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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NOTE 12 -
OTHER INTEREST PAYABLE AND SIMILAR CHARGES
Other interest payable and charges are composed of:
2012 2011
EUR
EUR
Interest due on loans from credit institutions 65,296 131,058
Net interest on swap transactions - 147,919
Interest due on OBSAR bonds issued (*) 1,677,628 4,002,000
Amortisation of bond issuing fees 175,052 420,000
Swap valuation loss 76,797 138,896
Value adjustment on transferable securities 41,707 133,599
Other - 7,362
Total at the end of the year 2,036,480 4,980,834
(*) OBSAR were initially maturing on May 30, 2012 and bearing interest at 4% per annum. Pursuant to the
change of the terms and conditions (see note 6), the new maturity is May 30, 2050 and interest rate has
been lowered to 0.5% per annum.
NOTE 13 -
EXTRAORDINARY CHARGES & INCOME
13.1 Extraordinary charges
In 2011, the amount is mostly composed of EUR 13,137,218 which reflects losses arising from
the sale of a deferred payment on the sale of the development property, Leipziger Platz. The
receivable has been sold at its net present value, the loss representing the difference between
the face value and the sale price.
In 2012, the amount of EUR 626,141 contains a write-off of a receivable to GSG of an amount
of EUR 400,514 and the full impairment of a receivable for EUR 225,628 related to bonds sold
in 2011.
13.2 Extraordinary income
Extraordinary income (2011 : Nil) is mainly made up of a profit of EUR 540.394 arising from the
sale of the Kurfürstendamm 102 property as described in the note 3.
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