|
contents | news | |||||||||
| Orco Property reports results for 2005 Orco Property Group's Board of Directors approved the company's consolidated and statutory accounts for the year 2005. 2005 was marked by a high number of acquisitions in all segments where Orco is active. Additionally to the increase in value of the portfolio owned on December 31st 2004 (amounting to 249 988 kEUR), all acquisitions done in 2005 contributed to the revaluation profit for year 2005, the portfolio was valued by DTZ for the part attributable to Orco's shareholders at 599 428 kEUR; + 139, 78 %. During the year, Orco acquired 65 956 sqm of offices including the Na Porici building in Prague and an exceptional portfolio of 5 assets in Budapest out of which the Budapest Stock Exchange, 6 979 sqm of residential buildings in Berlin, 4 959 sqm retail space in Brno, 43 552 sqm to be redeveloped and 284 988 sqm of land bank. The market value of these acquisitions at the end of 2005 amounted to 217 910 kEUR. The net profit is impacted by an amount of 8 967 kEUR of deferred taxes. At year-end 2005, the NAV per share is based on the net consolidated equity of 246 073 EUR increased by the revaluation profits not taken into account in the net result and the value of the 2 000 000 warrants on Suncani Hvar and decreased by the deferred taxes on the revaluations as stated here above. The Board of Director will propose to the shareholders at the annual General Meeting of April 27th 2006 to approve the distribution of a gross dividend of 0.80 EUR per share in respect of 2005. Global sales 2006 forecast is 90 MEUR and for 2007 200 MEUR without new acquisitions. Orco Property Group is a leading investor, developer, asset and fund manager in the Central European real estate and hospitality market and currently manages assets of EUR 737 million. A public company, Orco is a Luxembourg based company listed on the Euronext and Prague Stock Exchange and has operated in the Central Europe since 1991. Orco Property Group´s portfolio includes IPB Real, MaMaison Residences, Orco Hotel Collection, Orco Real Estate, and other retail properties. Orco Property Group operates in a number of countries including mainly the Czech Republic, Hungary, Poland, Russia, Croatia, Germany, and Slovakia and is continually analyzing investments in new territories. Orco Property Group is also the sponsor and the manager of the Endurance fund, a regulated Luxembourg closed-end fund focused on the Central Europe real estate assets dedicated to institutional investors. write your comments about the article :: © 2006 Construction News :: home page |