DGAP-News: ORCO Germany S.A.: Unaudited estimated preliminary results of financial year 2011
(firmenpresse) - DGAP-News: ORCO Germany S.A. / Key word(s): Preliminary Results
ORCO Germany S.A.: Unaudited estimated preliminary results of
financial year 2011
29.03.2012 / 09:23
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Berlin, 29.03.2012
Unaudited estimated preliminary results of financial year 2011
2011 financial highlights:
- 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 55.3 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) still stands at a critical 77,8%, slightly down
from 79% last year. LTV before bonds stands at 63.2% compared to 66.4%
in December 2010.
- NAV p.s. at EUR 2,33 up from EUR 1,98 year on year.
- 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 EUR 30 million as part of the agreed total purchase
price, are expected to inflow after the finalization of the project
- Uncertain refinancing outlook for some key assets such as GSG
- Sale of Sky expected in H2 2012
- Full equitization of OG bonds to be validated by bondholders General
Assembly on 5 April
Audited results delayed until further notice
Orco Germany is publishing today a press release on its unaudited
consolidated financial information. The final audited consolidated
financial information is expected to be published mid-May. While the Board
of Directors expects that the Company can continue its operations for the
foreseeable future, it is unable at this time to conclude on the going
concern assumption for the establishment of the consolidated financial
information.
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 operatesin
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(at)kirchhoff.de
http://www.kirchhoff.de/
End of Corporate News
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29.03.2012 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: ORCO Germany S.A.
40, Parc d'Activités Capellen
8308 Capellen
Grand Duchy of Luxembourg
Phone: +49 (0)30 390 93 116
Fax: +49 (0)30 390 93 199
E-mail: patricia.jaenisch(at)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
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162913 29.03.2012
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Datum: 29.03.2012 - 09:23 Uhr
Sprache: Deutsch
News-ID 129717
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