PIE Events
- German Property Breakfast
14 February 2012
Stockholm
- Distressed Property Breakfast
22 February 2012
London
- Central and Eastern Europe Real Estate Conference
03-04 May 2012
Vienna, Austria
Orco 2008 net loss e391m vs profit e88m; fight for survival continues
CEE development and investment company Orco Property Group, under protection from creditors by the French Commercial court, has plunged into a far worse than expected net loss of e391m in 2008 from a year-earlier profit of e88m, according to unaudited consolidated results. Net asset value per share dropped to e42.64 from e91.67. The net loss includes e404m of impairment and IFRS adjustments of fair value. The operating loss was e387m, but EBITDA after adjustment of previous fair value gains, was little changed from 2007 at e66m. Loan to Value deteriorated to 67.2% due to a decrease in portfolio valuation to e2.2bn from e2.4bn at end-2007 and an increase in net debt to e1.48bn.