Annual Report 2012 - ORCO Germany
Annual Report 2012 - ORCO Germany
Annual Report 2012 - ORCO Germany
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4.2. Loans to affiliated undertakings<br />
<strong>ORCO</strong> GERMANY S.A.<br />
Société Anonyme<br />
R.C.S. Luxembourg B 102.254<br />
NOTES TO THE ACCOUNTS<br />
December 31, <strong>2012</strong><br />
- continued -<br />
<strong>2012</strong> 2011<br />
EUR<br />
EUR<br />
Orco Immobilien GmbH (*) 43,522,425 41,896,002<br />
Orco Grundstück-u. Beteiligungs GmbH 29,723,000 27,446,476<br />
Gebauer Höfe Liegenschaften GmbH (*) 18,302,651 19,121,419<br />
Orco erste Projektentwicklungsges. mbH - 11,688,834<br />
Orco Berlin Invest GmbH 9,970,000 9,222,536<br />
Orco Vermietungs- und Services GmbH 347,150 -<br />
Orco Projektentwicklung GmbH 5,730,960 5,073,176<br />
Endurance HC entities 1,276,291 1,139,824<br />
Orco Elb Office Hamburg GmbH 411,800 346,933<br />
Gewerbesiedlungsgesellschaft mbH 18,207,709 17,200,000<br />
Vivaro GmbH & Co Zweite Grundbesitz KG 756,842 547,298<br />
Vivaro GmbH & Co Grundbesitz KG 1,412,750 749,589<br />
Others 146,551 242,862<br />
Cost 129,808,129 134,674,949<br />
Depreciation (84,316,555) (57,932,885)<br />
Net value 45,491,574 76,742,064<br />
(*) Loans are subordinated to the bank loans located in the affiliated undertakings<br />
Loans to affiliated undertakings have no set maturity dates and are remunerated at an interest<br />
rate of 8%or 6%.The loan to Orco erste Projektentwicklung GmbH was fully reimbursed after<br />
receiving cash from the sale of Sky Office in Düsseldorf in the last quarter of <strong>2012</strong>. Therefore<br />
the impairment on loan with Orco erste Projektentwicklung GmbH was reversed in <strong>2012</strong>.<br />
In detail, the loans have been impaired as follows:<br />
<strong>2012</strong> 2011<br />
EUR<br />
EUR<br />
Orco Immobilien GmbH 33,892,567 23,756,952<br />
Gebauer Höfe Liegenschaften GmbH 5,984,779 8,577,553<br />
Orco Berlin Invest GmbH 10,771,497 9,970,996<br />
Orco Vermietungs- und Services GmbH 357,964 136,417<br />
Orco Grundstück-u. Beteiligungs GmbH 31,357,872 8,313,489<br />
Endurance HC entities 1,374,848 1,231,853<br />
Orco erste Projektentwicklung GmbH - 5,129,508<br />
Vivaro GmbH & Co Zweite Grundbesitz KG - 328,481<br />
Orco Elb Office Hamburg GmbH 442,600 371,799<br />
Others 134,428 115,837<br />
Total depreciation 84,316,555 57,932,885<br />
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