Orco on roadshow: meet us in Budapest on 15 – 16th October 2008, London on 27 – 28th October, New York on 27 Oct – 1st Nov *** contact us at investors@orcogroup.com
  • Orco on roadshow: meet us in Budapest on 15 – 16th October 2008, London on 27 – 28th October, New York on 27 Oct – 1st Nov *** contact us at investors@orcogroup.com
MaMaison Pokrovka suite hotel
Direct contacts:

Arnaud Bricout , Vice President of Corporate Finance
Severine Farjon , Head of Investor Relations
Email: investors@orcogroup.com

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ORCO PROPERTY GROUP | Historical Financial Results

Historical Financial Results

Note: Since January 1st 2005, Orco Property Group consolidates its financial statements according to IFRS. Prior to that date, the company used the Luxembourg GAAP accounting standards. The 2004 figures presented below were restated according to IFRS standards, for comparison purposes. For more information on the transition to IFRS, please refer to these documents:

Communication note concerning the transition to IFRS accounting standards that has been published on 15th July 2005:

Communication note is available for download in PDF format

Price Waterhouse Coopers is Orco Property Group’s auditor since 2004.

Finacial results Information is also available for download in Excel format Excel download

 

Consolidated Profit & Loss (in 000 EUR) December 2006 December 2005 December 2004
IFRS standards
Revenues 172,908 50,348 70,670
Net gain from fair value adjustment 145,901 78,975 25,408
Other operating income 2,786 2,219 3,050
Gain on sale of activities held for sale - 2,365 0
Cost of sales -119,224 -17,795 -43,819
Employee benefit -30,141 -13,259 -7,464
Amortization, impairments and provisions -4,076 -2,093 -6,220
Other operating expenses -33,906 -23,872 -10,796
Operating result 134,248 76,888 30,829
Net interest expenses -15,740 -6,962 -5,515
Other financial results 4,416 2,411 1,686
Financial result -11,324 -4,551 -3,829
Profit before income taxes 122,924 72,337 27,000
Income taxes -25,069 -16,065 -8,211
Net profit 97,855 56,272 18,789
Attributable to minority interests 1,156 1,749 89
Attributable to the Group 96,699 54,523 18,700
Basic earnings in EUR per share 12.58 9.25 4.46
Diluted earnings in EUR per share 10.11 7.83 3.22

 

Consolidated Balance Sheet (in 000 EUR) December 2006 December 2005 December 2004
IFRS standards
ASSETS
NON-CURRENT ASSETS 992,605 536,796 208,728
Intangible assets 1,545 718 1,250
Investment property 749,438 361,193 134,503
Property, plant and equipment 213,860 158,295 66,354
Hotels and own-occupied buildings 165,502 126,034 48,398
Fixtures and fittings 15,036 7,397 5,802
Properties under development 33,322 24,864 12,154
Financial assets 21,196 13,121 2,286
Deferred tax assets 6,566 3,469 4,335
CURRENT ASSETS 485,468 153,779 80,176
Inventories 248,884 55,637 31,778
Trade receivables 52,602 5,553 22,145
Other current assets 85,643 43,500 10,511
Cash and cash equivalents 98,339 49,089 15,742
Held for sale activities 2,281 0 20,054
TOTAL ASSETS 1,480,354 690,575 308,958

Consolidated Balance Sheet (in 000 EUR) December 2006 December 2005 December 2004
IFRS standards
EQUITY AND LIABILITIES
EQUITY 518,425 290,923 108,855
Shareholder's equity 454,232 243,197 106,751
Minority interests 64,193 47,726 2,104
Liabilities 960,456 399,652 189,816
Non-current liabilities 673,075 312,943 101,612
Bonds 240,854 84,364 30,829
Financial debts 331,651 183,060 56,655
Provisions 11,822 1,001 762
Deferred tax liabilility 88,748 44,518 13,366
Current liabilities 287,381 86,709 88,204
Bonds and financial debts 95,370 35,700 29,340
Trade payables 55,526 20,787 18,116
Advance payments 63,377 19,210 26,939
Other current liabilities 73,108 11,012 13,809
Held for sale activities 1,473 0 10,287
TOTAL EQUITY & LIABILITIES 1,480,354 690,575 308,958

 

Consolidated Cash Flow (in 000 EUR) December 2006 December 2005 December 2004
IFRS standards
Operating result 134,248 76,888 30,829
Net gain from fair value adjustments -145,901 -78,975 -25,408
Amortization, impairments & provisions 4,076 2,093 6,220
Gain and losses on disposal investments -93 -2,777 -1,637
Stock options plans 7,571 1,393 0
Adjusted operating profit -99 -1,378 10,004
Financial result and income tax paid 4,036 -1,510 -3,560
Changes in operating assets and liabilities 8,696 -47,354 -13,654
NET CASH FROM OPERATING ACTIVITIES 12,633 -50,242 -7,210
Acquisition of subsidiaries, net of cash acquired -69,887 3,759 0
Capital expenditures -342,427 -171,526 -29,398
Proceeds from sales of non current tangible assets 3,831 3,085 8,017
Purchase of intangible assets -1,199 -157 -159
Purchase of financial assets -5,820 -10,680 0
Proceeds from sale of held for sale activities 0 12,430 0
Net interest paid -18,441 -6,136 -4,498
NET CASH USED IN INVESTING ACTIVITIES -433,943 -169,225 -26,038
Issue of equity instruments from shareholders 84,495 81,398 7,267
Issue of equity instruments from minority 31,814 4,360 0
Proceeds from borrowings 434,644 195,152 39,360
Repayments from borrowings -75,754 -25,560 -13,320
Dividend paid to company's shareholders -5,993 -3,498 -1,826
NET CASH FROM FINANCING ACTIVITIES 469,206 251,852 31,481
NET INCREASE IN CASH 47,896 32,385 -1,767
Cash and cash equivalents at the beginning 49,089 15,742 16,232
of the period
Exchange difference on cash 1,359 962 1,277
CASH AND CASH EQUIVALENTS AT THE END
OF THE PERIOD 98,344 49,089 15,742