DGAP-News

CPI PROPERTY GROUP: 2014 financial result

DGAP-News: CPI PROPERTY GROUP / Key word(s): Final Results
CPI PROPERTY GROUP: 2014 financial result

31.03.2015 / 21:55

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2014 financial result

Corporate and commercial highlights

Czech Property Investments, a.s. and CPI PROPERTY GROUP became one group

In June 2014 Czech Property Investments, a.s. ("CPI") and CPI PROPERTY
GROUP (at that time ORCO Germany S.A., hereinafter also as the "Company"
and together with its subsidiaries as the "Group") joined into one group.
This transaction put together a valuable property portfolio, and also more
than 20 years of successful investment experience in CEE markets and has
created a very strong European real estate player with an EPRA NAV of EUR
1.9 billion and a total balance sheet of EUR 4.2 billion. A property
portfolio of the new Group has enlarged across all real estate sectors from
the CEE region to Germany and the rest of Western Europe. Mr. Vítek, who
has become the majority shareholder of the Company, is fully committed to
support the long term investment strategy of the Group.

We changed the name

Considering wide experience in the real estate market and long-term
ambition to expand CPI brand out of the boundaries of the CEE region and
considering the strong corporate identity of CPI the Company elected to
change its name from GSG GROUP to CPI PROPERTY GROUP.

Change in our Board of directors and management

On 10 March 2014 the General Meeting of shareholders removed the following
directors: Jean-François Ott, Brad Taylor, Nicolas Tommasini and AleÅ 
Vobruba and the following directors have been appointed: Edward Hughes,
Martin Němeček, Jean-François Ott, TomáÅ  Salajka, Nicolas Tommasini and
Radovan Vítek. Edward Hughes was appointed Chairman of the Board of
Directors.

On 18 March 2014, the new Board of Directors decided to implement changes
in the management by terminating the executive contracts of Jean-François
Ott, Nicolas Tommasini and Brad Taylor, and agreeing to comply with their
termination packages. The Board has appointed Martin Němeček as CEO and
Managing Director, Edward Hughes as Chairman of the Board, and TomáÅ 
Salajka as Deputy CEO and Secretary of the Board of Directors. Mr. Ott and
Mr. Tommasini resigned from the Board as of 27 March 2014.

On 28 May 2014 the following directors were appointed during the General