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Financial Information 2015 FINANCIAL INFORMATION 2015 Including the Consolidated financial statements and Report of the Réviseur d´Entreprises for the year ended as at 31 December 2015 ORCO PROPERTY GROUP S. A. * Société Anonyme * 40 rue de la Vallée, L2661 Luxembourg R. C. S. Luxembourg – B 44.996 Management report SUMMARY Part I. Management report Part II. Declaration letter Part III. Consolidated financial statements of the Group Part IV. Auditors’ Review Report Part V. Statutory financial statements Management report Management Report as at 31 December 2015 1 Message from the management .................................................................................................................................... 1 2 2015 and post-closing key events ................................................................................................................................. 2 3 Market environment ........................................................................................................................................................ 3 4 Portfolio: Gross Asset Value and operational performance ...................................................................................... 6 4.1 Total portfolio evolution ....................................................................................................................................... 6 4.2 Property Investments evolution .......................................................................................................................... 7 4.3 Development evolution ....................................................................................................................................... 12 5 Liabilities and financial profile .................................................................................................................................... 15 5.1 Loan to value ....................................................................................................................................................... 15 5.2 EPRA Net Asset Value ........................................................................................................................................ 15 5.3 Income statement ................................................................................................................................................ 17 5.4 Balance sheet ...................................................................................................................................................... 18 5.5 Cash flow statement ........................................................................................................................................... 20 5.6 Annual statutory financial information ............................................................................................................. 21 6 Corporate governance ................................................................................................................................................. 21 6.1 Principles ............................................................................................................................................................. 21 6.2 Board of Directors ............................................................................................................................................... 21 6.3 Committees of the Board of Directors .............................................................................................................. 24 6.4 Description of internal controls relative to financial information processing. ............................................. 25 6.5 Remuneration and benefits ................................................................................................................................ 26 6.6 Corporate Governance rules and regulations .................................................................................................. 26 6.7 Additional information ........................................................................................................................................ 28 6.8 External Auditors ................................................................................................................................................ 30 7 Shareholding ................................................................................................................................................................. 30 7.1 Share capital and voting rights .......................................................................................................................... 30 7.2 Shareholder holding structure ........................................................................................................................... 30 7.3 General meetings of shareholders .................................................................................................................... 31 7.4 Stock subscription rights ................................................................................................................................... 32 7.5 Authorized capital not issued ............................................................................................................................ 32 7.6 Transactions with treasury shares .................................................................................................................... 32 8 Potential risks and other reporting requirements ..................................................................................................... 33 8.1 Subsequent closing events: See point 2 of this report ................................................................................... 33 Management report 8.2 Activities in the field of research and development ........................................................................................ 33 8.3 Financial Risks Exposure ................................................................................................................................... 33 9 Stock market performance .......................................................................................................................................... 36 9.1 Shares of the Company ...................................................................................................................................... 36 9.2 Other financial instruments of Orco Property Group ...................................................................................... 36 10 Corporate Responsibility ............................................................................................................................................. 37 11 Glossary & Definitions ................................................................................................................................................. 37 Management report ORCO PROPERTY GROUP, société anonyme (the “Company”) and its subsidiaries (together the “Group” or “OPG”) is a real estate group with a major portfolio in Central and Eastern Europe. It is principally involved in the development of properties for its own portfolio or intended to be sold in the ordinary course of business and is also active in leasing investment properties under operating leases as well as in asset management. The Company is a joint stock company incorporated for an unlimited term and registered in Luxembourg. The address of its registered office is 40, rue de la Vallée, L-2661 Luxembourg, Grand-Duchy of Luxembourg. The Company’s shares are listed on the regulated markets of Luxembourg Stock Exchange and Warsaw Stock Exchange. 1 Message from the management Dear Shareholders, Business Partners, Ladies and Gentlemen, In all respects, 2015 was a year of considerable challenges for the Company. To confront these obstacles, we established significant transformations in the management of the Group as well as strategy for our development projects. In addition to the sale of non-strategic assets, we successfully completed the financial and operational restructuring of the Group. Centralising the Company in this way has helped us to become more streamlined, make significant savings and concentrate our portfolio The most significant event in 2015 was the successful exit from the Company’s Safeguard Plan. The Company managed to repay its liabilities admitted to the Safeguard Plan. As a consequence thereof, the Paris Commercial Court pronounced on 26 October 2015 the termination of the Company’s Safeguard Plan. The Company thereby exited its past, marked by the real estate and capital market crisis. The management views the decision to terminate the Safegaurd Plan as a fundamental step to re-establishing the Company as an important player on the real estate development market in the Czech Republic and CEE. In addition to the successful exit from the Safeguard Plan, the Company significantly changed its stock exchange presence. In September 2015, the Commission de Surveillance du Secteur Financier in Luxembourg approved the prospectus for the admission of Company shares to trading on the regulated market of the Luxembourg Stock Exchange. The Company shares were admitted to trading as of 2 October 2015. Following an in-depth review of its structure, operational and financial performances and costs related to its listing on Euronext Paris as well as taking the liquidity and trade volumes into account, the Company voluntarily requested the delisting of all of its shares from Euronext Paris in December 2015. Following
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