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CODE LU0122624777 - ORC Eurolist hors zone Euro

Orco Property Group investisseur en Europe Centrale depuis 1991  Promoteur, investisseur, asset manager, Orco est aujourd’hui un acteur majeur sur le marché de l’immobilier et l’hôtellerie en Europe Centrale.

http://www.orcogroup.com


27.05.2016 ORCO PROPERTY GROUP
Q1 2016 Financial Results
Key recent events
- Delisting from Euronext Paris: On 18 February 2016 the shares of ORCO PROPERTY GROUP (the “Company” and together with the subsidiaries as the “Group”) have been delisted from the regulated market of Euronext Paris. This decision was based on in-depth review of Company’s structure, operational and financial performance and costs related to the listing on Euronext Paris.
The Company shares will continue to be listed on the regulated market of the Luxembourg Stock Exchange under the same ISIN code LU0122624777.
- Disposal of Marki project: On 29 February 2016 the Group entered into an agreement concerning a disposal of project Marki in Poland. The transaction comprises of a transfer of 36 thousand sqm C class warehouse – logistic facility with the related land plots of app. 193 thousand sqm. The purchase price in an asset deal amount to EUR 4 million plus VAT. Following the repayment of the project credit facility to the financing bank the net proceeds amount to EUR 1.07 million.
- Disposal of Suncani Hvar shares: On 4 April 2016 the Company entered into an agreement concerning the disposal of its stakes in Suncani Hvar d.d. ("SHH"). The Company sold 3,062,196 SHH shares corresponding to 15.77% of the shareholding and voting rights in SHH. The aggregate price equals to app. EUR 8.15 million and is based on the nominal value of the transferred shares, i.e. HRK 20 per share. Further to this transaction, the Group exited all of its investments in Croatia.
- Decrease of the Company´s capital: On 2 May 2016 extraordinary general meeting resolved to decrease the corporate capital of the Company from EUR 31,450,762.90 to EUR 3,145,076.29 without cancellation of shares, by decreasing the accounting par value of the existing shares from EUR 0.10 to EUR 0.01.
- Increase of the Company´s capital: On 10 May 2016, the Company´s board of directors agreed to issue 1 billion new ordinary shares for a global cash contribution of EUR 80 million.
- Deleveraging through purchase of New Notes and loan repayment: In May 2016 the Company managed to purchase 5,630,662 pieces of the New Notes for an aggregate consideration of EUR 49.2 million. The Company also repaid the short term loan of EUR 32.1 million, resulting in an expected improvement of LTV from 40.9% as at 31 December 2015 to approximately 20%.
- Annual General Meeting of 26 May 2016: The annual general meeting of the Company’s shareholders held on 26 May 2016 (the „Meeting“) approved the statutory annual accounts and consolidated annual accounts for the financial year ending 31 December 2015, as well as the allocation of financial results for the financial year ending 31 December 2015. The Meeting decided to appoint Mr. Jiří Dedera, Mr. Edward Hughes and Mr. Pavel Spanko to the ,Board of Directors of the Company until the annual general meeting of 2017 concerning the approval of the annual accounts of the Company for the financial year ending 31 December 2016. Mr. Jiří Dedera was also elected Managing Director (administrateur délégué) of the Company.

Q1 2016 Financial highlights
Over the three months of 2016 the Group recorded net loss attributable to owners of the Company in the amount of EUR 3.7 million compared to a loss of EUR 6.2 million in Q1 2015.
- Total revenue decreased by EUR 1.1 million year-on-year to EUR 2.8 million. Renting properties are contributing to the total rent revenue by EUR 1.5 million.
- Operating result as of March 2016 is represented by gain of EUR 0.8 million compared to a loss of EUR 1.7 million over the same period in 2015. The improvement of result is mainly due to the positive fair value adjustments on investment property.
- Adjusted EBITDA amounts to EUR 0.6 million as at 31 March 2016 compared to EUR 0.7 million in March 2015. The EBITDA is worsened in Property Investments segment by EUR 0.2 million.
- LTV ratio increased compared to December 2015 from 40.8 % to 41.1 % as at 31 March 2016. Total amount of financial liabilities including financial debts and New Notes is EUR 151.1 million as at the end of March 2016 in comparison to EUR 150.5 million at the end of 2015. Fair value of portfolio evaluated from EUR 369.3 million to EUR 367.7 million.

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