DGAP-News: ORCO Germany S.A.: Audited results of financial year 2011
ID: 655622
ORCO Germany S.A.: Audited results of financial year 2011
08.06.2012 / 18:41
---------------------------------------------------------------------
Audited results of financial year 2011
Orco Germany is publishing its full year 2011 audited financial statements.
Financial statements presented are in line with the one published as of 28
March 2012.
Main update with 28 March Press Release:
The main update in comparison with the publication of the 28 March 2012 is
the validation of the going concern assumption based on :
* The successful agreement with the Orco Germany bondholders for the
equitization of the debt. During April and May 2012, Orco Property Group
('OPG'), ORCO Germany's mother company, initiated the execution of the
total bond deleverage of the ORCO Germany as approved by general assembly
of 7 May 2012. OPG acquired 85% of ORCO Germany total bond liability (bonds
registered under ISIN code XS0302623953) or EUR 109 million which shall be
equitized in ORCO Germany shares over the coming weeks. The remaining
approximately 15% bonds not held by OPG can be then exchanged into EUR 20
million of ''new notes'' to be issued by OPG, the main terms of which were
described in OPG's 18 April 2012 press release. The conversion of the
totality of OG bonds after exchange of the remaining bonds with OPG New
Notes into OG shares, to be executed over the coming weeks, will reduce
OG's leverage ratio from 78% to 63%.
* The signing of a standstill in April 2012 GSG Asset GmbH&Co.
Verwaltungs KG, a subsidiary of ORCO Germany S.A ORCO-GSG and Royal Bank of
Scotland signed a standstill agreement which terminates on 15 June 2012.
Thanks to execution of the OG deleverage, the negotiations on the
refinancing of the existing bank loan have substantially progressed and
Management remains confident in successfully reimbursing the existing loan
over the coming months.
2011 financial highlights reminder:
* ORCO Germany closed 2011 with a net gain of EUR21.3 million compared to a
net gain of EUR5.6 million in the corresponding 2010 period
* Revenues are at EUR 63.8 Million in 2011, to be compared to EUR 150.9
Million at December 2010 as the Property Investments business lines
demonstrates stable revenues at a level of EUR 55.5 Million to be compared
with EUR 56.7 Million (-4.0%). The development business line revenue
reached a level of EUR 8.2 Million to be compared to EUR 94.2 Million in
2010 due to the missing development sales in 2011
* Operating result decreased to EUR 55.3 Million (-11.5% year on year)
mainly driven by lower valuation gains (- EUR 12.5 Million year on year)
* Interest expenses are reduced from EUR 41.0 Million down to EUR 33.0
Million thanks to asset disposal.
* Loan To Value (LTV) before bonds stands at 63% compared to 66% in
December 2010.
* On 1 February 2011, ORCO Immobilien GmbH, a subsidiary of ORCO Germany
S.A., closed the sale of ORCO Leipziger Platz GmbH, holding the Wertheim
project on Leipziger Platz in Berlin. The total purchase price for this
sales transaction amounted to EUR113.5 million, positively impacting the
P&L by EUR9.2 million. Based upon the signed sales contract additional
EUR30 million as part of the agreed total purchase price, are expected to
inflow after the finalization of the project
For further detailed information please visit our website on:
http://www.orcogermany.de/
About ORCO Germany
ORCO Germany S.A. is a property company that is listed in the Prime
Standard on the Regulated Market at Frankfurt Stock Exchange and has its
registered office in Luxembourg. The ORCO Germany Group, which acts
consistently under its registered name of ORCO Germany, has been operating
in Germany since 2004 and concentrates on commercial property and project
development.
ORCO Germany S.A. is a subsidiary of ORCO Property Group, which is one of
the leading Central European property companies. The company established in
1991 is based in Luxembourg and has listings on NYSE Euronext Paris and
Prague as well as on Warsaw stock exchange. The company mainly operates in
the Czech Republic, Hungary, Poland, Russia, Croatia, Slovakia and Germany.
Press Contact:
Kirchhoff Consult AG
Sebastian Bucher
Herrengraben 1
20459 Hamburg
T +49 40 60 91 86 18
F +49 40 60 91 86 60
E sebastian.bucher@kirchhoff.de
http://www.kirchhoff.de/
End of Corporate News
---------------------------------------------------------------------
08.06.2012 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
Language: English
Company: ORCO Germany S.A.
42, rue de la Vallée
L-2661 Luxembourg
Grand Duchy of Luxembourg
Phone: +49 (0)30 390 93 116
Fax: +49 (0)30 390 93 199
E-mail: patricia.jaenisch@orco-gsg.de
Internet: www.orcogermany.de
ISIN: LU0251710041
WKN: A0JL4D
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Düsseldorf, Stuttgart
End of News DGAP News-Service
---------------------------------------------------------------------
173377 08.06.2012
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 08.06.2012 - 18:41 Uhr
Sprache: Deutsch
News-ID 655622
Anzahl Zeichen: 6666
Kontakt-Informationen:
Kategorie:
Wirtschaft (allg.)
Diese Pressemitteilung wurde bisher 191 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: ORCO Germany S.A.: Audited results of financial year 2011"
steht unter der journalistisch-redaktionellen Verantwortung von
ORCO Germany S.A. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
