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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As at December31, 2011 and as a consequence of the sale contract signed for this property,
the bank loan was reclassified to short term. The 2011 outstanding loan amounting of EUR
4,990,000 has been repaid in February 2012 following the transfer of ownership that occurred in
2012, as explained in note 3.
7.2. Amounts owed to affiliated undertakings
Amounts owed to affiliated undertakings mainly consist of advances received from Orco
Projektentwicklung GmbH (EUR 14,685,869, 2011: EUR 13,720,075), GSG Gewerbesiedlungs
GmbH (EUR 5,165,583, 2011: EUR 18,057,902) and the parent company, Orco Property Group
S.A. (EUR 14,306,303, 2011: EUR 11,268,635), including accrued interest payable at rates of
8%.
NOTE 8 -
NET TURNOVER
The Company derives its net turnover from the rental of its building located in Germany which
was sold in the first quarter of 2012.
NOTE 9 -
OTHER EXTERNAL CHARGES
Other external charges are composed of:
2012 2011
EUR
EUR
Supplies, rental, maintenance and repairs 28,663 569,560
Commission and brokerage - -
Financial services 3,018 14,466
Professional fees (*) 2,596,256 1,813,486
Insurance (29,818) 61,363
Marketing 119,983 102,065
Other 76,252 410,155
2,794,354 2,971,095
(*) A part of the fees comes from the bond restructuring.
NOTE 10 -
STAFF
The Company has no employee in 2012 and 2011.
NOTE 11 -
INTEREST PAYABLE AFFILIATED UNDERTAKINGS
In 2012, interest payable mainly concerned Orco Projektentwicklung GmbH (EUR 1,085,869,
2011: EUR 1,198,485), GSG-Gewerbesiedlungs GmbH (EUR 1,405,139, 2011: EUR 1,353,375)
and Orco Property Group S.A. (EUR 742,023, 2011: EUR 1,041,501).
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