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Akcie.cz»Zpravodajství»Firemní zprávy»Orco Property Group -9 Months Accounts 2009

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Orco Property Group -9 Months Accounts 2009

23.11.2009 09:41:00 | RM-SYSTÉM, česká burza cenných papírů
Orco Property Group -9 Months Accounts 2009 « Improved operating performance »

Quarter key events:

  • Completion and opening of Sky Office, Paris Department Store, Palac Archa and healthcare assets
  • Frozen works resumed in Vaci 1 and Klonowa Aleja
  • Refinancing on Hospitality portfolio, Vaci 1 and Paris Department Store
  • Procédure de sauvegarde prolonged until 25 March 2010
  • Bondholders rejection of management proposal on 24 September 2009

Quarter financial highlights:

  • Rental revenues grow by 8%
  • Overall Residential sales drop due to refocusing on Czech and Polish markets
  • Residential sales resilient in our Czech and Polish markets with more than half of backlog secured by future purchase contracts
  • Decrease of operational costs by 24% year on year and by 33% Q3 on Q3
  • Improvement of Q3 operating result with interests covered by operating profit
  • Stabilization of Q3 net result: Group is close to break even

Outlook:

  • Scheduled increase of stake in Orco Germany to 65%
  • Realization of real estate embedded value thanks to

(i) resuming of works on key projects
(ii) continued efforts on letting both for pipeline and investment properties
(iii) completion and sales of residential projects

  • Realization of stakeholders' value through continued costs savings and debt restructurin2nd phase cost restructuring program to be implemented leading to further increase ofoperational performance partially compensated by the absence of revenues in Hvar untilJune 2010
  • 10 years term out of Bonds is being prepared ; OBSAR parity changes are being studied

Přiložený dokument ke stažení :
Full text of Press Release

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