DGAP-News: ORCO Germany S.A.: Full year 2012 unaudited financial results
(firmenpresse) - DGAP-News: ORCO Germany S.A. / Key word(s): Preliminary Results
ORCO Germany S.A.: Full year 2012 unaudited financial results
28.03.2013 / 22:17
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Full year 2012 unaudited financial results
Berlin, 28 March 2013. The year 2012 marked the spectacular deleverage of
ORCO Germany ('OG') and the completion of its financial restructuring.
While the Company is set to be fully deleveraged of its corporate bonds, it
also did refinance GSG at improved conditions and sold Sky Office, its last
important development asset outside of Berlin. For 2013 and the following
years OG shall grow again on its Berlin market by value creation through
asset management and selective developments.
- Berlin GSG refinancing process finalized: in December 2012,
Gewerbesiedlungs-Gesellschaft mbH (GSG), a subsidiary of OG, fully
repaid its matured loan of EUR 281.9 Million. This was successfully
achieved by a new loan contracted with a total commitment of EUR 269.6
Million granted by a consortium of five German banks led by DG HYP,
including Coreal Credit Bank AG, Düsseldorfer Hypothekenbank AG, HSH
Nordbank AG and Investitionsbank Berlin. The new loan has a term of
five years and an interest rate that is 2 percentage points lower than
the previous loan, bringing a total interest saving of EUR 6 Million a
year. The agreement stipulates a mortgage collateralization of the
loan, a minimum capital expenditure spending commitment as well as
quarterly amortization, which will further reduce LTV.
- Debt reduction by equitizing OG bonds: 84.5% of OG bonds (EUR 109
Million including interest and redemption premium) were transferred to
OPG in exchange for the issuance of 153 million OG shares. As a result,
OPG now directly or indirectly holds 98% of OG compared to 92% as of
December 2011. OG's equity increased by EUR 107 Million as of 30
September 2012. The remaining portion of EUR 20 Million of OG bonds
owned by OPG will be equitized in OG shares in Q2 2013.
- Sky Office sold: the sale of this Düsseldorf tower to Allianz was
closed in December 2012 for EUR 117 Million and quickly followed the
failure in September to close a previous agreement. It generated
supplementary impairments of EUR 13.2 Million in comparison with the
June 2012 closing. The sale of Sky Office marks the finalization of
OG's restructuring started in 2009 with its focus on the Berlin market
and on cash generating properties.
- Significant increase in revenues: revenues amounted to EUR 181.0
Million in 2012, to be compared with EUR 63.8 Million at December 2011,
as the development business line revenue - driven by the sale of Sky
Office - reached a level of EUR 124.7 Million, against EUR 8.2 Million
in the previous year. The Property Investments business line generated
higher revenues at EUR 56.3 Million to be compared with EUR 55.5
Million (+1.4%) - despite some minor asset sales in both 2011 and 2012.
GSG represented 93% of these revenues and reached all-time highs on its
most important KPIs like occupancy rate and rent per SQM.
- Operating result impacted by the sale of Sky Office: operating result
decreased to EUR 19.2 Million (-75% year on year) mainly driven by the
above mentioned impairment caused by the sale of Sky Office.
- Net financial result remained stable but with different structure:
interest expenses reduced from EUR 33.1 Million down to EUR 23.6
Million thanks to the bond restructuring, lower expenses on the GSG
loan and the repayment of the Sky Office loan. On the other hand the
expenses linked to the GSG refinancing and lower gains on derivatives
led to a nearly stable net financial result.
- The Interest Coverage Ratio (ICR) of cash interests by Adjusted Ebitda
amounts to 1.5.
- Loan To Value (LTV) improved significantly: With the bond
restructuring, the repayment of the Sky Office loan, and the refinanced
GSG loan at a lower level, liabilities decreased while values of the
Berlin Investment Property portfolio increased. Therefore, the LTV of
the company decreased significantly to 58.3% compared to 78.0% last
year. After the equitization by OPG of the last tranche of bonds in
mid-2013, the Global LTV will stand at 54.6% which is deemed a
reasonable level for a Company that is producing strong cash flows.
- NAV nearly doubled but NAV p.s. reduced: With the finalization of the
bond restructuring the total NAV increased from EUR 114 Million to EUR
213 Million. With the connected increase in number of shares the NAV
per share reduced from EUR 2.33 to EUR 1.05 year on year.
Unaudited documents will be available tonight on :
http://www.orcogermany.de/en/Annual-Financial-Statements.html
- Full Year 2012 unaudited financial report
- Full Year 2012 unaudited management report
For more information, also refer to the Orco Property Group S.A. unaudited
Management Report :
http://www.orcogroup.com/investors/financial-documentation/full-year-docum
ents
Final Audited Financial Information will be made available over the coming
days without any major expected differences.
For more information, please contact:
Kirchhoff Consult AG
Sebastian Bucher
Herrengraben 1
D-20459 Hamburg
T +49 40 60 91 86 18
F +49 40 60 91 86 60
sebastian.bucher(at)kirchhoff.de
End of Corporate News
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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(at)orco-gsg.de
Internet: www.orcogermany.de
ISIN: LU0251710041
WKN: A0JL4D
Listed: Regulierter Markt in Frankfurt (General Standard);
Freiverkehr in Düsseldorf, Stuttgart
End of News DGAP News-Service
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