Annual Report 2012 - ORCO Germany

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3.3. Turnover
The total turnover in the 2012 amounted to EUR 181.0 million compared to EUR 63.8 million recognized in 2011
primarily driven by the sale of Sky Office generating revenues of EUR 117.3 million. Rents generated on the
ORCO-GSG portfolio represented the main part of commercial investment revenues (93.9%). Repeatedly ORCO-
GSG could overcompensate major move outs by acquiring new tenants and consequently improve rental
revenues.
REVENUES (in k €)
December 2012 December 2011 % change
Commercial Investment Properties 56.337 55.533 1,4%
therof total GSG 52.916 51.307 3,1%
therof rental income GSG 45.148 43.539 3,7%
Development 124.696 8.232 1414,8%
TOTAL 181.033 63.765 183,9%
3.3.1. Property Investments Segment
ORCO Germany’s Property Investments business line recognized increased revenues of EUR 56.3 million up
EUR 0.8 million from EUR 55.5 million YoY thanks to ORCO-GSG's operational performance overcompensating
decreasing leasing income due to the accomplished sales of non-strategic assets.
ORCO-GSG’s Berlin business parks revenues increased YoY by 3.1% to EUR 52.9 million including service
charges to tenants (vs. EUR 51.3 million in 2011). Therein the rental income of ORCO-GSG increased by 3.7%.
Like-for-like (i.e. excluding the effects of the asset sales) the increase recorded in rental income by ORCO-GSG
was higher at 4.7%.
The increase of rental income of ORCO-GSG was driven by a significant increase of the average commercial net
rental income per sqm of 3.4% (from EUR 5.01 in December 2011 to EUR 5.18 in December 2012) in addition to
a commercial occupancy rate increase recognized of 2.4% to 80.2% in December 2012. For both KPIs these
numbers are on an all-time high.
In 2012 service spaces forming part of the current area leased have been included for the first time as leased
areas. Previously they were only included in the total lettable area, decreasing the actual occupancy rate. As a
consequence, 7.281 sqm or 1.05% of total leasable area positively impacted the occupancy rate as one off effect.
6.396 sqm of the total service spaces attributed to the commercial occupancy increase.
The eastern asset performed especially well over 2012. Among the five top performing assets, without
consideration of the effect arising from integrating service spaces, four were located in the eastern parts of Berlin
whereof especially the assets Döbelnerstrasse and Plauenerstrasse recorded outstanding results with associated
positive prospects expected for 2013.
Beneath the top five performing assets in 2012 the western asset Wilhelm von Siemensstrasse did best thanks to
fostered leasing activities a net-take up of 2.960 sqm could be recognized driving up the occupancy rate on
commercial spaces from 68.5% to 86.5%.
Second best performing asset Plauenerstrasse in Berlin-Lichtenberg was located in the eastern parts of Berlin
with a commercial net-take up achieved of 2,2551 sqm increasing the commercial occupancy rate consequently
from 49.6% at the end of 2011 to 53.4% over 2012.
Annual Management Report – ORCO GERMANY
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