Orco's president Jean-Francois Ott said he estimates the company's net asset value per share to be around EUR 104 as of end-2007, down from EUR 115 at the end of the first half. 'The drop is the result of a decline in Orco Germany's share price from EUR 12,5 (in mid-2007) to EUR 10,2 at year-end,' Ott said. 'I profoundly believe that we will experience continued NAV growth and increased cash profits in 2008', he added.
Orco's president Jean-Francois Ott said he estimates the company's net asset value per share to be around EUR 104 as of end-2007, down from EUR 115 at the end of the first half. 'The drop is the result of a decline in Orco Germany's share price from EUR 12,5 (in mid-2007) to EUR 10,2 at year-end,' Ott said. 'I profoundly believe that we will experience continued NAV growth and increased cash profits in 2008', he added.
Orco's shares were trading some 3% lower early on Thursday after surging 10% in the two days ahead of the data release.
The CEE real estate developer said its turnover increased by 57% in 2007 to EUR 271 mln from EUR 173 mln in 2006. The group said that the rise was mostly due to strong organic and external growth over the past year. Rental revenues more than doubled, reaching EUR 51.5 mln, boosted mainly by acquisitions in Germany and Russia. In Berlin, the group's purchase of GSG's 825,000 m2 commercial portfolio provided some EUR 18 mln of additional rental income in six months, Orco said.
Group acquisitions came to a total EUR 719 mln in 2007. Orco said it outperformed its June 2007 revised sales target of EUR 250 mln as it recorded sales of EUR 275 mln last year. The group is targeting turnover of EUR 330 mln in 2008.
