Annual Report 2012 - ORCO Germany

NOTE 17 -
ORCO GERMANY S.A.
Société Anonyme
R.C.S. Luxembourg B 102.254
NOTES TO THE ACCOUNTS
December 31, 2012
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OFF BALANCE SHEET COMMITMENTS
The Company issued a subordination of loan and a comfort letter for following affiliated
companies:
- Orco Elb Office Hamburg GmbH
- Orco Immobilien GmbH
- Orco Projektentwicklung GmbH
- Orco Berlin Invest GmbH
- Orco Vermietungs- und Services GmbH
- Gebauer Höfe Liegenschaften GmbH
The company issued in 2012 the following comfort letters to GSG Asset KG for their contracting
partner Techem Energy Contracting GmbH:
- Wattstrasse, limited to EUR 190,000
- Geneststrase, limited to EUR 240,000
- Zossener Strasse, limited to EUR 191,500
- Adalbertstrasse, limited to EUR 77,000
- Waldemarstrasse, limited to EUR 178,000
- Gneisenaustrasse, limited to EUR 172,000
Furthermore, the Company has entered the following commitment:
Type
Description
Pledge of shares
Pledge of shares GSG Asset GmbH & Co Verwaltungs KG to
guarantee a loan granted by a group of banks to an affiliated
undertaking.
In connection with the financing of some subsidiaries, the Company pledge its shares to the
bank providing the loan; in 2011 the pledge was towards Royal Bank of Scotland (“RBS”) and
following new financing obtained during the year, the pledge is now towards a group of five
banks.
NOTE 18 -
REMUNERATION OF THE MEMBERS OF THE BOARD OF DIRECTORS
There were no emoluments granted in respect of the financial year to the executive members of
the Board of Directors (2011: EUR 0). The Company did not grant any advances, loans or
pension schemes to its Directors.
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