Vladimír Urbánek (Kurzy.cz)
Czech markets  |  September 01, 2010 09:43:14

Orco in 1H net profit of 238 million euros - the reclassification of debt


Orco reported yesterday in 1H2010 net profit of EUR 238 million compared to EUR 199 million loss in 1H09. However, the results are influenced by fundamental reassessment of debt to 136 million euros from 406 million euros, which is a result of restructuring, the company currently going through (delaying maturity). Increased sales by 23% y / y is also supported by the sale of certain assets, which is also part of a restructuring plan. The value of real estate portfolio decreased to 1.734 billion euros from 1.815 billion. Thanks to the recalculation of debt decreased ratio of debt to assets at the current 69% of 84%. Note that the results reported and the situation is visually improved thanks to recalculation of debt. The news as neutral.

Milan Vanicek


Orco in the 2nd quarter net profit reached 253 million €, which is significantly higher than we expected as we are, and the market (66.8 million €), thanks greatly to the high valuation of bonds, which contributed € 270 million (our estimate of 100 million € ). Adjusted net asset value jumped from 8.2 € to 25.3 € per share. Also, the operating result was good, though EBITDA € 13.4 million (consensus at € 11.3 million), thanks to sales of commercial development projects and cut costs in Germany, while residential sales were low (10.2 million €). The company confirmed the sales target 280-300 million€, but it was a very cautious outlook for residential sales.

Besides the surprise revaluation of the operating result improved further and Orca was slightly above our estimates due to good margins on commercial real estate development and sales of the better hotels (+12% y / y), while residential sales clearly disappointed. Announced the sale of assets in the 3rd quarter in the amount of € 37.9 million is positively valued. Although short-term debts Orca remain high, improving the investment market liquidity of the company supports. On the other hand residential sales will improve only gradually. We give our recommendation to review.

Peter Bártek

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Orco za 1H s čistým ziskem 238 mil.EUR - reklasifikace dluhu

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