Orco released its full audited FY2004 results, which surpassed our projections. The company is holding an analysts meeting at 3:30pm CET. Note, however, that the company released its 2004 sales and NAV per share already on February 4. Going forward, the company plans to increase its presence in Poland in all segments, to focus on the residential market in Slovakia and Hungary, hospitality in Russia, Romania, Bulgaria and Croatia (after the acquisition of a chain of hotels in Croatia) and to improve its portfolio of landbanks in particular in the Czech Republic.
FY2004, in EUR mn 2004 y/y change Patria est.
Sales 71.2 213% 68.7
EBITDA 13.1 116% 12.4
NI 6.6 2519% 5.9
NAV/share (EUR) 34.58 - -