3rd part Half Year 2014 Report

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3rd part of Half Year 2014 Report

Orco Financial Information 2014 for the period of 6 months ended june 2014

Including the Consolidated financial statements & Report of the Reviseur dEntreprises

Part I. Management report
Part II. Declaration letter
Part III. Condensed consolidated interim financial information
Part IV. Auditors' Review Report on Interim Financial Information

1 Message from the management
Beginning of 2014, the Board of Directors decided to implement a number of corrective measures in order to guarantee the going concern of the Company.
Among these measures, the most remarkable ones were the decision to dispose of the Zlota 44 development project, to dispose a significant number of GSG
Group shares and to downsize the executive management structure of the Company.
Before the conclusion of the sale of the Zlota 44 project the Group cash capacity remained extremely tight. In order to give some action margin, GSG Group
granted in June 2014 an unsecured short term loan of EUR 3.5 Million with an interest rate of 8%. Nevertheless, over the first 8 months of 2014, the new
management has been successful in restructuring the financing sources of the Group. As of the publication of this report, excluding the assets held for sale,
there are no bank loans in breach of covenants and the LTV, after the sale of Zlota, dropped to 50 %. Such major improvement of the Group financial position
is mainly due to the below listed transactions and decision

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