Annual Report 2012 - ORCO Germany

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___________________________________________________________________________ Summary Part I. Part II. Part III. Part IV. Management report Declaration letter Consolidated financial statements Report of the Réviseur d’Entreprises Agréé 2 Annual Management Report – ORCO GERMANY
___________________________________________________________________________ 1. Group overview 4 1.1. Business and Group structure 4 1.1.1. Description of business model 4 1.1.2. Group structure 4 1.1.3. Group strategy 4 1.2. Business segments 5 2. Economic and Market environment 6 2.1. Financial market environment 6 2.2. Relevant real estate market environment 6 3. Group earnings performance 9 3.1. Key figures 9 3.2. Overview of major events in 2012 10 3.3. Turnover 11 3.3.1. Property Investments Segment 11 3.3.2. Development Segment 13 3.4. Other operating income 13 3.5. Cost of goods sold 13 3.6. Net result from Fair value adjustments on Investment properties 13 3.7. Salaries and employee benefits 14 3.8. Amortization, impairments and provisions 14 3.9. Net gain/loss on disposal of assets 14 4.0. Other operating expenses 15 4.1. Operating result 16 4.2. Adjusted EBITDA 16 4.3. Financial result 16 4.4. Income Taxes 17 4.5. Net result 17 4.6. Outlook 17 5. Group financial position 18 5.1. Net asset value 18 5.2. Assets and resources 18 5.3. Equity and debt 19 5.4. LTV 20 6. Other reporting requirements 21 6.1. Subsequent closing events 21 6.2 Financial Risks Exposure 21 6.3. Corporate Governance 21 6.4. Directors’ compensation 24 6.5. Other information 24 7. Shareholding 24 7.2. Authorized capital 24 7.3. Treasury shares 25 Annual Management Report – ORCO GERMANY 3
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ORCO GERMANY S.A. Société Anonyme
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4.2. Loans to affiliated undertakin
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NOTE 17 - ORCO GERMANY S.A. Sociét
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Annual Report 2012 - ORCO Germany

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