Annual Report 2012 - ORCO Germany
Annual Report 2012 - ORCO Germany
Annual Report 2012 - ORCO Germany
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4.4. Income Taxes<br />
Total income taxes amounting to -EUR 11.7 million (-EUR 9.6 million in 2011) were composed of current income<br />
taxes of -EUR 0.6 million and deferred taxes of -EUR 10.9 million.<br />
Deferred taxes which are non cash represent mainly the impact of revaluation differences between local GAAP<br />
and IFRS on tax calculation not leading to payments or reimbursements.<br />
4.5. Net result<br />
<strong>ORCO</strong> <strong>Germany</strong> closed <strong>2012</strong> with a net loss of EUR 15.8 million compared to a net gain of EUR 21.3 million in<br />
2011.<br />
4.6. Outlook<br />
For 2013 the Company's top priorities remain to further improve the operational performance of its portfolio while<br />
examining development potentials on existing assets with the aim to extract further value through additional<br />
space addition or conversion.<br />
<strong>Annual</strong> Management <strong>Report</strong> – <strong>ORCO</strong> GERMANY<br />
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