Sp.K.
DH Supersam Katowice
Sp. zo.o. Sp.K.
389 until 31.01.2021 Security for the liabilities of Supersam City Space - GP
Sp. z o.o. Sp.K. arising from the lease agreement conc-
luded on 28.02.2017. Issued in EUR.
Sagittarius - Projekt
Echo - 113 Sp. zo.o. Sp.K.
Warburg-HiH Invest Real
Estate GmbH
1 082 until 05.05.2021 Security of the liabilities of Sagittarius-Projekt Echo - 113
Sp.z o.o. Sp.k. arising from the rental guarantee contract.
The maximum amount of the liability will be successively
reduced as the amount of the liability that is secured by
the guarantee decreases.
Nobilis - City Space GP
Sp. zo.o. Sp.K.
Nobilis - Business House
sp. zo.o.
602 until 31.10.2027 Guarantee securing liabilities of Nobilis – City Space
GP Sp. z o.o. Sp.K. resulting from the annex to leasing
agreement. Issued in EUR.
Midpoint 71 – Cornwall
Investments Sp. zo.o.
SKA
PKO BP S.A. 39 000 until 31.12.2026 Guarantee securing cost overrun and maintanance of
unleased area on Midpoint 71 oce project in Wroclaw.
Issued in PLN.
Midpoint 71 – Cornwall
Investments Sp. zo.o.
SKA
PKO BP S.A. 20 051 until 31.12.2029 Guarantee securing debt service cover ratio and covering
rent-free periods in lease agreements on Midpoint 71
oce project in Wroclaw. Issued in EUR.
Gosford Investment Sp.
zo.o.
Womak Delta Sp. zo.o. 29 until 14.07.2021 Rent guarantee - apartment sales oce in Wrocław
Projekt Echo - 130 Sp.
zo.o.
Bank Pekao S.A. 28 609 until 31.01.2024 Guarantee securing cost overrun of the construction of
Fuzja CDJ complex oce project. Issued in PLN.

| Financial statement
69
Standalone nancial report of Echo Investment S.A. for 2020
GUARANTEE AGREEMENTS ISSUED BY ECHO INVESTMENT S.A. AS AT 31 DECEMBER 2020
PLN ‘000
For Beneciary
Value
[PLN
‘000] Validity Due
Cinema Asset Manager
– Grupa Echo Sp. zo.o.
SKA
Pearl Jewel Sp. zo.o. na earlier of the dates:
handover of the space
in accordance with the
future lease agreement
or 8 years from the
date of concluding
the future lease
agreement.
Corporate guarantee of Echo Investment S.A. securing
performance of obligations of Cinema Asset Manager
- Grupa Echo Sp. z o.o. SKA concerning provision of
substitute premises and premises under the future lease
agreement in a new oce building, resulting from the
property sales agreement signed on 1.12.2020. Due to
business and legal arrangements, the guarantee has no
upper limit of potential liability.
Total 1 137 824

| Financial statement
70
Standalone nancial report of Echo Investment S.A. for 2020
GUARANTEE AGREEMENTS ISSUED BY ECHO INVESTMENT S.A. AS AT 31 DECEMBER 2019
PLN ‘000
For Beneciary
Value
[PLN
‘000] Validity Due
Projekt 1 - Grupa Echo
Sp. zo.o. SKA
Horta Sp. zo.o. 21293 until 02.07.2020 Performance bond for the final sale agreement of the
Aquarius Business House I oce building in Wrocław.
Issued in EUR.
Projekt 104 Sp. zo.o. Skua Sp. zo.o. 25551 until 31.07.2021 Performance bond for the final contract
sales and the master lease agreements for the Aquarius
Business oce building House II in Wrocław. Issued in
EUR.
Echo Investment S.A. IREEF – Stryków Propco
Sp. zo.o.
997 until 15.12.2019 Construction work quality guarantee related to the Q22
oce building in Warsaw.
Q22 - Projekt Echo - 128
Sp. zo.o. Sp.K.
IREEF – Stryków Propco
Sp. zo.o.
1187 unti 31.05.2022 Rental guarantee related to the sale of the oce building
Q22 in Warsaw. The guarantee is issued in EUR. The amo-
unt of the guarantee is updated as the liability decreases.
Echo - Opolska Business
Park Sp. zo.o. Sp.K.
issued to Ventry Invest-
ments Sp. z o.o. Sp.K.
(currently authorized
entity of EPP Oce O3
Business Campus sp.z
o.o)
38857 until 21.12.2026 Construction guarantee related to the sale of the O3 Bu-
siness Campus I oce building in Kraków. The construc-
tion guarantee is secured by is the corporate guarantee
issued by Echo
Investment S.A. The guarantee issued in EUR. The ma-
ximum amount of responsibilities will be progressively
reduced as the amount of the liability that the guarantee
secures decreases.
Echo - Opolska Business
Park Sp. zo.o. Sp.K.
issued to Ventry Invest-
ments Sp. z o.o. Sp.K.
(currently authorized
entity EPP Oce O3 Bu-
siness Campus sp.z o.o)
958 until 21.05.2020 Rental guarantee related to the sale of O3 Business
Campus I in Kraków. The rental guarantee is secured by
the corporate guarantee issued by Echo Investment S.A.
Partly issued in EUR. The maximum amount of responsi-
bilities will be progressively reduced as the amount of the
liability that the guarantee secures decreases.
ZAM - Projekt Echo - 127
Sp. zo.o. Sp.K.
issued to Emfold
Investments Sp. z o.o.
(currently authorized
entity Tryton Business
Park sp.z o.o.)
40533 until 21.12.2026 Construction guarantee related to the sale of the Tryton
oce building in Gdańsk. The construction guarantee
is secured by the corporate guarantee issued by Echo
Investment S.A.
The guarantee is issued in EUR.
ZAM - Projekt Echo - 127
Sp. zo.o. Sp.K.
issued to Emfold
Investments Sp. z o.o.
(currently authorized
entity Tryton Business
Park sp.z o.o.)
– until 21.05.2020 Rental guarantee related to the sale of the Tryton oce
building in Gdańsk. The rental guarantee is secured by
the corporate guarantee issued by Echo Investment S.A.
Partly issued in EUR. The maximum amount of responsi-
bilities will be progressively reduced as the amount of the
liability that the guarantee secures decreases.
Symetris - Projekt Echo -
131 Sp. zo.o. Sp.K.
issued to Flaxton Invest-
ments Sp. z o.o. (cur-
rently authorized entity
EPP Oce - Symetris
Business Park sp. Z o.o.)
17339 until 21.12.2026 Construction guarantee related to the sale of the Syme-
tris I oce building in Łódź. The construction guarantee
is secured by the corporate guarantee issued by Echo
Investment S.A. Issued in EUR.
Symetris - Projekt Echo -
131 Sp. zo.o. Sp.K.
issued to Flaxton Invest-
ments Sp. z o.o. (cur-
rently authorized entity
EPP Oce - Symetris
Business Park sp. Z o.o.)
71 until 21.05.2020 Rental guarantee related to the sale of the Symetris I
oce building in Łódź. The rental guarantee is secured
with the corporate guarantee issued by Echo Investment
S.A. Partly issued in EUR. The maximum amount of the
liability shall be decreased successively as the amount of
the liability covered by the guarantee decreases.
Projekt Echo 135 Sp.
zo.o. Sp.K.
A4 Business Park sp.
zo.o.
23422 until 26.04.2027 Construction guarantee related to the sale of the A4
Business Park III stage oce building in Katowice. The
guarantee is secured by the corporate guarantee issued
by Echo Investment S.A.
Issued in EUR
Projekt Echo 135 Sp.
zo.o. Sp.K.
A4 Business Park sp.
zo.o.
– until 26.09.2020 Rental guarantee related to the sale of the A4 Business
Park III stage oce building in Katowice. The rental gu-
arantee is secured by the corporate guarantee issued by
Echo Investment S.A. Partly issued in EUR. The maximum
amount of the liability will be successively reduced as
the amount of the liability that the guarantee secures
decreases.

| Financial statement
71
Standalone nancial report of Echo Investment S.A. for 2020
GUARANTEE AGREEMENTS ISSUED BY ECHO INVESTMENT S.A. AS AT 31 DECEMBER 2019
PLN ‘000
For Beneciary
Value
[PLN
‘000] Validity Due
Echo - Opolska Business
Park Sp. zo.o. Sp.K.
EPP Oce O3 Business
Campus
Sp. zo.o.
37048 until 21.12.2027 Construction guarantee related to the sale of the O3 Bu-
siness Campus II oce building in Kraków. The guarantee
is secured by the corporate guarantee issued by Echo
Investment S.A. The guarantee is issued in EUR.
Echo - Opolska Business
Park Sp. zo.o. Sp.K.
EPP Oce O3 Business
Campus
Sp. zo.o.
1873 until 28.05.2021 Corporate guarantee of Echo Investment SA securing the
rent guarantee related to the sale of O3 Business Campus
II in Kraków. Partly issued in EUR. The maximum amount
of the liability shall be successively reduced as the amo-
unt of the liability secured by the guarantee decreases.
Berea Sp. zo.o. Santander Bank Polska,
PKO BP SA, Bank Go-
spodarstwa Krajowego
and mBank S.A.
39604 until credit conversion
from construction into
investment loan
Security of overrun of costs of the construction of the
Galeria Młociny project in Warsaw and obligations of
Berea Sp. z o.o. resulting from the loan contract signed
on 17.10.2017. Issued in EUR
Direct guarantee of Echo
Investment S.A.
Nobilis - Projekt Echo
- 117
Sp. zo.o. Sp. K.
40000 until 31.10.2026 Quality guarantee for construction work related to the
Nobilis oce building in Wrocław.
Direct guarantee of Echo
Investment S.A. / Forum
60 FIZ
Nobilis - Projekt Echo
- 117
Sp. zo.o. Sp. K.
1611 until 28.12.2020 Rental guarantee related to the sale of the Nobilis oce
building in Wrocław. Issued in EUR. The maximum amo-
unt of liability will be successively reduced as the amount
of liability secured by the guarantee decreases.
Grupa Echo Sp. zo.o. /
Forum 60 FIZ
IB 14 FIZAN 76126 until 24.05.2024 Security of due performance of obligations resulting from
the contract of sale of the West Link oce building in
Wrocław. Issued in EUR. After 24.05.2021 the amount of
maximum liability will be reduced by 80%.
Midpoint 71-Cornwall
Investments Sp. zo.o.
SKA
A19 Sp. zo.o. 25551 until 4.07.2038 Guarantee for obligations of Projekt 22 - „Grupa Echo”
Sp. z o.o. - SKA (Midpoint 71) under the good neighbourly
agreement concluded on 4.07.2018. Issued in EUR
Symetris - Projekt Echo -
131 Sp. zo.o. Sp.K.
issued to Flaxton Invest-
ments Sp. z o.o. (cur-
rently authorized entity
EPP Oce - Symetris
Business Park sp. Z o.o.)
16258 until 15.11.2020 Construction guarantee related to the sale of the Syme-
tris II stage project in Łódź. Issued in EUR. The maximum
amount of liability may be successively reduced aas the
amount of liability secured by the guarantee decreases.
Symetris - Projekt Echo -
131 Sp. zo.o. Sp.K.
issued to Flaxton Invest-
ments Sp. z o.o. (cur-
rently authorized entity
EPP Oce - Symetris
Business Park sp. Z o.o.)
205 until 27.12.2021 Rental guarantee related to the sale of the Symetris II sta-
ge in Łódź. Partially issued in EUR. The maximum amount
of liability will successively decrease as the amount of
liability secured by the guarantee decreases.
Echo Investment S.A. PeKaO S.A. 14147 until 30.06.2029 Guarantee of exceeding costs of residential projects: R4R
Łódź Wodna, R4R Wrocław Rychtalska, R4R Warszawa
Browary, R4R Wrocław Kępa.
Echo Property Poznań 1
Sp. zo.o. / Dellia Invest-
ments - Projekt Echo -
115 Sp. zo.o. Sp.K. / Echo
SPV 7 Sp. zo.o.
R4R Wroclaw Kępa Sp.
zo.o./R4R Warszawa
Browary Sp. zo.o.
84809 until 31.07.2021 Guarantee of repayment of advance payments made by
R4R companies in accordance with preliminary proper-
ty sales contracts: Kępa Mieszczańska in Wrocław and
Browary Warszawskie E in Warsaw, Echo SPV 7 sp. z o.o.
entered into preliminary agreements as a joint and several
debtor responsible for the sellers’ obligations.
Rosehill Investments
Sp. zo.o.
IB 6 FIZAN / GPF 3
FIZAN
132733 until 31.10.2021 Security for proper performance of Rosehill Investments
Sp. z o.o.’s obligations under the programme agreement
concluded on 31.08.2017. Issued in EUR.
Tryton City Space - GP
Sp. zo.o. Sp.K.
Tryton Business Park
Sp. zo.o.
540 until 31.01.2020 Security for liabilities of Tryton City Space - GP sp.z o.o.
sp.k. arising from the lease agreement concluded on
12/06/2018. Issued in EUR.
Supersam City Space -
GP Sp. zo.o. Sp.K.
DH Supersam Katowice
Sp. zo.o. Sp.k.
359 until 31.01.2020 Security for liabilities of Supersam City Space - GP sp. z
o.o. sp.k. resulting from the lease agreement concluded
on 28.02.2017. Issued in EUR.
Echo Investment S.A. City of Katowice 758 until 16.01.2020 Warranty security and quality guarantee for liabilities of
Galeria Libero - Projekt Echo 120 Sp. z o.o. Sp.K. arising
from an agreement concluded on 16.06.2016 concerning
the execution of a road investment.
Echo Investment S.A. PKO BP S.A. 36000 until 30.06.2023 Securing the cost overrun of the Moje Miejsce oce
project in Warsaw.

| Financial statement
72
Standalone nancial report of Echo Investment S.A. for 2020
GUARANTEE AGREEMENTS ISSUED BY ECHO INVESTMENT S.A. AS AT 31 DECEMBER 2019
PLN ‘000
For Beneciary
Value
[PLN
‘000] Validity Due
Echo Investment S.A. LUX Europa III S.a.r.l. 6 450 till 25.03.2020 Collateral for liabilities of Dellia Investments - Projekt
Echo - 115 Sp. z o.o. Sp.k. arising from the quality assuran-
ce agreement of 27.03.2019.
Dellia Investments - Pro-
jekt Echo - 115 Sp. zo.o.
Sp.K.
LUX Europa III S.a.r.l. 93432 until 31.12.2024 Security for proper performance of obligations of Dellia
Investments - Projekt Echo - 115 Sp. z o.o. Sp. k., arising
from the contract of the sale of the Gatehouse Oces
building in the Browary Warszawskie complex. Issued in
EUR.
Dellia Investments - Pro-
jekt Echo - 115 Sp. zo.o.
Sp.K.
LUX Europa III S.a.r.l. 570 until 30.06.2029 Security for proper performance of obligations of Dellia
Investments - Projekt Echo - 115 Sp. z o.o. Sp.K. under the
contract of the sale of the Gatehouse Oces building in
the Browary Warszawskie complex. The rental guarantee
issued in EUR. The maximum amount of liability will be
successively reduced as the amount of liability covered
by the guarantee decreases.
Dellia Investments - Pro-
jekt Echo - 115 Sp. zo.o.
Sp.K.
LUX Europa III S.a.r.l. 163550 until 30.06.2030 Security for proper performance of obligations of Dellia
Investments - Projekt Echo - 115 Sp. z o.o. Sp.K. under the
contract of the sale of the Gatehouse Oces oce buil-
ding in the Browary Warszawskie complex. Issued in PLN.
Dellia Investments - Pro-
jekt Echo - 115 Sp. zo.o.
Sp.K.
LUX Europa III S.a.r.l. 46844 until 03.03.2027 Security for proper performance of obligations of Dellia
Investments - Projekt Echo - 115 Sp. z o.o. Sp.K. under the
contract of the sale of the Gatehouse Oces building in
the Browary Warszawskie complex. Issued in EUR.
Echo Investment S.A. LUX Europa III S.a.r.l. 366 till 30.06.2020 Security for liabilities of Dellia Investments - Project Echo
- 115 Sp. z o.o. Sp.k. resulting from the rental guarantee
agreement. The maximum amount of liability will be suc-
cessively reduced as the amount of the liability that the
guarantee secures.
Echo Investment S.A. PeKaO S.A. 68045 until credit conversion
from construction into
investment loan
Guarantee of exceeding the costs of the oce project in
the Browary Warszawskie complex in Warsaw. Issued in
EUR.
Echo Investment S.A. Bank Millenium S.A. 8045 until credit conversion
from construction into
investment loan
Guarantee of exceeding the costs of the West 4 Business
Hub oce project in Wrocław.
Echo Investment S.A. Bank Millenium S.A. 4557 until credit conversion
from construction into
investment loan
Guarantee securing the income from leases during the
construction of the West 4 Business Hub oce project in
Wrocław. Issued in EUR
Projekt 132 - City Space -
GP Sp. zo.o. Sp.K.
issued to Echo-Opolska
Business Park Sp. z o.o.
Sp.k. (currently authori-
zed entity EPP DEVE-
LOPMENT 6 sp.z o.o.)
1008 until 30.06.2020 Security for liabilities of Projekt 132 - City space - GP sp.
z o.o. sp.k. resulting from the lease agreement concluded
on 04.06.2019. Issued in EUR.
Echo Investment S.A. PeKaO S.A. 70000 until 29.12.2023 Guarantee for cost overruns, minimum interest coverage
and securing of own contribution for Face2Face oce
project in Katowice. Issued in PLN.
Echo Investment S.A. BNP Paribas Bank Polska
S.A.
10499 until 1.12.2022 Security of exceeding the costs of the React oce pro-
ject in Łódź.
Echo-Opolska Business
Park Sp. zo.o. Sp.K.
EPP Development 6 Sp.
zo.o.
8337 until 11.02.2025 Corporate guarantee of Echo Investment SA securing the
rent guarantee related to the sale of O3 Business Campus
III in Cracow. Partly issued in EUR. The maximum amount
of liability will be successively reduced as the amount of
liability secured by the guarantee decreases.
Echo-Opolska Business
Park Sp. zo.o. Sp.K.
EPP Development 6 Sp.
zo.o.
34352 until 9.08.2028 Construction guarantee related to the sale of the O3 Bu-
siness Campus III oce building in Kraków. The guaran-
tee is secured by a corporate guarantee issued by Echo
Investment S.A. The guarantee is issued in EUR.
Galerie Libero - Projekt
Echo - 120 Sp. zo.o.
Sp.K.
Tax Administration Oce
Director in Kielce
873 till 10.02.2021 Lottery guarantee for Galeria Libero - Projekt Echo - 120
Sp. z o.o. SK

| Financial statement
73
Standalone nancial report of Echo Investment S.A. for 2020
GUARANTEE AGREEMENTS ISSUED BY ECHO INVESTMENT S.A. AS AT 31 DECEMBER 2019
PLN ‘000
For Beneciary
Value
[PLN
‘000] Validity Due
Berea Sp. zo.o. 142 - City Space - GP Sp.
zo.o. sp. K
20 until 22.06.2024 Security for liabilities of Projekt 142 - City space - GP
Sp. z o.o. Sp. k. resulting from the lease agreement
concluded on 21.05.2019. Issued in EUR.
Berea Sp. zo.o. 142 - City Space - GP Sp.
zo.o. sp. K
103 until 29.09.2024 Security for liabilities of Projekt 142 - City space - GP
Sp. z o.o. Sp.K. arising from the lease agreement conc-
luded on May 21, 2019. Issued in EUR.
Aquarius - City Space -
GP Sp. zo.o. Sp.K.
Skua Sp. zo.o. 24 until 17.12.2020 Bank guarantee issued at request of Echo Investment,
securing liabilities of Aquarius - City Space - GP Sp. z o.o.
Sp.K. under the lease agreement of 5.09.2018.
Aquarius - City Space -
GP Sp. zo.o. Sp.K.
Horta Sp. zo.o. 594 until 17.12.2020 Bank guarantee issued at the request of Echo Investment
to secure obligations of Aquarius - City Space - GP Sp. z
o.o. Sp.K. under the lease agreement of 5.09.2018.
Projekt 12 - Grupa Echo
Sp. zo.o. SKA
Tesco (Polska) Sp. zo.o. – until 30.06.2025 Corporate guarantee of Echo Investment SA securing
the performance of obligations Project 12 - Grupa Echo
Sp. z o.o. S.K.A on provision of priority lease of space in
the new shopping centre and resulting from the prelimi-
nary property sales agreement concluded on 30.07.2019
between Projekt 12 - Grupa Echo Sp. z o.o. S.K.A a Tesco
(Poland) sp. z o.o. Due to business and legal arrange-
ments, the guarantee has no upper limit of potential
liability.
Total 1 195 499

| Financial statement
74
Standalone nancial report of Echo Investment S.A. for 2020
Explanatory notes to profit
and loss account
REVENUE STRUCTURE  TYPES OF ACTIVITIES PLN ‘000
1.01.2020-
31.12.2020
1.01.2019-
31.12.2019
REVENUE FROM AGREEMENTS WITH CUSTOMERS 328 805 311 062
Sale of residential and commercial area 225 301 179 452
from related parties 46 465 -
– from joint-ventures 46 465 -
– from key Sta -
Property development services 69 357 76 506
from related parties 68 625 73 573
from subsidiaries 60 116 57 873
from joint-ventures 8 509
Sale of plots 5 449 2 962
from related parties - -
Legal, accounting, consulting and IT services 4 258 9 999
from related parties 4 258 9 595
from subsidiaries 4 258 9 595
from joint ventures - -
Financial, marketing, securing services and other revenue 24 440 42 143
from related parties 21 927 39 932
from subsidiaries 20 447 26 031
from joint ventures 1 479
from key sta 1 58
REVENUES FROM LEASE 754 1 862
Leasing services 754 1 862
from related parties 380 1 395
from subsidiaries 380 -
from joint ventures -
Total operating revenue 329 559 312 924
from related parties 141 655 124 495
from subsidiaries 85 201 93 499
from joint ventures 56 453 -
from key personnel 1 58
The Company did not conclude transac-
tions with related parties on terms oth-
er than market terms. The agreements
concerning significant transactions with
related entities executed in the previous
year were presented by the Company in
additional explanations.
NOTE 19A

| Financial statement
75
Standalone nancial report of Echo Investment S.A. for 2020
NOTE 19B
The Company recognizes revenue when the obliga-
tion to perform the service is met. The obligation
to perform the service is considered fulfilled upon
the release of the property to the buyer, which
takes place on the basis of the acceptance proto-
col signed by the parties only after the completion
of the property construction process and receipt of
the occupancy permit, and provided that the buy-
er makes 100% payments for the purchase price
property. Agreements concluded within this group
of revenues do not contain the element of variable
The total value of revenues to be recognized in the
future related to the obligations to perform the
contract for the sale of residential and commercial
space under contracts signed as at the balance sheet
date, December 31, 2020 is PLN 299,364 thousand,
of which up to the balance sheet date the Company
The Company provides services for implementation
of development projects: preparation and organi-
sation of the investment process of projects owned
by other entities - mostly subsidiaries. As part of its
duties, the Company undertakes to perform supervi-
sory, management, legal and other activities neces-
sary to manage the investment. The process includes
preparation of investments, organisation and service
of tenders for construction works, supervision and
coordination of construction works as well as cus-
tomer. The company recognises revenues at the time
The company did not conclude transactions with
aliated entities on terms other than market terms.
Agreements regarding significant transactions with
REVENUES BY TYPE OF ACTIVITY PLN ‘000
1.01.2020-
31.12.2020
1.01.2019-
31.12.2019
Short-term advanced payments received (note 9A) – opening
balance
100 163 69 657
Increase – payments 208 391 209 958
Presented as revenue in the period (225 301) (179 452)
- including revenue in the period, recognized in received advan-
ced payments balance at the beginning of the period
(100 163) (69 657)
Short-term advanced payments received (note 9A) – closing
balance
83 253 100 163
aliate entities implemented in the previous year
were presented by the Company in additional ex-
planations.
Revenues related to development activity
- sale of residential and commercial units
Revenues of investment implementation services
remuneration. In addition, in the Company’s opinion,
the concluded contracts do not contain a significant
financing element. Due to such nature of contracts,
the Company, as a rule, does not show receivables
or other assets balances under contracts related to
this group of revenues. The contractual obligations
reflect the short-term down payments made by the
clients. The table below presents changes in the lia-
bilities balance under agreements in relation to this
group of revenues.
received advance payments in the amount of PLN
83,253 thousand. These revenues will be recognized
when real estate is handed over to buyers, after con-
struction is completed and necessary administrative
decisions are obtained, which occurs on average af-
ter a period of approximately 1-3 months after the
completion of construction.
of fulfilment of the obligation to perform the ser-
vice, i.e. during the service provision period. The re-
muneration resulting from the concluded contracts
is permanent and due to the Company monthly. In
addition, in the Company’s opinion, the concluded
contracts do not contain a significant element of fi-
nancing. Due to such nature of the contracts signed,
there are no significant balances of assets or liabil-
ities under contracts, except for trade receivables
(see note 9).

| Financial statement
76
Standalone nancial report of Echo Investment S.A. for 2020
The Management Board analysed the other con-
tracts for the provision of services, including real
estate intermediation services, book-keeping, legal,
consulting, informatic, financial, marketing and other
services, most of which are carried out for aliat-
ed entities within activities under Echo Investment
S.A.’s holding company. The Company recognises
the revenue when the obligation to perform the ser-
vice is fulfilled, i.e. for certain contracts – at the time
of completion of a given type of service (e.g. signing
a real estate sale contract as a result of the real es-
tate intermediation service) or during the provision
of a given type of service (e.g. period of provision
of bookkeeping services, marketing services, con-
sultancy, legal and property management). In the
majority of cases, services are provided on a month-
Other revenues of the company
ly basis and are thus accounted for and payable to
the Company. For some contracts (e.g. real estate
intermediation) the remuneration resulting from
concluded contracts contains a variable element,
however, the nature of these contracts shows that
the Company is entitled to remuneration only when
the contractual obligation is fulfilled, which results
in the fact that the variable remuneration is known
at the moment of recognizing revenue and its val-
ue is not changed later. Moreover, in the Company’s
opinion, the concluded agreements do not contain
a significant element of financing. In connection
with this nature of the contracts signed, there are
no significant balances of assets or liabilities under
contracts, other than trade receivables (see note 9).
REVENUE RELATED TO DEVELOPMENT SERVICES
AS AT 31 DECEMBER 2020
PLN ‘000
Project
Targeted
completion
Targeted
revenue
Total value deferred reve-
nue related to liabilities
resulting from concluded
agreements
Received advanced
payments
Osiedle Bonarka Living I, Kraków IV Q 2021 68 400 68 400 6 363
Puszkarska R4R, Kraków IQ 2001
– sale of landplot
5 969 5 969 5 969
Osiedle Jarzębinowe V, Łódź completed 43 911 6 -
Nowa Dzielnica, Łódź completed 30 200 1 535 1
Osiedle Jarzębinowe VII, Łódź completed 36 661 4 857 2 690
Osiedle Jarzębinowe VIII, Łódź IV Q 2021 39 302 39 302 12 111
Grota - Roweckiego 111 phase III completed 16 232 60 -
Nasze Jeżyce, Poznań II Q 2021 57 829 57 829 21 361
Nasze Jeżyce II, Poznań II Q 2021 64 200 64 200 18 059
Apartamenty Esencja, Poznań completed 116 366 38 110 15 204
Ogrody Graua, Wrocław completed 47 207 19 094 1 333
Other projects 2 2 162
Total 526 279 299 364 83 253

| Financial statement
77
Standalone nancial report of Echo Investment S.A. for 2020
NOTE 19D
NOTE 19C
REVENUE  SUBLEASING PLN ‘000
1.01.2020-
31.12.2020
1.01.2019-
31.12.2019
Leasing services 364 1 421
Total 364 1 421
REVENUE  TERRITORIAL STRUCTURE
PLN ‘000
1.01.2020-
31.12.2020
1.01.2019-
31.12.2019
Domestic 329 559 312 744
from related parties 141 655 124 468
Abroad - 180
from related parties - 27
Total net revenue from sale of products 329 559 312 924
from related parties 141 655 124 495
Until March 31, 2020 the Company sublets part of the oce
space rented in Q22 building in Warsaw.
REVENUE RELATED TO DEVELOPMENT SERVICES
AS AT 31 DECEMBER 2019
PLN ‘000
Project
Targeted
completion
Targeted
revenue
Total value deferred reve-
nue related to liabilities
resulting from concluded
agreements
Received advanced
payments
Dom Pod Wilgą III, Kraków completed 41839 492 420
Rydla 32, Kraków completed 48557 3994 2082
Osiedle Jarzębinowe V, Łódź completed 43926 2952 936
Nowa Dzielnica, Łódź completed 30076 3503 1023
Osiedle Jarzębinowe VI, Łódź I Q 2020 20063 20063 10027
Osiedle Jarzębinowe VII, Łódź IV Q 2020 35864 35864 4493
Grota - Roweckiego 111 phase IIII, Wrocław completed 16300 8939 5851
Wodna Resi4Rent, Łódź III Q 2019 45791 45791 42168
Nasze Jeżyce, Poznań I Q 2021 57823 57823 5628
Nasze Jeżyce II, Poznań II Q 2021 63695 63695 845
Apartamenty Esencja, Poznań IVQ 2020 115398 115398 14621
Ogrody Graua, Wrocław IIQ 2020 44846 44846 11860
Other projects 209 209 209
Total 564 387 403 569 100 163

| Financial statement
78
Standalone nancial report of Echo Investment S.A. for 2020
NOTE 20A
OPERATING EXPENSES BY TYPE
PLN ‘000
1.01.2020-
31.12.2020
1.01.2019-
31.12.2019
The value of sold goods and materials - -
Amortisation 9 516 8 071
Consumption of materials and energy 37 345 15 649
Third party services 211 359 232 889
Taxes and charges 3 477 3 172
Remunerations 51 127 71 780
Social security and other benefits 10 066 11 830
Other costs by type (due to) 7 625 10 667
business travel 965 6 251
other 6 660 4 416
Total 330 515 354 058
Movement in inventories and products 20 685 (7 775)
Own work capitalised (negative value) - -
Administrative expenses related to projects* (7 836) (10 588)
Selling expenses (negative value)* (22 828) (19 340)
General administrative expenses (negative value)* (66 792) (91 967)
Manufacturing cost of products sold 253 744 224 388
* In selling costs and general and administrative costs, the Company presents the costs of employee benefits
and depreciation.

| Financial statement
79
Standalone nancial report of Echo Investment S.A. for 2020
NOTE 21A
OTHER REVENUE
PLN ‘000
1.01.2020-
31.12.2020
1.01.2019-
31.12.2019
Released provisions 4 203 260
due to receivables - 260
due to expected costs 4 203 -
Other, including: 68 9 214
contractual penalties and compensations 60 147
revenue from sale of debt - 7 770
revenue from sale of non-financial non-current assets 8 224
other - 1 073
Interest on borrowings and bonds 59 464 53 005
from related parties, including: 59 464 53 005
from subsidiaries 38 934 46 006
from joint-ventures 20 530 6 999
Revaluation - -
from loans and bonds granted - -
Other interests 39 104
from other entities 39 104
Total 63 774 62 583
NOTE 21B
OTHER OPERATING INCOME FROM DIVIDENDS
AND SHARES IN PROFITS
PLN ‘000
1.01.2020-
31.12.2020
1.01.2019-
31.12.2019
From related parties including 114 976 57 799
from subsidiaries 114 976 57 799
From other parties - -
Total 114 976 57 799
NOTE 21C
OTHER OPERATING EXPENSES
PLN ’000
1.01.2020-
31.12.2020
1.01.2019-
31.12.2019
Provisions established 1 390 2 806
due to expected costs - 2 806
due to receivables 1 390 -
Other, including: 781 294
donations 553 276
cost of sale of receivables - -
other 228 -
rental guarantee agreement compensation - 18
success fee provision utilisation - -
Revaluation - -
loans and bonds granted* -
Write-o on loans and bonds 10 607 427
from related parties 10 607 427
Total 12 778 3 527
* After reviewing the receivables from loans and bonds, based on the forecast and current results and cash flows
of the borrowers, the Company estimated the expected losses for individual loans and bonds. In previous periods,
the Company made write-os in the amount of PLN 34 million and, after the analysis as at December 31, 2020,
determined the need to increase the write-o to PLN 44 million.

| Financial statement
80
Standalone nancial report of Echo Investment S.A. for 2020
NOTE 22A
NOTE 22B
FINANCIAL INCOME FROM INTEREST
PLN ’000
1.01.2020-
31.12.2020
1.01.2019-
31.12.2019
Other interest
from other entities 55 837
Total 55 837
OTHER FINANCIAL INCOME
PLN ‘000
1.01.2020-
31.12.2020
1.01.2019-
31.12.2019
Foreign exchange gains 3 316 -
materialised 1 550 -
Profit on sale of interests - 337
Profit on certificate and interests redemption* 433 9 913
Other - 2
Total 3 749 10 252
* transactions are described in notes 4 and 5.
NOTE 22C
FINANCIAL COSTS OF INTEREST
PLN’ 000
1.01.2020-
31.12.2020
1.01.2019-
31.12.2019
On borrowings, loans and bonds
for related entities 9 321 771
– for subsidiaries 9 321 771
for other entities 47 694 51 553
57 015 52 324
Other interest
for other entities 11 16
11 16
From lease
for other entities 426 657
Total financial costs of interest 426 657
Koszty finansowe tytułu odsetek, razem 57 452 52 997
The amount of borrowing costs capital-
ised to the value of inventories as at 31
December 2020 amounted to PLN 2,493
thousand (cap rate 1,37%) and as at 31
December 2019 - PLN 3,436 thousand
(cap rate 0,47%).

| Financial statement
81
Standalone nancial report of Echo Investment S.A. for 2020
NOTE 22D
OTHER FINANCIAL COSTS
PLN ‘000
1.01.2020-
31.12.2020
1.01.2019-
31.12.2019
Foreign exchange losses - 1 235
materialised - -
unmaterialised -
Closing loss - exchange rate options 223 -
IRS 223 -
Loss on sale 2 749 -
interests 2 749 -
Other, including 4 398 6 446
commissions 2 731 3 798
other 1 667 244
liquidation of entities - 2 404
Revaluation of investments 5 625 4 100
IRS 1 624 -
interests 4 001 4 100
Total 12 995 11 781
NOTE 23A
INCOME TAX  EFFECTIVE TAX RATE
PLN ‘000
1.01.2020-
31.12.2020
1.01.2019-
31.12.2019
Profit before tax 77 688 29 807
Income tax according to the national rates 19% 14 761 5 663
Dividends received (9 589) (10 016)
Distribution of profit from limited partnerships (S.K.) (12 256) (965)
Company’s tax burden relative to the result of limited partnerships (sub-
sidiaries)
13 476 (1 369)
Representation costs and other non-deductible costs during the year 12 642 15 372
Provision for expected cost (799) (931)
Measurement of interests of a subsidiary repre-senting a permanent
dierence
760 791
Write-downs on loans granted and bonds pur-chased due to which defer-
red tax was not recog-nised
1 104 567
Movements in the measurement of other items (236) (717)
Charges on the financial result due to income tax 19 863 8 395

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82
Standalone nancial report of Echo Investment S.A. for 2020
NOTE 23B
DEFERRED TAX, TERM OF SETTLEMENT
PLN ‘000
31.12.2020 31.12.2019
Deferred tax liabilities
to be settled within 12 months 17 752 6 982
to be settled after 12 months 1 726 (107)
Deferred tax assets
to be settled within 12 months - -
to be settled after 12 months 56 (2 236)
Total 19 534 4 639
NOTE 23C
TAX BURDEN INCLUDED IN PROFIT OR LOSS
PLN ‘000
31.12.2020 31.12.2019
Current income tax
current tax burden due to income tax 7 203 5 352
adjustments relative to current income tax result from previous years (2 235) (129)
Deered income tax
relative to arises and changes of temporary dif-ferences 14 895 3 173
Total 19 863 8 395
NOTE 24 PROFIT DISTRIBUTION
The net profit generated by Echo In-
vestment S.A. in 2019 amounting to PLN
21,412 thousand was intended for distri-
bution among the Company’s sharehold-
ers, according to the resolution of the Or-
dinary General Meeting of Shareholders
of August 13, 2020. The financial state-
ments of Echo Investment S.A. for 2019
were approved by the resolution of the
Ordinary General Meeting of Sharehold-
ers on August 13, 2020.
In accordance with the resolution of
the Ordinary General Meeting of Share-
holders, Echo Investment S.A. paid div-
idend to shareholders in the amount of
PLN 206,345,291, which constituted the
amount of PLN 0.50 per share. The divi-
dend was fully settled with the advance
payment for the dividend for the financial
year 2019 paid by the Company on Octo-
ber 21, 2019, pursuant to the resolution of
the Management Board of the Company
on September 11, 2019.

| Financial statement
83
Standalone nancial report of Echo Investment S.A. for 2020
Explanatory notes to
cash flow statement
NOTE 25A
CASH INCLUDED IN THE CASH FLOW STATEMENT 
PLN ’000
1.01.2020-
31.12.2020
1.01.2019-
31.12.2019
Opening balance, including 232 147 181 977
cash and cash equivalents 232 147 181 977
Closing balance 107 437 232 147
cash and cash equivalents 107 437 232 147
ADDITIONAL EXPLANATIONS TO THE STRUCTURE OF THE CASH
FLOW STATEMENT
Investing activities comprise interest on loans granted.
In the statement of cash flows of financ-
ing activity, the lessee classifies:
−
cash payments on the main part, in-
cluding interest.
As operational activity, the Company
classifies:
− short-term lease payments,
−
lease payments for low-value assets
and,
− variable lease fees not included in the
valuation of leasing liabilities as part of
operating activity

| Financial statement
84
Standalone nancial report of Echo Investment S.A. for 2020
NOTE 25B
CHANGE OF LIABILITIES ARISING OUT
OF FINANCIAL ACTIVITY
liabilities due to loans,
borrowings and bonds
other liabilities
– dividend included
Balance at the beginning of the period 1 January 2020 1 426 078 -
Financial flows
incomes 605 909
expenses (403 183) -
Non-monetary changes 83 706 -
accrued interest 59 507
Repayment of borrowing - -
valuation of exchange dierences 15 555
dividend paid - -
due to leasing agreements 8 087 -
expenses 557 -
Balance at the end of the period, 31 December 2020 1 712 510 -
CHANGE OF LIABILITIES ARISING OUT
OF FINANCIAL ACTIVITY
liabilities due to loans,
borrowings and bonds
other liabilities
– dividend included
Balance at the beginning of the period 1 January 2019 1171173 -
Financial flows
incomes 634648 -
expenses (314184) (20 345)
Non-monetary changes (65559) 206 345
accrued interest 53 074 -
Repayment of borrowing (125 825) -
valuation of exchange dierences 923 -
dividend paid - 206 345
expenses 6 269 -
Balance at the end of the period, 31 December 2019 1426078 -

| Financial statement
85
Standalone nancial report of Echo Investment S.A. for 2020
NOTE 26
INFORMATION ON FINANCIAL INSTRUMENTS PLN ‘000
Type of instrument NOTE
Classication
according to
IFRS 9
Balance value
at 31.12.2020
Balance value
at 31.12.2019
FINANCIAL ASSETS
Long-term and short-term financial assets 5
bonds 5 amortized
cost
495 221 473 564
certificates 5 amortized
cost
- 4 791
Loans and receivables 1 288 686 857 712
long-term loans 6 amortized
cost
954 425 281 264
short-term loans 10 amortized
cost
294 909 533 608
trade payables 9 amortized
cost
38 342 42 746
leasing amortized
cost
1 010 94
Cash and other monetary assets 149 881 249 867
Other financial assets amortized
cost
42 444 17 720
cash and cash equivalents amortized
cost
107 437 232 147
FINANCIAL LIABILITIES
Other financial liabilities 1 761 996 1 505 399
liabilities due to issue of debt securities 14,16 amortized
cost
1 366 350 1 085 197
trade liabilities 15 amortized
cost
26 389 53 402
loans and borrowings 16 amortized
cost
346 160 340 881
Leasing 15 amortized
cost
23 097 25 919
IFRS 9, which replaced IAS 39, defines three catego-
ries of financial assets, depending on the business
model in terms of asset management and the char-
acteristics of cash flows resulting from the agree-
ment:
− assets measured after initial recognition at amor-
tized cost - if financial assets are held according
to the business model, the purpose of which is
to maintain financial assets to obtain cash flows
arising from the agreement and the contractual
terms relating to those financial assets give rise
to cash flows that are only repayment of the prin-
cipal and the interest;
−
assets measured after initial recognition at fair
value through other comprehensive income – if
financial assets are held according to the business
model, the purpose of which is both to maintain
financial assets to obtain contractual cash flows
and to sell financial assets and the contractual
terms relating to those financial assets give rise
to cash flows, which are only repayment of the
principal and the interest;
− assets measured at fair value through the profit
and loss account - all other financial assets.

| Financial statement
86
Standalone nancial report of Echo Investment S.A. for 2020
NOTE 27
Due to the specificity of the Echo Investment Group,
the impact of the COVID-19 pandemic on Echo In-
vestment S.A. should be analysed from the perspec-
tive of the entire group. The impact of the pandemic
on the Group’s operations is described in note 35 in
the Consolidated Financial Statements.
The impact of the COVID-19 pandemic on
the operations of Echo Investment S.A.

CHAPTER 3
INFORMATION ON
THE FINANCIAL
STATEMENTS

| Financial statement
88
Standalone nancial report of Echo Investment S.A. for 2020

Application of new and
amended standards and
interpretations issued by the
IFRS Interpretations Committee
The following amendments to existing standards
issued by the International Accounting Standards
Board (IASB) and endorsed for use in the EU enter
into force for the first time in the Company’s 2020
financial statements:
Amendments to IAS 1 „Presentation of Financial
Statements” and IAS 8 „Accounting Policies,
Changes in Accounting Estimates and Errors” –
Denition of Materiality
Approved in the EU on November 29, 2019.
The standard is eective for annual periods begin-
ning on or after January 1, 2020.
Amendments to IFRS 3 „Business Combinations”
– Denition of a Business
Approved in the EU on April 21, 2020.
The standard is eective for business combinations
where the acquisition date is on or after the begin-
ning of the first annual period beginning on or after
January 1, 2020, and for asset acquisitions that oc-
curred on or after the beginning of the aforemen-
tioned annual period.
Amendments to IFRS 9 „Financial Instruments”,
IAS 39 „Financial Instruments: Recognition
and Measurement” and IFRS 7 „Financial
Instruments: Disclosures” – Reform of the
Reference Interest Rate
Approved in the EU on January 15, 2020.
The standard is eective for annual periods begin-
ning on or after January 1, 2020.
Amendments to IFRS 16 „Leasing” - Rent Reliefs
in Connection with Covid-19
Approved in the EU on October 9, 2020.
The standard is eective from 1 June 2020 at the
latest for the financial year beginning on 1 January
2020 or later.
Changes to references to the conceptual
framework in IFRS
Approved in the EU on November 29, 2019.
The standard is eective for annual periods begin-
ning on or after January 1, 2020.
The above-mentioned changes to the existing stand-
ards did not have a significant impact on the Com-
pany’s financial statements for 2020.

| Financial statement
89
Standalone nancial report of Echo Investment S.A. for 2020

Published standards and
interpretations which are not
eective yet and have not been
adopted by the Company
New standards and amendments to
existing standards that have already been
issued by the IASB and endorsed by the
EU, but not yet eective
In approving these financial statements, the follow-
ing amendments to existing standards have been
issued by the IASB and endorsed for use in the EU,
which are eective at a later date:
Amendments to IFRS 4 „Insurance Contracts”
entitled „Extension of the temporary exemption
from the application of IFRS 9”
Approved in the EU on December 16, 2020.
The expiry date of the temporary exemption from
IFRS 9 has been extended from January 1, 2021 to
annual periods beginning on or after January 1, 2023.
Amendments to IFRS 9 „Financial Instruments”,
IAS 39 „Financial Instruments: Recognition and
Measurement”, IFRS 7 „Financial Instruments:
Disclosures”, IFRS 4 „Insurance Contracts” and
IFRS 16 „Leasing” - Reform of the Reference
Interest Rate - Stage 2
Approved in the EU on January 13, 2021.
The standard is eective for annual periods begin-
ning on or after 1 January 2021.
New standards and amendments to
existing standards issued by the IASB but
not yet endorsed for use in the EU
The IFRS as endorsed by the EU do not currently
dier significantly from the regulations issued by the
International Accounting Standards Board (IASB),
except for the following new standards and amend-
ments to standards, which as at March 30, 2021 have
not yet been approved for use in the EU The follow-
ing eective dates refer to the full version of the
standards.
IFRS 14 „Deferred balances from regulated
activities”
The standard is eective for annual periods begin-
ning on or after 1 January 2016.
The European Commission has decided not to ini-
tiate the approval process of this interim standard
for use in the EU until the final version of IFRS 14 is
issued.
IFRS 17 „Insurance Contracts” as amended to
IFRS 17
The standard is eective for annual periods begin-
ning on or after January 1, 2023.
Amendments to IAS 1 „Presentation of nancial
statements” – Classication of liabilities as short-
term or long-term
The standard is eective for annual periods begin-
ning on or after January 1, 2023.
Amendments to IAS 1 „Presentation of Financial
Statements” - Disclosures on the accounting
policy applied
The standard is eective for annual periods begin-
ning on or after January 1, 2023.
Amendments to IAS 8 „Accounting Policies,
Changes in Accounting Estimates and Errors” -
Disclosures on the Accounting Policy Applied
The standard is eective for annual periods begin-
ning on or after January 1, 2023.
Amendments to IAS 16 „Property, Plant and
Equipment” – Revenue Earned Before Accepting
the Fixed Assets Component for Use
The standard is eective for annual periods begin-
ning on or after 1 January 2022.
Amendments to IAS 37 „Provisions, Contingent
Liabilities and Contingent Assets” - Onerous
Contracts – Cost of Fullling the Contract
The standard is eective for annual periods begin-
ning on or after 1 January 2022.
Amendments to IFRS 3 „Business Combinations”
– Amendments to references to conceptual
assumptions including amendments to IFRS 3
The standard is eective for annual periods begin-
ning on or after 1 January 2022.

| Financial statement
90
Standalone nancial report of Echo Investment S.A. for 2020
Amendments to IFRS 10 „Consolidated
Financial Statements” and IAS 28 „Investments
in Associates and Joint Ventures” – Sale or
contribution of assets between an investor and
its associate or joint venture and subsequent
amendments
The eective date of the amendments has been
postponed until the completion of research work
on the equity method.
Amendments to various standards „Improvements
to IFRS (2018-2020 cycle)” – changes made
as part of the procedure of introducing annual
improvements to IFRS (IFRS 1, IFRS 9, IFRS
16 and IAS 41) aimed mainly at resolving
inconsistencies and clarifying the vocabulary
(changes to IFRS 1, IFRS 9 and IAS 41
The standards are eective for annual periods be-
ginning on or after January 1, 2022. Amendments to
IFRS 16 concern only the illustrative example, and
therefore the eective date is not provided.
According to the Company’s estimates, the
above-mentioned new standards and changes to
the existing standards would not have a significant
impact on the financial statements, if they had been
applied by the Company as at the balance sheet
date.
Hedge accounting of the portfolio of financial assets
and financial liabilities, the principles of which have
not been approved for use in the EU, still remain
outside the regulations approved by the EU.
According to the Company’s estimates, the applica-
tion of hedge accounting for the portfolio of finan-
cial assets or liabilities in accordance with IAS 39 „Fi-
nancial Instruments: Recognition and Measurement”
would not have a significant impact on the financial
statements, if applied as at the balance sheet date.

| Financial statement
91
Standalone nancial report of Echo Investment S.A. for 2020

Main accounting principles
INTANGIBLE ASSETS
Intangible assets are recognised, if it is likely that
they will result in economic benefits directly attrib-
utable to these assets in the future. Intangible assets
are initially recognised at the purchase price or the
manufacturing cost. After the initial recognition, in-
tangible assets are measured at the purchase price
or the manufacturing cost, less amortisation and
impairment losses. Records of intangible assets are
conducted analytically. The depreciation schedule
corresponding to the useful life of the asset is used
in the depreciation plan.
Intangible assets are tested for impairment, if certain
events or changes in circumstances indicate that the
carrying value may not be recoverable. An impair-
ment loss is disclosed in the amount by which the
carrying value of an asset exceeds the recoverable
value.
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment include the Compa-
ny’s tangible assets. The Company’s tangible assets
include:
− property (not leased and not intended for trad-
ing) used by the Company,
− machinery and equipment,
− means of transport,
− other complete and usable items with an expect-
ed useful life of more than one year.
PP&E is measured and presented in the statement at
the purchase price or the manufacturing cost, less
depreciation and impairment losses.
Fixed assets are booked on summary accounts ac-
cording to Fixed Assets Classification groups. Fixed
assets are depreciated using the straight-line meth-
od with the use of rates corresponding to the period
of economic utility of the asset.
Depreciation rates for specific groups of fixed assets
are:
− for buildings and structures - from 1.5% to 10%,
− for means of transport - from 7% to 20%,
−
for technical devices and machines - from 4.5%
to 25%,
− for other fixed assets - from 10% to 25%.
Subsequent costs are included in the carrying
amount of a given fixed asset or are recognized as a
separate fixed asset (where appropriate) only when
it is probable that economic benefits will be obtained
by the Company in relation to this item, and the cost
of the given item can be reliably measured and as-
sessed. All other expenses for repair and mainte-
nance are recognized in the profit and loss account
in the financial period in which they were incurred.
PP&E is tested for impairment, if certain events or
changes in circumstances indicate that the carrying
value may not be recoverable. An impairment loss is
disclosed in the amount by which the carrying value
of an asset (or a cash-generating item to which an
asset is related) exceeds the recoverable value, and is
recognised in the profit and loss account. The recov-
erable value is one of the two amounts, whichever
is higher: fair value less selling costs or use value.
Profits and losses on the disposal of PP&E which
constitute dierences between sales revenue and
the carrying value of a sold PP&E item are recog-
nised in the profit and loss account under other op-
erating revenue/costs.
LEASING
e Company as a lessee
In order for a contract to be classified as a leasing
agreement, the following conditions must be met:
− the contract must relate to an identified asset for
which the supplier does not have a significant
converting right
− the contract should give the beneficiary the right
to control the use of the identified asset for a
specified period of time. This means that the user
has the right to take advantage of the economic
Main accounting principles

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Standalone nancial report of Echo Investment S.A. for 2020
benefits of using a given component and the right
to decide on its use
− the contract must be payable.
The company applies the following simplifications,
based on not including the lease liability:
− short-term lease - a short-term lease agreement
is a contract with no option to purchase an asset,
concluded for a period shorter than 12 months
from the beginning of the contract
− low-value lease - the basis for the assessment of
the „low” value should be the value of the new
asset. The Management Board of the Group has
decided that this applies to lease agreements re-
garding assets whose value did not exceed PLN
15,000 (when new), which can be treated as the
upper limit of recognition as a low value item.
The Company recognizes a right of perpetual usu-
fruct of land granted by an administrative decision as
a leasing contract. This applies to all land, including
those related to development projects presented in
stock.
If leasing and non-leasing elements are identified in
the contract, the Company chooses a practical solu-
tion according to which it recognizes each leasing el-
ement and any accompanying non-leasing elements
as a single leasing element. In addition, in the case of
a portfolio of leases with similar characteristics, the
Company applies the standard to the entire portfolio
when it reasonably expects that the impact that the
application of this standard will have on the financial
statements will not be significantly dierent from
the impact of applying it to individual leases under
this portfolio.
The duration of the lease agreement is defined as
the irrevocable period of the lease agreement in-
cluding also possible periods of renewal of the lease
agreement if the lessee has sucient certainty that
this option will be used and the possible periods of
notice for the lease agreement if the lessee has suf-
ficient certainty that this option will be used.
At the time of the first recognition, the Company
recognizes the lease liability measured at the current
value of lease payments due to the lessor over the
lease period discounted at the marginal lending rate
typical for a given asset. Lease payments include:
− fixed payments less any incentives due;
− variable lease payments, that depend on the in-
dex or the rate, initially priced using the index or
the rate eective as at the starting date of the
contract;
− amounts whose payment by the lessee is expect-
ed within the guaranteed residual value;
− the exercise price of the purchase option, if it can
be assumed with sucient certainty that the les-
see will use this option;
− penalty payments for termination of the lease, if
the lease terms stipulate that the lessee may use
the option of termination of the lease.
At the same time, the Group recognises an asset for
the right to use in the same amount as a liability,
adjusted for all lease payments paid on or before
the start date, less any lease incentives received and
increased by any initial direct costs incurred by the
lessee.
After initial recognition, the Group recognises a lease
liability by:
− increasing the carrying amount to reflect interest
on a lease liability,
−
reducing the carrying amount to reflect lease pay -
ments paid, and
− updating the valuation of the carrying amount to
take account of any reassessment or changes in
the leases listed below (changes in the lease con-
tract), or to reflect substantially updated constant
lease payments.
Changes to the lease agreement that make it nec-
essary to update the value of the liability include:
− change in the leasing period,
−
change in the assessment of the call option of the
underlying asset.
−
a change in the amount expected to be paid under
the guaranteed final value
− a change in future lease payments resulting from
a change in the index or rate used to set those
payments, including, for example, a change to
take into account changes in rental rates in the
free market following a review of those rentals.
For the above changes, the Company applies an un-
changed discount rate, unless the change in lease
payments results from changes in variable interest
rates. In that case, the Company shall use a revised
discount rate that reflects changes in the interest
rate.
The Company shall recognise the amount of the
remeasurement of the lease liability as an adjustment
to the right-of-use asset. However, if the carrying
amount of the right-of-use asset is reduced to zero
and there is a further reduction in the measurement
of the lease liability, the Company recognizes the
remaining amount of the revaluation in the result.
After the date of commencement of the lease, the
asset under the right of use is measured at cost less
total depreciation and amortization (impairment)
and total impairment loss and the revised lease li-
ability adjusted for any revaluation. Depreciation is
calculated using the straight-line method over the
estimated useful life. If the lease agreement trans -
fers to the Company the title of the asset before
the end of the lease period or when the cost of the
asset due to the right of use reflects the fact that the
Company will exercise the option to buy the residual
value of the leased asset, the Company depreciates
the asset from the right of use from the moment of
commencement of the leasing contract until the end
of the estimated economic useful life of the asset.

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Standalone nancial report of Echo Investment S.A. for 2020
In other cases, the Company depreciates assets due
to the right of use from the date of commencement
of the contract to the earlier of two dates: the date of
the end of the economic life of the asset or the end
date of the lease. For lease contracts, the subject of
which is an asset which, in accordance with the Com-
pany’s accounting policies, is measured at fair value,
The Company has decided to include assets due to
the right of use in the same line of the statement of
financial position, in which the corresponding leased
assets are presented when they are the property of
the Company. Liabilities are presented appropriately
in long-term - when the asset due to the right of use
is classified as a fixed asset, investment property or
investment property under construction, or short-
term - when perpetual usufruct concerns assets clas-
sified as inventory.
Lease liabilities are covered by IFRS 9 with respect to
determining when these liabilities meet the criteria
for removing them from the balance sheet. A liability
in accordance with IFRS 9 par. B.3.31-B.3.34 is re-
moved from the balance sheet once it has been set-
tled, expired or the debtor has been legally released
from debt, e.g. by transferring the debt to another
party. The right of perpetual usufruct of land, in re-
lation to which the Company is legally released from
the debt arising from the obligation to pay fees for
perpetual usufruct or transformation fees only at the
time of legal (notarial) transfer of a share in the land
belonging to the premises sold to the buyer, is a spe-
cial case. Therefore, until the transfer of the above
ownership, the liabilities of the lease of land, as well
as the corresponding assets due to the right to use
the land in perpetual usufruct, remain on the balance
sheet, although in accordance with the policies de-
the Company does not depreciate such assets due
to the right of use but measures them at fair value.
The Company classifies the right-of-use assets re-
sulting from signed contracts / issued decisions to
the following balance sheet items and applies an ac-
counting policy appropriate for a given item:
scribed in section 20. Methods for determining the
financial result, revenues from the sale of residential
and service premises are recognized when the prop-
erty is delivered to the buyer. For this reason, when
the premises are transferred to the buyer (which is
also the moment when the proceeds from the sale
of the premises are recognized), a portion of the
related leasing asset is transferred from inventory
to receivables from the buyer, in the amount corre-
sponding to the recognized liability for the leasing
of the given land. Until the (notarial) transfer of the
property to the purchaser, both the receivable and
the liability are disclosed as short-term, because
they will be settled by transfer to the buyer dur
-
ing the “operating cycle”. On the date of transfer of
ownership to the buyer, the liability for land lease
and receivables from the purchaser of premises are
derecognised through the cost of sales.
e company as a lessor
In the case of contracts where the Company acts as
a lessor, each lease contract is classified as operating
or finance lease. Lease agreements under which the
lessor retains a significant portion of the risks and re-
wards of ownership of the leased asset are classified
as operating leases. A leasing contract is classified
as a financial leasing if, as a result of this contract,
substantially all of the risk and rewards of ownership
of the leased asset are transferred to the lessee.
Contract type and presentation in the balance sheet
Valuation method
as at the balance sheet date
Impact on
the income statement
Oce space lease agreements:
- investment property, or Valuation at fair value Yes
- fixed assets Depreciation Ye s
Rental agreement on means of transport:
- fixed assets Depreciation Ye s
Perpetual usufruct of land:
- investment property, or Valuation at fair value Yes
investment property under construction, not valued at fair
value, or
Depreciation with simultaneous
capitalization of depreciation costs
in the value of investment property
under construction
No
- fixed assets Depreciation Ye s
- inventory Depreciation with simultaneous
capitalization of depreciation costs
in inventory
Yes

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94
Standalone nancial report of Echo Investment S.A. for 2020
In the case of operating lease agreements, the Com-
pany recognizes lease revenues on an ongoing basis
in the statement of comprehensive income. In the
case of finance leases, the Company derecognises
the asset that is the subject of the agreement while
recognizing the lease receivable.
SUBLEASING
Subleasing is a transaction for which an underlying
asset is re-leased by a lessee (‘intermediate lessor’)
to a third party, and the lease (‘head lease’) between
the head lessor and lessee remains in eect.
The Company subleasing is classified as follows:
− if it was decided to choose a short-term lease ex-
emption for main lease, subleasing is classified as
operating lease
− otherwise, sub-leasing is classified in relation to
the asset due to the right to use the principal lease
and not the underlying asset.
If the sublease agreement is classified as operating
lease, the indirect lessor (the Company) continues to
recognize the lease liability and asset due to the right
to use of the main lease. At the same time, it recog-
nizes sublease leasing revenues on an ongoing basis.
If the sublease agreement is classified as financial
lease, the indirect lessor (the Company):
− ceases to recognize the asset due to the right to
use the main lease as at the date of the initial sub-
lease agreement
−
recognizes the net investment from sub-leasing
instead and assesses it for impairment (lease re-
ceivable)
− continues to recognize the original lease liability
INTERESTS AND SHARES
IN SUBSIDIARIES, JOINTLY
CONTROLLED ENTITIES
AND ASSOCIATES
Stocks and shares in subsidiaries, co-subsidiaries and
associates, presented at purchase price adjusted for
subsequent impairment losses. The impairment test
is carried out when there are indications that the
carrying amount of the investment will not be re-
covered.
The Company analyzes the net asset value of the
companies in which it holds shares due to the fact
that the main item of assets of these entities are
investment properties, usually measured at fair val-
ue, while the largest liability item is special purpose
loans and therefore the net asset value reflects fair
value of the shares held. In the event that the net
asset value of the company in which the Company
owns investments does not correspond to fair value
of these net assets, the Company determines fair
value based on other methods (e.g. independent ex-
perts’ valuation of the company’s assets, valuation
by discounted cash flow, etc.).
In case of impairment losses, adjustments are made
in the income statement and are presented as an ex-
penditure. An impairment loss is recognized for the
amount by which the carrying amount exceeds the
recoverable amount. If the loss is reversed, its value
is recognised under financial income.
Subsidiaries are the entities controlled by the Com-
pany. Executing control over subsidiaries occurs in
following cases:
− management over indicated entity,
− undergoing exposition for changeable returns or
possessing rights to changeable returns due to its
involvement in indicated entity,
− possibility to execute power to influence on gen-
erated returns.
The Company verifies the fact of exercising control
over other entities, if there is a situation indicating
a change in one or more of the above-mentioned
conditions of exercising control.
Associated companies are the units which the Com-
pany has a significant influence on yet are not sub-
sidiaries or shares in joint enterprises of the Compa-
ny. A significant influence is the ability to participate
in decision making regarding financial and opera-
tional policies of the business but it does not involve
control or co-control of the policy. Jointly controlled
entities are those entities in which all strategic finan -
cial and operating decisions (including in particular:
purchase of a significant asset, conclusion of a lease
agreement, etc.) require the unanimous consent of
both shareholders.
INVENTORIES
The following items are recognised under invento-
ries: semi-finished products, work-in-progress, fin-
ished products and goods. Given the specific nature
of business, the purchased land or the incurred fees
due to perpetual usufruct of land are classified as
“work-in-progress” – if the land is intended for de-
velopment and resale, or as “goods” – if the land is
intended for sale. “Work-in-progress” also includes
the incurred expenditures related to the process of
implementing projects for sale (design services, con-
struction works etc., performed by external contrac-
tors). “Finished products” include mainly completed
residential and commercial developments sold under
final agreements.
Inventories of current assets are measured at the pur-
chase price of land and at the manufacturing costs
of products in the property development business,
plus capitalised financial costs, but not exceeding
the net realisable value. This value is obtained based
on information from the active market. An inventory
write-o is reversed due to the sale of an inventory

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95
Standalone nancial report of Echo Investment S.A. for 2020
item or increase in the net selling price. Inventory
write-os disclosed in the period as cost and rever-
sals of inventory write-downs disclosed in the period
as a decrease of costs are presented in the profit and
loss account under ‘cost of sales’.
The ‘finished goods’ item includes completed apart-
ments earmarked for sale. The ‘intermediates and
products in progress’ item mostly includes proper-
ties held by the Company and the expenditure on
residential projects under preparation or construc-
tions. The ‘goods’ item includes the land earmarked
for sale.
FINANCIAL ASSETS
In accordance with IFRS 9, the Company classifies its
financial assets into the following categories:
− financial assets measured at amortized cost,
−
financial assets measured at fair value through
other comprehensive income,
−
financial assets at fair value through profit or loss.
The classification of assets takes place at the mo-
ment of initial recognition. It depends on the finan-
cial instruments management model adopted by the
entity and analysis of the characteristics of contrac-
tual cash flows from these instruments.
Loans granted, trade and other receivables and re-
stricted cash that do not meet the definition of cash
equivalents in accordance with IAS 7 Statement of
Cash Flows (i.e. collateral for bank guarantees and
funds held in open housing fiduciary accounts) are
measured by the Company at amortized cost, as two
conditions are met for them: the assets are held in
a business model whose intention is to hold the as-
sets to obtain contractual flows and the contractual
terms of these financial assets give rise to cash flows
at certain times that are only repayments of principal
and interest on outstanding capital.
Assets are entered into the books on the trade date
and are excluded from the balance sheet when the
contractual rights to cash flows from the financial
asset expire or when the financial asset is transferred
along with all the risks and rewards of ownership of
the asset. The company uses a weighted average.
If the renegotiation or other type of modification of
the contractual cash flows generated by the financial
asset results in its derecognition in accordance with
IFRS 9, the modified instrument is treated as new. In
the event of a renegotiation or other modification
of the contractual cash flows generated by a giv-
en asset that does not result in derecognition, the
Company revalues the gross carrying amount of that
financial asset (ie the amount of its amortized cost
before allowance for credit losses). The revaluation
is the discounting of new expected contractual cash
flows (after modification) using the original eective
interest rate. The resulting dierence is recognized
as profit / loss in profit or loss. From that point on,
an entity assesses whether the credit risk of the fi-
nancial instrument has increased significantly after
its initial recognition by comparing the credit risk at
the reporting date (under the modified terms) with
that at initial recognition (under the pre-modification
terms).
RECEIVABLES
Trade and other receivables are recognized in the
balance sheet at transaction price and then at amor-
tized cost using the eective interest method, reduc-
ing them by impairment losses. When the dierence
between the value at amortized cost and the value of
the amount of the payment required does not have a
significant eect on the Company’s financial results,
such receivables are recognized in the balance sheet
as the amount of the payment required. The value
of receivables is updated taking into account the
degree of probability of their payment by making a
write-down. The rules for creating revaluation write-
os are described below in the section Impairment
of financial assets.
Advances for deliveries are valued according to cash
disbursed and in accordance with received VAT in-
voices documenting the granting of advance pay-
ments.
LOANS GRANTED
Loans granted are debt instruments held for the pur-
pose of obtaining contractual cash flows that consist
solely of principal and interest repayments (“SPPI”).
These assets are entered into the books on the trans-
action date, and excluded from the balance sheet
when the contractual rights to cash flows from the
financial asset expire or when the financial asset is
transferred together with all the risks and rewards
of ownership of the asset. Loans granted are recog-
nized as at the date of entry into the books at fair
value increased by transaction costs, and later as at
the balance sheet date at amortized cost determined
using the eective interest rate method.
The rules for creating impairment losses are de-
scribed below in the “Impairment of financial assets”
section.
CASH AND CASH
EQUIVALENTS
Cash at bank and in hand as well as short-term de-
posits as well as other financial assets that meet the
definition of cash equivalents are measured at nom-
inal value. At each balance sheet date, the Company
assesses the premises for impairment of cash value,
including the need to create a provision for expected
credit losses.
Foreign currency cash is measured as of the report-
ing date. The same definition of cash applies to the
cash flow statement.
According to the Company, the financial resources
of limited disposability mostly include funds consti-

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96
Standalone nancial report of Echo Investment S.A. for 2020
tuting security for bank guarantees and funds ac -
cumulated on open residential fiduciary accounts.
LOSS OF VALUE
OF FINANCIAL ASSETS
(‘ECL’)
Pursuant to IFRS 9, as at each reporting day, the
Company estimates the amount of the impairment
loss equal to the expected credit loss (‘ECL’).
The Company calculates the write-o as follows for
individual asset categories:
Trade receivables
The Company uses a simplified approach and there-
fore does not monitor changes in credit risk during
its lifetime and measures the impairment loss in the
amount equal to the expected credit losses (‘ECL’)
over the life of the debt. To calculate the value of
the impairment loss for trade receivables, the Com-
pany uses a provision matrix made once a year as
at December 31 based on historical data regarding
the payment of receivables by contractors. Impair-
ment losses are updated as at each reporting day.
The provision matrix is based on the analysis of the
payment of receivables in individual past due groups
and determining the probability of non-payment of
receivables from a given age range based on his-
torical data. For the purposes of the analysis, trade
receivables are divided into two groups: receivables
from the sale of apartments, the lease and other re-
ceivables.
The calculated probability of non-payment of receiv-
ables in each of the past due groups for specific
categories of receivables is applied to the current
balance of receivables in each of the past due groups
and the write-o for the expected credit losses of
receivables is calculated.
Additionally, the Company analyzes individual trade
receivables and other receivables where it is highly
probable they will become uncollectible, in cases jus-
tified by the type of business or the client structure
- and recognizes the write-o in a reliably estimated
value. Classification of an asset to this category is
made on the basis of information about the current
financial situation of the counterparty and informa-
tion about other events that may have a significant
impact on the recoverability of the asset.
Such receivables are excluded from the matrix anal-
ysis, and a possible write-o is recognized on the
basis of an individual analysis.
Loans granted and covered bonds
The Company calculates the expected credit loss-
es (‘ECL’) for loans and bonds as the dierence
between the cash flows arising from the contracts
signed and the cash flows that the entity expects to
receive. Loans granted and covered bonds are clas-
sified as low risk instruments. Therefore, the write-o
for expected credit losses is calculated for a period
of 12 months.
The Company calculates the cash flows that it ex-
pects to obtain based on the default ratio deter-
mined on the basis of the margin on the bonds is-
sued by the Company and adjusted by the recovery
ratio. In addition, the Company provides the indi-
vidual analysis of loans granted and bonds covered
with a significant level of probability of default, in
cases justified by the type of business or the client
structure - and recognizes the write-o in a reliably
estimated value. Classification of an asset to this
category is made on the basis of information about
the current financial situation of the counterparty
and information about other events that may have a
significant impact on the recoverability of the asset.
Such loans and bonds are excluded from the matrix
analysis, and a possible write-o is recognized on
the basis of an individual analysis.
FINANCIAL GUARANTEE
AGREEMENTS
Financial guarantee contracts are recognized in
o-balance sheet liabilities and receivables. At each
balance sheet date, the Company assesses whether
there is a likelihood of a need to make a withdrawal
and create a provision. The amount of the provision
is determined based on estimates of the amount of
probable expenditure necessary to settle the liability
arising from the guarantee contract.
At the same time, in accordance with the require-
ments of IFRS 9, the Company creates the provision
for expected credit losses (‘ECL’) due to financial
guarantees granted.
The Company calculates the expected credit loss
(‘ECL’) regarding the guarantees given as expect-
ed payments to compensate the guarantee holder
for the incurred credit loss. The Company first de-
termines the value of the Company’s exposure due
to guarantees granted (the actual total value of the
contingent liability as at the balance sheet date).
The net exposure resulting from the guarantee thus
determined is multiplied by the default ratio (deter-
mined on the basis of the margin on bonds issued by
the Company and adjusted for the recovery ratio).
INCOME TAX
Income tax on the profit or loss for the financial year
includes current and deferred income tax. Income
tax is recognised in the profit and loss account, ex-
cept for amounts related to items recognised direct-
ly in equity or in other comprehensive income; in this
case, income tax is disclosed in equity and other
comprehensive income respectively.
The current portion of income tax is the expected
amount of tax on taxable income for a given year,
calculated based on the tax rates determined as of

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97
Standalone nancial report of Echo Investment S.A. for 2020
the balance sheet date along with any tax adjust-
ments for previous years. Deferred tax is calculated
with the balance sheet method as tax to be paid or
reimbursed in the future on the dierences between
the carrying values of assets and liabilities and the
corresponding tax values used to calculate the tax
base, except for temporary dierences which arise at
the time of initial recognition of an asset or liability,
and do not aect the accounting or tax result. At
the commencement of the lease, the right-of-use
asset and the lease liability are equal, so there is no
temporary dierence and no deferred tax is created.
During the lease term, a dierence arises between
the value of the asset and the lease liability. The com-
pany charges deferred income tax on the dierence
between these values. This approach aims to reflect
the relationship between the right-of-use asset and
the lease liability, and account for deferred tax based
on cumulative temporary dierences. This method
provides an eective tax rate that better reflects the
economics of the entire lease transaction.
Deferred tax is not created for temporary dierenc-
es on investments in subsidiaries, jointly controlled
entities and associates, if the Company controls the
reversal of these dierences and they will not be
reversed in foreseeable future. Deferred income tax
assets due to tax loss are created, if the settlement
of the loss in the following years is probable. For the
calculation of deferred income tax, a tax rate is used
which will apply in the reporting periods in which
assets will be settled or liabilities will be released.
Deferred income tax is estimated on every balance
sheet date by recognising dierences in the profit
and loss account, other comprehensive income or
equity, depending where the temporary dierence
from which the deferred tax is subtracted was rec-
ognised. Assets and provisions on deferred income
tax are presented jointly.
EQUITY
Share capital is measured at the nominal value dis-
closed in the National Court Register. Dierences
between the fair value of a payment and the nominal
value of shares are recognised in the share premium.
The issue costs of shares decrease the Company’s
supplementary capital.
PROVISIONS
Provisions are established when the Company has
a present obligation as a result of past events and
when it is probable that the fulfilment of that obli-
gation will involve an outflow of assets representing
economic benefits and the amount of such obliga-
tion can be credibly estimated.
Provisions are measured at the current value of
costs estimated by the Company’s management
according to its best knowledge which must be in-
curred to settle a current liability as of the balance
sheet date.
In accordance with the adopted principle, no provi-
sions are made for retirement benefits. Due to the
age of employees and their rotation, potential re-
serves would not have a significant impact on the
presented financial statements. Upon their occur-
rence, the payment of retirement severance pays will
be booked on a cash basis.
FINANCIAL LIABILITIES
Financial liabilities include loans, borrowings, debt
securities, not payable interest on bank loans ac-
counted for according to the accrual principle as
well as the discount of debt securities to be settled
in subsequent accounting periods. Foreign currency
loans are measured at the selling rate of the bank
serving the Company.
Financial liabilities are initially recognized at fair val-
ue less transaction costs, and then measured using
the “amortized cost” method. The valuation of liabil-
ities includes all costs of obtaining financing, includ-
ing directly related to financing costs of bank fees,
costs of brokers and agents, legal costs, experts, a
bank monitor, and costs related to marketing at ob-
taining the capital, occurring in the issue of bonds.
Trade liabilities are initially measured at fair value,
and subsequently, long-term liabilities are measured
at amortized cost using the eective interest meth-
od. In cases where the dierence between the value
at amortized cost and the value in the amount of
the payment required does not have a significant
eect on the financial results of the Company, such
liabilities are recognized in the balance sheet in the
amount of the payment required.
Trade liabilities are initially measured at fair value,
and subsequently, long-term liabilities are measured
at amortized cost using the eective interest meth-
od. In cases where the dierence between the value
at amortized cost and the value in the amount of
the payment required does not have a significant
eect on the financial results of the Company, such
liabilities are recognized in the balance sheet in the
amount of the payment required.
CURRENCY TRANSACTIONS
The functional currency of the Company is the Pol-
ish Zloty (PLN, zł.). Foreign currencies as at the bal-
ance sheet day are valued at the NBP exchange rate
as at the balance sheet day. Exchange dierences
arising as at the date of their valuation and when
the payment of receivables and liabilities in foreign
currencies, are included respectively in financial
income or costs, and in justified cases, the cost of
manufacturing products or the purchase price of
goods, as well as the purchase price or production
cost of fixed assets, fixed assets under construction
or intangible assets.

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Standalone nancial report of Echo Investment S.A. for 2020
CASH FLOW STATEMENT
The cash flow statement is prepared using the in-
direct method. Liabilities due to overdraft facilities
are presented as debt due to loan and not as cash
equivalents.
SEGMENT REPORTING
The Company does not separate segments accord-
ing to IFRS 8, paragraph 4. This information is pre-
sented in the consolidated financial statements of
the Echo Investment Capital Group.
NET PROFIT PER SHARE
The net profit per share for each period is calculated
by dividing the net profit for a given period attrib-
utable to ordinary shareholders of the parent entity
by the weighted average number of shares issued
during the period.

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Standalone nancial report of Echo Investment S.A. for 2020

Methods of determining
the financial result
The financial result is determined from the profit and
loss account, applying the principles of the accruals
concept and the matching principle, the yield and the
precautionary principle, upon reducing gross profit
by input income tax, write-os on account of provi-
sion for transitional dierence due to income tax and
other charges of the financial result. The financial
result is determined by the calculation method.
OPERATING REVENUE
In accordance with IFRS 15, the Company recognises
revenues when the obligation is fulfilled (or in the
course of fulfilling) by transferring a promised goods
or services (i.e. an asset) to a customer. The asset is
transferred when the customer obtains control of
that asset.
After fulfilling (or in the course of fulfilling) obli-
gations, the entity recognises an amount equal to
a transaction price as income, which has been as-
signed to that performance obligation. To determine
the transaction price, the entity shall consider the
terms of the contract and its usual commercial prac-
tices. The transaction price is the amount of remu-
neration that the entity expects to be entitled to in
exchange for the transfer of promised goods or ser-
vices to the customer, excluding amounts collected
on behalf of third parties (for example, certain sales
taxes). The remuneration specified in the contract
with the client may include fixed amounts, variable
amounts or both. Revenue from the sale of residen-
tial and service premises are recognised on the date
of handover of real estate to the buyer. This occurs
on the basis of the acceptance protocol signed by
the parties providing only after completion of the
construction of real estate and receiving the occu-
pancy permit on condition that the buyer will pay
100% towards the purchase price of real estate.
Paid apartments are also considered to be cases of
minor underpayments (up to PLN 500), larger un-
derpayments, which the Company decides not to
collect from customers, or in the event of receivables
from tenant changes, which, according to arrange-
ments, are payable later than the moment of hand-
over of the premises . Revenues from the rental of
residential and commercial space are recognised on
a straight-line basis over the term of the contracts
concluded. Revenue from other contracts for the
provision of services (legal, consulting, IT, financial,
marketing, security and other services) is recognised
by the Company when the performance obligation
is met.
COST OF SALES
Costs of goods, products and services sold consist
of costs incurred in respect of revenues of a given
financial year and overheads not yet incurred. This
item also includes costs that are directly related to
revenue from related entities on account of services
provided (including investment services, construc-
tion and engineering consultancy).
The cost of goods and products sold is measured at
the production cost, using the method of detailed
identification of the actual cost of assets sold or the
percentage share e.g. of the land or shares sold, etc.
In particular, the cost of sales of premises and land
sold is determined proportionally to their share in
the total cost of construction of the facility and the
entire land constituting a given project. The detailed
identification of the costs associated with employ-
ees’ salaries as part of the cost of sales, is made on
the basis of the employee’s working time records,
broken down into the individual projects developed.
ADMINISTRATIVE COSTS
ASSOCIATED WITH PROJECTS
Project-related administrative costs include the ad-
ministrative costs which are indirectly related to the
execution of development projects such as:
− perpetual usufruct fees,
− real property taxes
− operating fees
− property protection
−
administrative staff’s remuneration, employee
maintenance costs in the portion attributable
to the project, and
− other stock maintenance related costs.
These costs, despite their indirect connection with
development projects, are not capitalized in the val-
ue of stock / investment property because:
− in the light of IAS 2, they are excluded from the
purchase price or cost of stock production as they
are not incurred in order to bring the stock to its
current status and location;

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Standalone nancial report of Echo Investment S.A. for 2020
− IAS 40 in relations to IAS 16, does not allow to
capitalize general and administrative costs in the
value of investment properties.
COST O FINANCING
Financial costs related to the current period are rec-
ognized in the profit and loss account, except for
costs subject to activation in accordance with the
solution included in IAS 23. The Company activates
the part of financial expenses which is directly relat-
ed to the acquisition and production of financial as-
sets recognized as stock and projects commenced.
In case of targeted financing, incurred to implement
a project, the amount of financial costs, less income
from temporary deposits of cash (i.e. amounts of in-
terest on bank deposits, except for deposits resulting
from blocking accounts, letters of credit agreement)
is activated. In the case of general financing, financ-
ing costs subject to the capitalization are determined
using the weighted average of all borrowing costs in
relation to the expenditure incurred for a given asset.
In the case of leasing, interest costs on the leasing
obligation related to a specific project are capitalized
in the cost of this project (targeted financing).
Pursuant to the requirements of IAS 23, the Com-
pany begins to activate financial costs when the
Company undertakes actions necessary to prepare
an asset for its intended use or sale. These activities
involve more than just activities related to its manual
construction. They also include technical and admin-
istrative work preceding manual construction, such
as activities related to obtaining necessary permits,
design and preparation works. However, such activ-
ities do not include the holding of the asset if it is
not accompanied by any processes that change the
condition of the asset.

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Standalone nancial report of Echo Investment S.A. for 2020

Error correction – changing
the presenting principles -
restatement of statements
for previous period
The Management Board of the Group voluntarily de-
cided to change the incorrect presentation of finan-
cial costs and financial revenues related to amortised
costs of interests on granted borrowing, received
loans and issued bonds.
The Company’s Management Board decided to
change the incorrect presentation of provisions in
the statement of financial position. After the analysis,
the Management Board concluded that long-term
provisions will be presented under long-term liabil-
ities, while short-term provisions will be presented
After the analysis, the Management Board decided
that these costs - as the costs of acquired external
financing - should be presented as financial costs
and made an appropriate change in the presentation
of the profit and loss account by transferring the
above-mentioned costs to the financial costs line.
under short-term liabilities. As a result, the Compa-
ny made an appropriate presentation change in the
statement of financial position as at December 31,
2019 and January 1, 2019.
PROFIT AND LOSS ACCOUNT
Period ended
December 31, 2019 Change of presentation
Period ended
December 31, 2019
(restated)
Other operating income 121 474 (1 092) 120 382
Other operating expenses (5 390) 1 863 (3 527)
Operational profit 82 725 771 83 496
Financial costs (64 007) (771) (64 778)
Gross profit 29 807 - 29 807
STATEMENT OF FINANCIAL POSITION
Period ended
January 1, 2019 Change of presentation
Period ended
January 1, 2019
(restated)
Provisions
Short-term provisions 17 317 (17 317) -
Long-term provisions - - -
Deferred tax liabilities 1 468 (1 468) -
Long-term liabilities
Long-term provisions - 1 468 1 468
Deferred tax liabilities - - -
Short-term liabilities
Short-term provisions - 17 317 17 317
The impact of changes on the statement of financial
position for the period ended January 1, 2019:

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Standalone nancial report of Echo Investment S.A. for 2020
STATEMENT OF FINANCIAL POSITION
Period ended
January 1, 2019 Change of presentation
Period ended
January 1, 2019
(restated)
Assets
Fixed assets
Loans granted 221 504 219 082 440 586
Current assets
Loans granted 265 621 (219 082) 46 539
The Management Board of the Company decided
to change the incorrect presentation of some of the
loans previously presented as short-term into long-
term loans. The change was introduced due to the in-
Impact of changes on the statement of financial po-
sition for the period ended December 31, 2019:
The impact of changes on the statement of financial
position for the period ended January 1, 2019:
STATEMENT OF FINANCIAL POSITION
Period ended
December 31, 2019 Change of presentation
Period ended
December 31, 2019
(restated)
Assets
Fixed assets
Loans granted 281 264 523 763 805 027
Current assets
Loans granted 533 608 (523 763) 9 845
STATEMENT OF FINANCIAL POSITION
Period ended
December 31, 2019 Change of presentation
Period ended
December 31, 2019
(restated)
Provisions
Short-term provisions 15 507 (15 507) -
Long-term provisions - - -
Deferred tax liabilities 4 639 (4 639) -
Leasing lia-bilities
Long-term provisions - 4 639 4 639
Deferred tax liabilities - - -
PROFIT AND LOSS AC-COUNT [IN ‘000 PLN]
Short-term provisions - 15 507 15 507
Impact of changes on the statement of financial po-
sition for the period ended December 31, 2019:
ability to repay these loans in the short term, which is
due to the business considerations of the borrowers.

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Standalone nancial report of Echo Investment S.A. for 2020

Material estimates of the
Company’s management board
ed the discount rate used in the calculation of the
lease liability - as a risk-free rate increased by the
characteristic margin for the given asset component
to which the lease relates.
IMPAIRMENT OF INTERESTS
IN SUBSIDIARIES, JOINTLY
CONTROLLED ENTITIES
AND ASSOCIATES
An impairment test is conducted when there are in-
dications that the carrying value of an investment
will not be recov ered. The assessment of the impair-
ment of interests in subsidiaries, jointly-con trolled
and associated companies is based on an analysis
of the fair value of assets and liabilities held by the
compa nies and the expected prospective cash flows
from the operations of such com panies. In the course
of the assessment, the Company also evaluates the
duration and extent to which the current value of the
shares is lower than its purchase price and a compa-
ny’s perspectives and plans for its investment devel-
opments. All material impairment of the fair value of
assets in subsidiaries have been regard ed to be long-
term by the Management Board and have resulted
in impairment losses on interests in subsidiaries. In
par ticular, for material subsidiaries which, as at 31
December 2020, did not run any material operating
activity, the value of the rec ognised write-downs
corresponds to the total dierence between the net
value of the subsidiary’s assets and the purchase
price of the interests.
DEFERRED INCOME TAX
The Company’s Management Board is obliged to
assess the probability of the realisation of deferred
INVENTORY
When estimating the write-down on in ventory held
by the Company as of the balance sheet date, in-
formation from the active market regarding the ex-
pected sales prices and current market trends as well
as information from preliminary sales agreements
concluded by the Company is analysed.
Assumptions used when calculating the write-down
mainly relate to market prices of property applica-
ble in a given market segment. According to the
Management Board, a change of these assumptions
would not materially aect the value of the inventory
write-down as of the bal ance sheet date because the
adopted as sumptions and information on the value
of the write-down were largely based on the con-
cluded sales agreements. In the case of land recog-
nised under inventory, the value of the write-downs
results from the usefulness of land for the Company’s
current and prospective business esti mated by the
Management Board.
LEASING
The implementation and application of IFRS 16 re-
quired the Company to make various estimates
and commit professional judgment. The main area
in which it concerned the assessment of lease pe-
riods, in case of contracts for an indefinite period
and contracts for which the Company was entitled to
extend the contract. When determining the leasing
period, the Company had to consider all facts and
circumstances, including the existence of economic
incentives to use or not to extend the contract and
any termination option. The Company also estimat-
To prepare the financial statements, the Company’s
Management Board had to make certain estimates
and assumptions, which are reflected in the state-
ments. The actual results may dier from the esti-
mates.
Assumptions and estimates are based on manage-
ment’s best knowledge of current and future events
and activities, however actual results may dier from
expectations. The estimates and related assumptions
are subject to ongoing verification. A change in ac-
counting estimates is recognized in the period in
which they were changed, if it concerns this period
only, or in the current and future period, if the chang-
es apply to both the current and future periods.
The main areas where the Management Board’s es-
timates materially aect the financial statements:

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Standalone nancial report of Echo Investment S.A. for 2020
and fines as well as any additional tax liability result-
ing from checks must be paid with a high interest.
These conditions make the tax risk in Poland higher
than in the countries with more mature tax systems.
Consequently, the amounts presented and disclosed
in the financial statements may change in the future
as a result of the final decision of the tax auditing
authority.
On 15 July 2016 changes were introduced to the Tax
Code in order to reflect the provisions of the Gener-
al Anti-Avoidance Rule (GAAR). GAAR is designed
to prevent the creation and use of artificial legal
structures developed in order to avoid paying taxes
in Poland. GAAR defines tax evasion as an act pri-
marily for the purpose of obtaining a tax advantage,
contradictory in given circumstances to the subject
matter and purpose of the provisions of the tax law.
According to GAAR, an operation like that does not
result in a tax advantage if the mode of operation
was artificial. Any occurrence of: − unreasonable di-
vision of operations, − involvement of intermediaries
despite the lack of economic or economic justifica-
tion, elements that are mutually abrasive or com-
pensatory and − any other actions of similar eect
to the aforementioned, may be treated as a premise
of the existence of artificial operations subject to
GAAR regulations. The new regulations will require
much greater judgment when assessing tax conse-
quences of individual transactions. The GAAR clause
should apply to transactions closed after it enters
into force and to transactions that were closed be-
fore the GAAR clause entered into force, for which
advantages were or still are being achieved after the
date of the clause’s entry into force. The implemen-
tation of the above provisions will allow Polish tax
authorities to question the legal arrangements and
agreements such as restructuring and reorganization
of the group.
income tax assets. When preparing the financial
statements, the Company estimates the value of the
deferred income tax provision and asset based on,
among other things, the value of prospective income
tax burden. The process involves analysing current
in come tax burden and the value of tem porary dif-
ferences from dierent treat ment of transactions in
terms of fiscal and accounting aspects, resulting in
the creation of deferred income tax assets and pro-
visions.
A number of assumptions are adopted for determin-
ing the value of deferred in come tax assets and pro-
visions in the assessment process described above.
The above estimates take account of fiscal forecasts,
historic tax burden, currently available strategies for
planning the Com pany’s operating activity and time-
lines for realising the individual temporary dierenc-
es. Since the above estimates may change due to ex-
ternal factors, the Company may periodically adjust
the deferred income tax assets and provisions, which
in turn may aect the Company’s financial standing
and performance.
UNCERTAINTY CONNECTED
WITH TAX SETTLEMENTS
The regulations concerning the tax on goods and
services, corporation tax and social security charg-
es are subject to frequent changes. These frequent
changes lead to the absence of relevant benchmarks,
inconsistent interpretations and a few established
precedents that might be applicable. Existing reg-
ulations also contain ambiguities that cause dier-
ences in opinions as to the legal interpretation of
the tax legislation, between state authorities as well
as state bodies and businesses. Tax settlements and
other areas of activity (for example customs or for-
eign exchange) may be subject to inspection by the
authorities that are entitled to impose high penalties

| Financial statement
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Standalone nancial report of Echo Investment S.A. for 2020

Financial risk management
INTEREST RATES’ RISK  LIABILITIES DUE TO LOANS PLN ‘000
Value calculated for the analysis
As at 31.12.2020 As at 31.12.2019
Balance of loans and borrowings 1 249 334 814 872
Financial costs of interests 38 932 33 200
Estimated change in the interest rates +/- 1 p.p. +/- 1 p.p.
Estimated financial costs of loan interest as a result of interest
rate’s change
12 493 8 149
Total impact on the gross results for the period 12 493 8 149
Income tax 2 374 1 548
Total impact on the net results for the period 10 119 6 601
The Company granted loans in PLN, where
interest rates is variable depending on the
WIBOR rate plus a margin. If the level of inter-
est rates as at December 31, 2020 was higher
or lower than an applicable level by 1 percent-
age point, then the Company’s net result would
be higher or lower by PLN 10,119 thous. due
to higher or lower interest on loans granted
in PLN.
bank loans and the issued bonds. Borrowings, loans
and bonds bearing a variable interest rate expose
the Company to the interest rate risk, while borrow-
ings and loans with a fixed interest rate expose the
Company to variations of the fair value of financial
instruments. In addition, the Company is exposed
to the risk of interest rate variations when raising a
new loan or refinancing an existing long-term debt.
PRICE RISK
The price risk is not material. The Company does
not trade in securities on any active market. The
Company may conclude transactions on derivatives
to hedge against the FX risk related to the forecast
cash flows.
RISK OF CHANGES IN CASH FLOWS
AND FAIR VALUE RELATED
TO INTEREST RATE
The Company’s exposure to the interest rate risk
is related to financial assets and liabilities, in par-
ticular the granted borrowings, cash, the received

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Standalone nancial report of Echo Investment S.A. for 2020
INTEREST RATES’ RISK  LIABILITIES DUE TO DEBT SECURITIES ISSUE
PLN ‘000
Value calculated for the analysis
As at 31.12.2020 As at 31.12.2019
Balance of liabilities on debt securities issue 1 366 350 1 085 197
Financial costs of debt securities issue’s interests (50 771) (52 612)
Estimated change in the interest rates +/- 1 p.p. +/- 1 p.p.
Estimated financial costs of debt securities issue’s interests rates, taking into
account increase / (decrease) of interests rates
13 664 10 852
Total impact on the gross results for the period 13 664 10 852
Income tax 2 596 2 062
Total impact on the net results for the period 11 068 8 790
INTEREST RATES’ RISK  CASH
PLN ‘000
Value calculated for the analysis
As at 31.12.2020 As at 31.12.2019
Balance of cash 149 881 249 867
Other operational income from interests 39 104
Estimated change in the interest rates +/- 1 p.p. +/- 1 p.p.
Estimated other operational income from interests taking into account intere-
sts rates’ changes
1 499 2 499
Total impact on the gross results for the period 1 499 2 499
Income tax 285 475
Total impact on the net results for the period 1 213 2 023
INTEREST RATES’ RISK  LOAN LIABILITIES PLN ‘000
Value calculated for the analysis
As at 31.12.2020 As at 31.12.2019
Balance of loan liabilities 137 981 213 874
Financial costs of loans’ interests (4 447) (1 298)
Estimated change in the interest rates +/- 1 p.p. +/- 1 p.p.
Estimated financial costs of interest on loans, taking into account increase /
(decrease) of interests rates
1 380 2 139
Total impact on the gross results for the period 1 380 2 139
Income tax 262 406
Total impact on the net results for the period 1 118 1 733
fore, the risk was assessed as insignificant and the
sensitivity of other balance sheet items to changes
in currency exchange rates was not analyzed.
CURRENCY RISK
As at the balance sheet date and during the financial
year, the Company did not have any other significant
balances denominated in a foreign currency. There-

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Standalone nancial report of Echo Investment S.A. for 2020
WRITEDOWN FOR EXPECTED CREDIT LOSSES AS OF DECEMBER 31, 2020
PLN ‘000
Period e weighted average of default rates
e gross value of
commercial receivables e loss allowance
Current 0,00% 34 904 -
1-30 0,00% 2 428 -
31-90 3,00% 388 12
91-360 14,00% 585 90
>361 90,00% 2 113 1 975
downs on trade receivables, applying a provision
matrix based on historical data regarding the repay-
ment of receivables by counterparties in the division
of types of sales revenues. Credit loss ratios were
calculated on the basis of a model based on histor-
ical repayment of receivables in individual overdue
groups. The table below presents data on exposures
and the amount of the loss allowance.
As at December 31, 2020, the Company has PLN
1,250,815 thous. gross of loans granted, which were
classified into basket 1 according to IFRS 9. As a
result of the analysis of expected credit losses, the
Company recognized loan write-os in basket 1 in
the amount of PLN 1,481 thous. Additionally, as at
December 31, 2020, the Company has PLN 15 307
thous. gross of loans granted, which were classified
in basket 3. As a result of the analysis of expected
credit losses, the Company recognized loan write-
os in basket 3 in the amount of PLN 15,307 thous.
CREDIT RISK
The credit risk occurs in cash, borrowings granted,
derivatives, deposits in banks and financial institu-
tions as well as, in relation to the Company’s custom-
ers and tenants, in the form of unsettled amounts
due. The nature of the Company’s operations in the
area of the sale of residential space, lease and ser-
vices means that the Company is not exposed to
significant credit risk. As at 31 December 2020, the
Company estimated the value of impairment write
As at December 31, 2020, the Company has PLN
216,756 thous. gross of acquired bonds, which were
classified to basket 1 according to IFRS 9. As a result
of the analysis of expected credit losses, the Com-
pany recognized write-downs on bonds in basket 1
in the amount of PLN 289 thousa. In addition, as at
December 31, 2020, the company has PLN 285,870
thous. gross of taken-up bonds that were classified
into basket 3. As a result of the analysis of expected
credit losses, the Company recognized write-downs
on bonds in basket 3 of PLN 28,904 thous.
WRITEOFF FOR EXPECTED CREDIT LOSSES AS OF DECEMBER 31, 2019
‘000 PLN
Period Weighted average default rate Gross value of trade receivables Write-o for ex-pected credit losses
Current 0,00% 39 532 -
1-30 0,00% 1406 -
31-90 0,00% 543 2
91-360 1,00% 927 7
>361 75,00% 1657 1310

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Standalone nancial report of Echo Investment S.A. for 2020
With regard to all classes of financial assets, the
Company considers that the credit risk associated
with financial instruments is too low. In the opinion
of the Management Board, in view of the presented
activity characteristics, the risk of non-performance
of contractual obligations is small, the debtors of
the Company have a high short-term ability to ful-
fil their obligations within the scope of contracts
concluded with the Company, and possible adverse
changes in business and economic conditions in
the long term may - but not necessarily and, in the
opinion of the Management Board, they should not
- limit their ability to fulfil their obligations within
the scope resulting from concluded agreements.
The Company has procedures in place to protect
the credit worthiness of its customers and tenants;
security deposits and guarantees are also used for
tenants. There is no significant concentration of
risk in relation to any of the Company’s customers
outside the Echo Investment Group. In relation to
related entities, the credit risk, in the opinion of the
Management Board, is minimised through regular
monitoring of operating activities and the assess-
ment of investment projects of these companies.
For cash and deposits in financial institutions and in
banks, the Company uses the services of renowned
institutions.
LIQUIDITY RISK
The liquidity risk occurs when the Company is una-
ble to settle its financial liabilities in due time. The
Company manages the liquidity risk by maintaining
an adequate amount of supplementary capital, us-
ing bank services and reserve loan facilities, and by
constantly monitoring the forecast and actual cash
flows. Given the dynamic nature of its business,
the Company ensures flexible funding through the
availability of cash and by diversifying the sources
of funding.
In the opinion of the Management Board, the Com-
pany has sucient cash to settle all liabilities in
due time. In the long term, the liquidity risk is min-
imised by the available bank loans. At any time,
the Company may use sucient funds from the
loan facilities granted by banks. The analyses of
the Company’s financial liabilities and derivatives
settled in the net amount which will be settled at
specific maturities, based on the period remaining
until the contractual maturity as of the balance
sheet date, have been presented in the respective
notes: loans, borrowings, debt securities, trade re-
ceivables and trade liabilities.
The analysis of the Company’s undiscounted fi-
nancial liabilities which will be settled at specific
maturities, based on the period remaining until the
contractual maturity as of the balance sheet day 31
December 2020 and 31 December 2019:
ANALYSIS OF UNDISCOUNTED FINANCIAL LIABILITIES
AS AT 31.12.2020
PLN ‘000
Period Guarantees Bonds
Trade, lease and
other payables Leasing Loans
Up to 1 year 55 757 493 409 94 114 9 530 137 981
1–3 years 229 482 459 501 - 13 567 -
3–5 years 239 588 413 441 - - -
Over 5 years 1 443 336 - - - -
Total 1 968 163 1 366 351 94 114 23 097 137 981

| Financial statement
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Standalone nancial report of Echo Investment S.A. for 2020
ANALYSIS OF UNDISCOUNTED FINANCIAL LIABILITIES
AS AT 31.12.2019
PLN ‘000
Period Guarantees Bonds
Trade, lease and
other payables Leasing Loans
Up to 1 year 51 287 148338 79 985 13 274 213874
1–3 years 257730 762 995 - 12 645 -
3–5 years 275681 173 864 - - -
Over 5 years 1357058 - - - -
Total 1 941 756 1 085 197 79 985 25 919 213874
The debt ratios as at December 31, 2020 and December 31, 2019, respectively, were in line with the
Company’s objectives.

| Financial statement
110
Standalone nancial report of Echo Investment S.A. for 2020

Capital risk management
DEBT RATIO PLN ‘000
NOTE 31.12.2020 31.12.2019
Total loans, borrowings and bonds 14, 16 1 712 510 1 426 078
Liability for dividend 24 - -
Cash and equivalents 11 (149 881) (249 867)
Net debt 1 562 629 1 176 211
Total equity 1 318 806 1 260 981
Total capital 2 881 435 2 437 192
Debt ratio 54,23% 48,26%
Debt ratios as at December 31, 2020 and as at Decem-
ber 31, 2019 are in line with the Company’s targets.
The aim of the Company in capital management is to
protect the ability to continue as a going concern, so
that it is possible to realize a return for shareholders,
as well as to maintain an optimal capital structure in
order to reduce its cost.
Managing this risk, the Company makes decisions
regarding the level of financial leverage, dividend
policy, the issue of new shares or the purchase and
subsequent redemption or resale of previously is-
sued shares and the possible sale of assets in order
to reduce debt. The company monitors capital using
debt ratios.
This ratio is calculated as the ratio of net debt to total
equity. Net debt is calculated as the sum of credits
and loans (including current and long-term credits
and loans shown in the balance sheet) less cash and
cash equivalents. The total value of capital is calcu-
lated as equity shown in the balance sheet together
with net debt.

| Financial statement
111
Standalone nancial report of Echo Investment S.A. for 2020

Significant contracts concluded
with related entities
MATERIAL AGREEMENTS CONCLUDED WITH RELATED ENTITIES AND PERFORMED IN 2020
‘000 PLN
Subject of the contract - liability of Echo Investment S.A.
Date of
agreement Contractor – investor
Transac-
tion value
Investment project management agreement, Warsaw, Grzybowska Street, GH
oce building.
31.10.2018 Dellia Investments - Projekt Echo - 115
Sp. zo.o. Sp.K.
6 455
Comprehensive project management of oce complex construction in Wrocław
on ul. Powstańców Śląskich.
27.11.2019 Midpoint 71 - Cornwall Investments
Sp. zo.o. SKA
6 134
Comprehensive project management and provision of advisory services in all mat-
ters related to the construction of the II phase of oce complex in Katowice.
31.10.2018 Face2Face - Stranraer Sp. zo.o. SKA 4 196
Investment project management agreement – oce project with underground
parking in Warsaw on ul. Beethovena.
06.05.2019 Projekt Beethovena-Projekt Echo -
122 Sp. zo.o. SKA
3 371
Investment project management agreement - construction of the residential mul-
tifamily complex in Wrocław on ul. Mińska.
01.10.2019 Projekt Echo - 136 Sp. zo.o. Sp.K. 2 961
Investment project management agreement - construction of the oce complex
in Gdańsk on ul. Nowomiejska.
02.12.2019 Projekt 16 - Grupa Echo Sp. zo.o.
SKA
2 915
Advisory, management, legal and engeneering services. 29.06.2018 Dellia Investments - Projekt Echo - 115
Sp. zo.o. Sp.K.
2 764
Comprehensive project management and provision of advisory services in all mat-
ters related to the construction of the oce building in Wrocław.
30.11.2018 Projekt 17 - Grupa Echo Sp. zo.o.
SKA
2 761
Investment project management agreement - React oce complex. 01.06.2019 React - Dagnall Sp. zo.o. SKA 2 657
Investment project management agreement - construction of the residential mul-
tifamily complex in Wrocław on ul. Mińska.
01.06.2019 Gosford Investments Sp. zo.o. 2 615
Real estate brokerage. 07.04.2020 Cinema Asset Manager - Grupa Echo
Sp. zo.o. SKA
2 586
Investment project management agreement - Warsaw Brewery E. 02-11-2018 Dellia Investments - Projekt Echo - 115
Sp. zo.o. Sp.K.
2 295
Investment project management agreement - construction of residential complex
with underground parking in Warsaw on ul. Beethovena.
01.08.2018 Projekt Beethovena-Projekt Echo -
122 Sp. zo.o. SKA
2 191
Investment project management agreement, Fuzja B, Łódź, ul. Wincentego Ty-
mienieckiego.
01.04.2019 Elektrownia Re Sp. zo.o. 2 119
Leasing services. 25.05.2018 Face2Face - Stranraer Sp. zo.o. SKA 2 038
Comprehensive project management and provision of advisory services in all mat-
ters related to the construction of the project in Warsaw.
01.12.2018 Taśmowa - Projekt Echo - 116 Sp.
zo.o. SKA
1 815
Management of the real estate. 22.10.2018 Galeria Libero - Projekt Echo - 120
Sp. zo.o. Sp.K.
1 813
Real estate brokerage. 09.01.2018 Dellia Investments - Projekt Echo - 115
Sp. zo.o. Sp.K.
1 631
Financial intermediation agreement. 06.02.2020 Midpoint 71 - Cornwall Investments
Sp. zo.o. SKA
1 492
Investment project management agreement - R4R Warszawa Browary 01.12.2017 Dellia Investments - Projekt Echo - 115
Sp. zo.o. Sp.K.
1 383
Leasing services. 01.09.2016 Dellia Investments - Projekt Echo - 115
Sp. zo.o. Sp.K.
1 354
According to the Echo Investment S.A. Group’s strat -
egy for building shopping centres, oce buildings
and selected residential buildings through a sepa-
rate subsidiary, a large portion of Echo Investment’s
transactions is concluded with related parties.

| Financial statement
112
Standalone nancial report of Echo Investment S.A. for 2020
MATERIAL AGREEMENTS CONCLUDED WITH RELATED ENTITIES AND PERFORMED IN 2020
‘000 PLN
Subject of the contract - liability of Echo Investment S.A.
Date of
agreement Contractor – investor
Transac-
tion value
Investment project management agreement - Osiedle Enter I in Poznań on ul.
Sielawy.
06.02.2020 Duże Naramowice - Projekt Echo - 111
Sp. zo.o. SKA
1 348
Investment project management agreement - KRK I in Kraków on ul. Zapolskiej. 20.02.2020 RPGZ IX Sp. zo.o. 1 312
Comprehensive project management and provision of advisory services in all mat-
ters related to the construction of the oce building in Katowice.
01.06.2018 Face2Face - Stranraer Sp. zo.o. SKA 1 046
Listed above transactions with related
entities concern subsidiaries.
TRANSACTION WITH RELATED ENTITIES AS AT 31 DECEMBER 2020 ‘000 PLN
Related entity Sales Purchase Receivables Write-down Liabilities
Subsidiaries 85 201 12 406 25 432 6 1 937
Joint-ventures 56 453 863 2 600 - -
Shareholders - 14 800 - - 1 517
Management Board 1 - - - -
Total 141 655 28 069 28 032 6 3 454
TRANSACTION WITH RELATED ENTITIES AS AT 31 DECEMBER 2019 ‘000 PLN
Related entity Sales Purchase Receivables Write-down Liabilities
Subsidiaries 93 499 15 589 21 436 17 2 590
Joint-ventures - - 19 779 - 10 646
Shareholders - 14 792 - - 3 034
Management Board 58 - - - -
Total 93 557 30 381 41 215 17 16 270

| Financial statement
113
Standalone nancial report of Echo Investment S.A. for 2020

Material post-balance
sheet events
. Conclusion of a preliminary
agreement on the acquisition
of a majority stake of shares in
Archicom S.A.
On February 17, 2021 the Management Board of Echo
Investment entered into a preliminary agreement
with Dorota Jarodzka-Śródka, Kazimierz Śródka
and Rafał Jarodzki on the acquisition of a stake of
Archicom S.A. shares representing in total approxi-
mately 66.01% of the share capital and entitling to a
total of approximately 65.99% of votes. The price for
the shares will be PLN 425 million. Echo Investment
will pay PLN 237 million on the transaction day and
the remaining PLN 188 million in bonds issued with
a maturity date of 3.5 years, bearing interest at an
annual rate of 5%. The signing of the final agreement
and the closing of the transaction shall be subject to
the consent of the President of the Oce of Compe-
tition and Consumer Protection.
The transaction will exclude the development busi-
ness carried out outside the Wrocław agglomeration
and two development projects in Kraków, as well as
the architectural design studio - these assets will re-
main in the hands of the sellers. The development
projects will be sold to Dorota Jarodzka-Śródka and
Rafał Jarodzki for PLN 131 m million (paid in two
instalments), and the design studio will be sold to
Dorota Jarodzka-Śródka and Kazimierz Śródka for
PLN 2.4 million.
In addition, on the closing date of the transaction
an option agreement shall be executed under which
. Bond issue of a total value of PLN
195 million
On March 17, 2021 institutional investors have ac-
quired Echo Investment’s bonds with a total value of
PLN 195 million. The obtained funds will be allocated
to the company’s development, particularly in the
promising residential sector.
The bonds have a 4-year maturity. Their interest
rate is based on the WIBOR 6M variable rate plus a
margin for investors. The agent of this new issue is
mBank S.A. Echo Investment plans to allocate the
money obtained from the bond issue to finance the
Echo Investment S.A. or an entity designated by
the company shall be entitled to purchase the Ar-
chicom S.A. shares remaining in the hands of the
sellers, representing 8.31% of the share capital and
carrying 13.32% of total votes at the general meeting.
The option will be exercisable until March 15, 2023.
At the end of 2020 in Wrocław and Kraków Archicom
has c.a. 2,000 apartments under construction and
4,200 in preparation. After completion of the trans-
action, the Echo-Archicom Group will be the largest
residential developer in Poland, having started the
construction of a total of 7 thousand apartments for
sale and rent in 2021. The acquisition is in line with
Echo Investment’s strategic goals of becoming a Pol-
ish nationwide leader in the residential sector.
Archicom has been operating mainly on the Lower
Silesian market and has been listed on the Stock Ex-
change since 2016. The company has grown out of a
family-owned architectual design oce and has 160
completed projects to its credit, including the revital-
ized Wrocław Brewery complex, the award-winning
Olimpia Port estate and the first exclusive Platinum
Lofts in Wrocław. Archicom is a strong, recognizable
brand with nearly 15% share in the Wrocław residen-
tial market.
development of its business and to repay the bonds
maturing at the end of Q1 of this year.
The issued bonds are not secured and will be entered
into the market in the alternative trading system of
the Warsaw Stock Exchange.
Due to issue of bonds, the Company redeemed 1,475
own bonds with a nominal value of PLN 10,000 each
(ISIN code PLECHPS00225).

| Financial statement
114
Standalone nancial report of Echo Investment S.A. for 2020

Remuneration of the Management
Board and Supervisory Board
The information on rules of Management
Board remuneration you can find in item
26 of the Management Report.
REMUNERATION OF MEMBERS OF THE MANAGEMENT BOARD
PLN
2020 2019
From Echo Investment S.A. Basic remuneration From subsidiaries, joint-ventures and associates Other benets Total From Echo Investment S.A. Basic remuneration From subsidiaries, joint-ventures and associates Other benets Total
Bonus
Bonus
Nicklas Lindberg 1 003 933 2 145 339 596 006 3 745 278 1 076 227 20 861 365 2 192 026 843 250 24 972 867
Maciej Drozd 421 672 336 000 1 224 713 35 218 2 017 603 753 413 359 100 721 999 1 080 1 835 592
Artur Langner 204 000 228 000 972 000 4 504 1 408 504 233 973 167 400 850 800 4 002 1 256 175
Marcin Materny 207 000 180 000 814 032 9 552 1 210 584 240 000 125 280 702 842 8 676 1 076 798
Rafał Mazurczak 207 000 177 120 808 992 10 052 1 203 164 200 000 180 000 814 032 8 676 1 202 708
Waldemar Olbryk 627 000 537 350 - 66 466 1 230 816 702 000 386 100 - 6 704 1 094 804
Małgorzata Turek
(appointed on
7.03.2019)
204 000 114 538 739 076 4 404 1 062 018 217 857 - 467 500 3 702 689 059
Total 2 874 605 1 573 008 6 704 152 726 202 3 423 469 22 079 245 5 749 199 876 090
Total for the year 11 877 967 32 128 003

| Financial statement
115
Standalone nancial report of Echo Investment S.A. for 2020
The information on rules of Supervisory
Board remuneration you can find in item
26 of the Management Report.
REMUNERATION OF MEMBERS OF THE SUPERVISORY BOARD
PLN
2020 2019
From
Echo Investment
S.A.
From subsidiaries,
joint-ventures
and associates
Other
benets
From
Echo Investment
S.A.
From subsidiaries,
joint-ventures
and associates
Noah M. Steinberg
(appointed on 9.01.2020)
137 086 - - - -
Karim Khairallah
(resigned on 13.12.2019)
- - - - -
Tibor Veres
(appointed on 9.01.2020)
75 194 - - - -
Laurent Luccioni
(resigned on 13.12.2019)
- - - - -
Mark E. Abramson
(resigned on 13.08.2020)
126 290 - - 180 000 -
Margaret Dezse
(appointed on 13.08.2020)
54 194 - - - -
Maciej Dyjas 60 000 - - 60 000 -
Sławomir Jędrzejczyk
(appointed on 13.08.2020)
54 194 - - - -
Stefan Kawalec
(dismissed on 13.08.2020)
126 290 - 1 800 180 000 -
Péter Kocsis
(appointed on 9.01.2020)
53 710 - - - -
Bence Sass
(appointed on 9.01.2020)
53 710 - - - -
Nebil Senman 60 000 - 825 60 000 -
Sebastian Zilles
(resigned on 13.12.2019)
- - - - -
Total 800 668 2 625 480 000
Total for the year 803 293 480 000

| Financial statement
116
Standalone nancial report of Echo Investment S.A. for 2020
Agreements concluded with an entity
authorised to audit financial statements

The Supervisory Board of Echo Invest-
ment S.A., upon the recommendation
of the Audit Committee, has selected
Deloitte Audyt Sp. z o.o. Sp.K. based in
Warsaw, al. Jana Pawła II, registered as
number 73 in the list of expert auditors to
audit separate financial reports of Echo
Investment and consolidated financial
reports of the Echo Investment Capi
-
tal Group for the years 2020-2021. The
agreement was concluded by the Man-
agement Board, based on the Supervi-
sory Board’s authorisation.
The Management Board of Echo Invest-
ment S.A. informs that the selection of
the auditing company conducting the
audit of the annual financial statements
was made in accordance with the regu-
lations, including the selection and pro-
cedure for the selection of the auditing
company, based on the resolution of the
Supervisory Board of 14 November 2019.
The auditing company and the members
of the team conducting the audit met the
conditions for preparing an unbiased and
independent report on the audit of the
annual financial statements in accord-
ance with the applicable regulations,
professional standards and professional
ethics.
Echo Investment S.A. complies with the
existing regulations related to rotation of
the auditing company and the key stat-
utory auditor, as well as prevailing man-
date periods. Echo Investment S.A. has
a policy with respect to the selection of
the auditing company and a policy with
respect to providing services to the issuer
by the auditing company, any entity relat-
ed to the auditing company or a member
of its network of additional non-auditing
services, including services which are
conditionally excluded from the ban on
such services by the auditing company.
The auditing company selection policy
and the non-auditing services purchase
policy were approved by resolutions of
the Audit Committee dated March 23,
2018 and are available on the Company’s
website under Investor relations / Strat-
egy and corporate governance.
THE NET REMUNERATION DUE TO THE AUDITOR ENTITLED TO AUDIT
FINANCIAL REPORTS OF THE COMPANY AND THE GROUP PLN
Due Contractual amount [PLN]
Review of the standalone and consolidated financial statements for H1 2020 135 000
Audit of the standalone financial statement for Q3 2020 98 000
Audit of the standalone and consolidated financial statements for 2020 278 000
Annual audit of subsidiaries 74 250
Total 585 250
Anna Gabryszewska-Wybraniec
Chief Accountant
Kielce, March 30, 2021
Nicklas Lindberg
President of the Board, CEO
Maciej Drozd
Vice-President of the Board, CFO Artur Langner
Vice-President of the Board
Rafał Mazurczak
Member of the Board
Marcin Materny
Member of the Board
Waldemar Olbryk
Member of the Board
Małgorzata Turek
Member of the Board
The document is signed with qualified electronic signature

STATEMENT OF THE
MANAGEMENT BOARD

| Statement
118
Standalone nancial report of Echo Investment S.A. for 2020
Kielce, 30 March, 2021
The Management Board of Echo Investment S.A. declares that, to the best of its
knowledge, the Management Board Report on operations of Echo Investment S.A.
and its Group for 2020 and comparative data have been presented in compliance
with the applicable accounting principles, and that they reflect in a true, reliable and
transparent manner the economic and financial situation of Echo Investment S.A.
and its financial result. The management report of Echo Investment S.A. presents a
true view of development, accomplishments and situation of Echo Investment S.A.,
including a description of fundamental risks and threats.
The Management Board of Echo Investment S.A. declares that the entity authorised
to audit financial statements, auditing the annual financial statements for 2020, was
selected in accordance with the laws. This entity and the statutory auditors conducting
the audit fulfilled the conditions required to express an unbiased and independent
opinion on the audited annual financial statements, pursuant to the applicable laws
and professional standards.
Nicklas Lindberg
President of the Board, CEO
Maciej Drozd
Vice-President of the Board, CFO
Artur Langner
Vice-President of the Board
Rafał Mazurczak
Member of the Board
Marcin Materny
Member of the Board
Waldemar Olbryk
Member of the Board
Małgorzata Turek
Member of the Board
The document is signed with qualified electronic signature

CONTACT
Echo Investment S.A.
Warsaw oce
Q22 building
al. Jana Pawła II 22
00-133 Warsaw
Design and execution: Damian Chomątowski | be.net/chomatowski