Orco Property Group management report on the 2009 first-half earnings.
Update on the “Procédure de Sauvegarde“ and Strategic Plan and the limited review report of Auditors
- Due to the economic conditions and the conservative approach of valuation of projects put on hold, the real estate portfolio value stood at EUR 1.83 billion vs EUR 2.13 billion as at 31December 2008, a 12% decrease after correction of scope variations.
- The Net Asset Value stands at EUR 15.0 per share as at end of June 2009 (EUR 42.5 as at December 2008).
- Consolidated revenue increased by 16.8% to EUR 132 million due to increased sales inresidential and commercial development.
- Adjusted EBITDA is up 7% to EUR 11.4 million, thanks to the cost reduction plan launched at he end of 2008.
- Total Group Net result amounts to EUR -199.9 million, mainly impacted by non-cash valuation adjustments on properties and developments for EUR -252.2 million.
- Orco Property Group ends the period with EUR 66.8 million in cash and cash equivalents.
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