Annual Report 2012 - ORCO Germany

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Over the year 2012, the Group sold 5 assets for EUR 19.5 million and repaid EUR 10.7 million of financing liabilities upon sales:
- Kurfustendamm 102 an investment properties in Berlin valued at EUR 6.3 million and financed by a liability of EUR 6.4 million fully repaid
upon sale;
- Bergfried an investment properties in Berlin valued at EUR 3.7 million;
- Huttendorf an investment property in Dusseldorf valued at EUR 6.5 million and financed by a liability of EUR 4.3 million fully repaid upon
sale;
- Ackerstrasse 83/84 an investment property in berlin valued at EUR 0.6 million;
- Kufurstenstrasse 13/14 an investment property in berlin valued at EUR 2.4 million;
In 2011
As at 31 December 2011 the Group validated the sale of following assets:
4 assets from its Berlin investment properties portfolio: Kurfustendamm 102 with a value of EUR 6.3 million and EUR 6.5 million of liabilities and
Hüttenstrasse with a value of EUR 6.5 million of assets and EUR 4.3 million of liabilities, Berlin Bergfriedstrasse. 2, 4, 6 and Kurfürstenstrasse 13,14
with a value of EUR 6.7 million of assets.
Over the year 2011, EUR 66.0 million of bank loan have been repaid related to the sale of Leipziger Platz, a plot of land with a fair value of
EUR 113.5 million.
11. Fixtures and fittings
Gross amount
Main increases are due to the IT hardware where GSG is an internet provider for its tenants.
Amortisation
and
Impairments
Net amount
Balance at 31 December 2010 3,881 (2,329) 1,552
Increase 147 - 147
Assets sales (384) 381 (3)
Allowance - Write-back 561 561
Transfer 841 (841) -
Balance at 31 December 2011 4,485 (2,228) 2,257
Increase 319 - 319
Assets sales (114) 81 (33)
Allowance - Write-back - (457) (457)
Transfer (9) 9 -
Balance at 31 December 2012 4,681 (2,595) 2,086
12. Inventories
December 2012 December 2011
Opening Balance 144,269 142,276
Impairments - Allowance (24,264) -
Impairments - Write-Back - 663
Transfers (2,521) 1,000
Development costs 2,988 886
Cost of goods sold (118,544) (555)
Closing Balance 1,928 144,269
o/w carried at deemed cost 90 137,904
o/w carried at fair value less costs 1,838 6,365
In 2012
Development costs amount to EUR 3.0 million capitalized mainly on Sky Office (EUR 2.4 million) and Hochwald (EUR 0.5 million).
Cost of goods sold amounting to EUR 118.5 million have been registered mainly for EUR 117.3 million on the commercial project Sky Office
(Dusseldorf) and Hochwald for EUR 1.2 million.
ANNUAL CONSOLIDATED FINANCIAL STATEMENTS | 32