Nicolas Tommasini CFO & Deputy CEO Tel.: +33 1 40 67 67 23 E-mail: investors@orcogroup.com
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The valuation of all Orco‘s properties is conducted on an annual basis by DTZ Debenham Tie Leung ( www.dtz.com ), an independent expert. In 2006, the valuation inspections were performed between October and December 2006. During the year, valuation is conducted only for those properties which were recently acquired or for which construction works were completed.
Valuations conducted by DTZ are in compliance with the “Practice Statements” and “United Kingdom Practice Statements” contained within the RICS Appraisal and Valuation Standards, 5 th Edition (“Red book”). Although this is a UK basis, it is internationally accepted as a basis of arriving at the valuation of real estate assets. These valuations are also reviewed by Orco’s auditors as part of their work on the annual IFRS consolidated financial statements.
The valuation of properties is conducted on the basis of market value (active market prices, adjusted, if necessary, for any difference in the nature, location or condition of the specific asset.).