Annual Report 2012 - ORCO Germany

ORCO GERMANY S.A.
Société Anonyme
R.C.S. Luxembourg B 102.254
NOTES TO THE ACCOUNTS
December 31, 2012
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On May 9, 2012, approximately 85% of the OG Bonds were exchanged for convertible bonds
(Obligations Convertibles en Actions) to be issued by OPG. As a result of this exchange, OPG
received OG Bonds, which were contributed to the Company as described below.
As at September 27, 2012, as part of the capital increase, 125,130 bonds were contributed to Orco
Germany by Orco Property Group and OPG related entities, representing 84.5% of the
outstanding number of bonds (See note 5)
As at December 31, 2012, the movements on the bonds are as follow (in K EUR ) :
Current Financial Debts
Fixed Rate Bonds
Balance at 31 December 2011 127,452
Interests 1,677
Own bonds received in connection with the capital increase
dated September 27, 2012 (see note 5). (109,118)
Balance at 31 December 2012 20,011
As a result of the bonds’ restructuring, the outstanding bonds held directly or indirectly by OG’s
parent company amounts to M EUR 20.0, represented by 22,947 bonds and will be converted into
28 million new OG shares. This capital increase is expected to occur in the first half of 2013.
The parent company OPG is holding 550,000 warrants, Orco Germany Investments S.A. (an
affiliated undertaking) owned 2,397,311 warrants and Orco Grundstücks und
Beteiligungsgesellschaft mbH (an affiliated undertaking) owned 1,150,000 warrants.
As at December 31, 2012 and 2011, no warrant attached to the bonds (“BSAR”) has been
exercised.
NOTE 7 -
OTHER NON SUBORDINATED DEBTS
7.1. Amounts owed to credit institutions
Amounts owed to credit institutions are specified in the table below:
Financed property
Lending
bank
Original loan
amount
EUR
Outstanding
loan amount
as at
31.12.2012
EUR
Kurfürstendamm 102 Berlin Hyp 6,100,000 0
Annual
interest rate
EURIBOR 3
months + 1%
Maturity
date
28.12.2016
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