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Orco Property Group S.A ORCO PROPERTY GROUP S.A. Société Anonyme FINANCIAL INFORMATION for the year ended 31 December 2013 ORCO PROPERTY GROUP S.A. 40, rue de la vallée, L2661 Luxembourg R.C.S. Luxembourg – B 44.996 WorldReginfo - 1f6b8737-ffb9-4894-a809-5ce05654f9a3 Management report Management Report as at 31 December 2013 1 Message from the management .................................................................................................................................... 1 2 2013 and post-closing key events ................................................................................................................................. 1 2.1 Facility agreement termination on Zlota project ............................................................................................................................................... 1 2.2 ORCO GERMANY S.A. capital increases ............................................................................................................................................................ 1 2.3 New CEO and Management Team for Orco Property Group ............................................................................................................................ 2 2.4 Orco’s Hungarian subsidiaries open insolvency proceedings........................................................................................................................ 2 2.5 Orco resumes international arbitration proceedings against Croatian Centre for Restructuring and Sales regarding Suncani Hvar .. 2 2.6 Changes in the Board of Directors...................................................................................................................................................................... 2 2.7 Implementation of reserved capital increase ..................................................................................................................................................... 3 2.8 EGM’s approval of the increase of the Company’s authorized share capital ................................................................................................ 3 2.9 Disposal of 19,900,000 Orco Germany shares ................................................................................................................................................... 3 2.10 Joint-venture with Unibail Rodamco .................................................................................................................................................................. 3 2.11 Launch of German development projects and new limited acquisitions contemplated .............................................................................. 3 2.12 Buy back of Hungarian liabilities ........................................................................................................................................................................ 3 2.13 Sale of units in Endurance Real Estate Fund .................................................................................................................................................... 4 2.14 Disposal of the land plot U Hranic ...................................................................................................................................................................... 4 3 Market environment ........................................................................................................................................................ 4 3.1 Global macro-economic conditions .................................................................................................................................................................... 4 3.2 European investment activity and lending market ............................................................................................................................................ 5 3.3 Foreign exchange rates movements .................................................................................................................................................................. 5 3.4 Selected market focus .......................................................................................................................................................................................... 6 4 Portfolio: Gross Asset Value and operational performance ...................................................................................... 9 4.1 Total portfolio evolution ....................................................................................................................................................................................... 9 4.2 Property Investments evolution ........................................................................................................................................................................ 11 4.3 Development evolution....................................................................................................................................................................................... 23 5 Liabilities and financial profile .................................................................................................................................... 29 5.1 Cash and cash equivalents ................................................................................................................................................................................ 29 5.2 Loan to value ....................................................................................................................................................................................................... 30 5.3 Financial liabilities .............................................................................................................................................................................................. 30 6 EPRA Net Asset Value .................................................................................................................................................. 31 7 Full Year 2013 audited Financial Results ................................................................................................................... 31 7.1 Consolidated income statement ........................................................................................................................................................................ 32 7.2 Revenue by Business line .................................................................................................................................................................................. 32 7.3 Balance sheet ...................................................................................................................................................................................................... 38 7.4 Cash flow statement ........................................................................................................................................................................................... 40 7.5 Annual statutory financial information ............................................................................................................................................................. 40 WorldReginfo - 1f6b8737-ffb9-4894-a809-5ce05654f9a3 Management report 8 Corporate governance ................................................................................................................................................. 41 8.1 Principles ............................................................................................................................................................................................................. 41 8.2 Board of Directors ............................................................................................................................................................................................... 41 8.3 Committees of the Board of Directors .............................................................................................................................................................. 43 8.4 Description of internal controls relative to financial information processing. ............................................................................................ 45 8.5 Remuneration and benefits ................................................................................................................................................................................ 45 8.6 Corporate Governance rules and regulations ................................................................................................................................................. 45 8.7 Additional information ........................................................................................................................................................................................ 47 8.8 External Auditors ................................................................................................................................................................................................ 49 9 Shareholding ................................................................................................................................................................. 49 9.1 Share capital and voting rights ......................................................................................................................................................................... 49 9.2 Shareholder
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