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DGAP-News: ORCO Germany S.A.: Results of first half 2010
ID: 250162
(firmenpresse) - ORCO Germany S.A. / Half Year Results
31.08.2010 20:16
Dissemination of a Corporate News, transmitted by
DGAP - a company of EquityStory AG.
The issuer / publisher is solely responsible for the content of this announcement.
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Report on H1 2010 (not reviewed by auditor)
In line with the strategic refocusing of ORCO Germany on the profitable and
less risky investment business, the planned disposition of non-strategic
assets worth EUR 230 million progressed further. Development and Assets
worth EUR 110 million have been sold in the first half year of 2010 in a
non-distressed environment, resulting in a decrease of liabilities during
the first half year 2010 by EUR 57.8 million to EUR 869.1 million.
Revenues amounted to EUR 99.3 million compared to EUR 36.3 Mio. in H1/2009,
mainly driven by sales of non-strategic development projects comprising EUR
71.0 million (among others the Health Care Portfolio and H2 Office). The
rental revenues increased slightly from EUR 27.4 million to EUR 28.3
million, of which GSG contributed EUR 25.5 million, thus overcompensating
the loss of rental income from sale of non-strategic assets. GSG could
raise both prices per sqm from EUR 4,80 to EUR 4,82 and occupancy rate from
76.5% as of December 2009 to 77.1% in June 2010.
Adjusted EBITDA was up 104% from EUR 9.8 million in the first half of 2009
to today's EUR 19.9 million mainly thanks to gains from development and
asset sales and the operational restructuring program. Around EUR 12.2
million of the adjusted EBITDA can be considered as recurrent.
The consolidated profit was EUR 8.3 million after a negative result of EUR
-104.5 million in June 2009. As a consequence the NAV increased by 14% to
EUR 2.04 per share.
The results were influenced by decreased amortization, impairments and
provisions, but also through fair value profits and cost reductions.
Nevertheless the net interest expenses (EUR 21.6 million) are still higher
than the adjusted EBITDA (EUR 19.9 million). It is a management priority to
achieve a full coverage of interest expenses by adjusted EBITDA by 2011.
Asset values improved by EUR 23.8 million thanks to the operational
performance by ORCO Germany's core business GSG and a slight improvement of
yields.
Outlook
With the operational restructuring almost completed and its core business
performing well in a still challenging economic environment, the company's
top priority will be to further improve its LTV ratio, which stands at 7 %,
notably through a reduction of financial liabilities and the refinancing
of the EUR 100 million nominal corporate bond and the EUR 299 million loan
for GSG both maturing in mid 2012.
ORCO will continue the announced disposal program. Most remaining asset
disposals processes are well advanced. One major step was the selling of
the asset Cumberland at a sales price of EUR 29 million in July 2010.
The already announced conversion of the EUR 17.6 million shareholder loan
of ORCO Property Group S.A. at EUR 1.60 per share and the related issue of
free warrants for existing shareholders will further support the
stabilization of the Company and strengthen the equity basis. The approval
by the stock exchange supervisory board for the conversion is expected to
be obtained shortly.
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 as well as on
asset management and project development.
ORCO Germany 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 Euronext, Prague, Budapest and Warsaw
Stock Exchange listings.
Kirchhoff Consult AG
Sebastian Bucher
T +49 40 60 91 86 18
sebastian.bucher(at)kirchhoff.de
31.08.2010 20:16 Ad hoc announcement, Financial News and Press Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Language: English
Company: ORCO Germany S.A.
40, Parc d'Activités Capellen
8308 Capellen
Luxemburg
Phone: +49 (0)30-440 123 190
Fax: +49 (0)30-440 123 299
E-mail: seilers(at)orcogroup.com
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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Datum: 31.08.2010 - 20:16 Uhr
Sprache: Deutsch
News-ID 250162
Anzahl Zeichen: 5643
Kontakt-Informationen:
Kategorie:
Wirtschaft (allg.)
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