Orco reported its detailed 1H05 results following 1H05 sales figure reported earlier. The figures were affected by a change in accounting for the development business, i.e. sales are booked at the transfer of ownership. The company has most of its projects scheduled for completion in the 2H of the year. Orco’s other business lines, i.e. hotel, MMRs and rentals performed according to expectations. The revaluation of Orco’s investment property led to a gain of EUR14.2m (cEUR2 per share). In the first half of the year Orco completed acquisition of Suncani Hvar, apartment buildings in Berlin, MMR in Warsaw and apartment blocks in Spindleruv Mlyn (ski resort in CZ). Orco entered a lease contract with Radio Free Europe for 15 years with net income of USD5.4m p.a. CRA Rating Agency (Moody’s Investors affiliate) assigned Orco’s short-term debts with czP-2 and LT debts with czA- (Baa-). Orco will present its results in more detail on September 27.
in EUR 000s 1H05 y/y change
Sales 22,302 -48.4%
Net gain after revaluation 14,213 145.5%
EBIT 10,769 -15.1%
Pre-tax 8,267 -26.0%
Net income 4,306 -30.0%
EPS 0.80 -47.4%
EPS diluted 0.78 -40.0%