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