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Vontobel12th April 2018
El Gouna, Egypt
2
ODH at a glance
The Turn around story
Outlook
Appendix
54%
29%
11%
6% Hotels
Real Estate
Town Management
Tamweel Group
Company Overview
FY 2017 Revenue contribution by Business segment FY 2017 Revenue contribution by country
▪A leading developer of fully integrateddestinations, with over 28 years of experienceand a proven track record of sustainabledevelopment, including hotels, villas, apartments,leisure facilities such as golf courses, marinas andsupporting infrastructure.
▪ODH boasts a diversified portfolio of destinationsspread over 7 jurisdictions.
▪ODH currently owns a land bank of 100.2 mn sqmand a hospitality portfolio of 8,325 rooms.
Destinations Key Facts
Egypt Oman UAE Montenegro
Total Land Bank
Other Projects
Number of Hotels
Number of Rooms
49.0 mn sqm
29 Hotels
6,767 Rooms
20.8 mn sqm
4 Hotels
971Rooms
0.3 mnsqm
1 Hotel
487Rooms
6.9 mnsqm
-
-
23.2 mn sqm
1 Hotel
100Rooms
Total
100.2 mnsqm
35 Hotels
8,325 Rooms
Real Estate units sold (FY 2017)
281 Units 201 Units - 56 Units - 538 Units
ODH, a leading fully integrated developer with a portfolio of diversified assets
CHF 244.4mn
61%18%
9%
12%
Egypt
Oman
Montenegro
UAE
CHF 244.4mn
3
Andermatt, Switzerland
4
ODH at a glance
The Turn around story
Outlook
Appendix
5
2016: New Management, Situation Analysis and Identified Challenges
Challenges and development areas related to strategy and internal structure
▪ Performance largely dependent on El Gouna,Egypt.
▪ Most international destinations still in the ramp-up phase.
▪ Financial pressure resulting from: negativeoperating cash flows, current debt levels andinvestment requirements.
Increased complexity in company structure requires organizational adjustments
▪ KPIs distribution is not granular enough.
▪ Responsibility matrix leads to redundancies.
▪ BU structure hinders development of the Group.
▪ Project management inefficiencies.
Repositioning & enhancement of ODH’s brand
▪ Delisting of ODH’s EDRs from the
EGX.
▪ Explore the first & second home
markets in Cairo/North Coast in
Egypt.
▪ Position ODH Brand with the “Life
as it should be” statement across
all destinations.
▪ Maintain an open and active
market presence with the investor,
analyst & shareholder community.
Establishment of enhanced business practices
1. Destination based structure:
▪ Each destination to become a separatelymanaged entity, with a tailored commercialstrategy and financing plan, headed by itsown CEO or General Manager.
2. Continuous land value creation:
▪ Developing a targeted short-termdevelopment plan in each destination thatcomplements the Group’s 3-5 year businessview.
▪ Identified specific land plots for sale or sub-development of projects that add value tothe destination.
▪ Providing the market with an updated fairvalue of the remaining undeveloped landbank through an external valuator.
Strengthening ODH balance sheet
▪ Take out the necessaryimpairments on the investmentsthat will not generate value.
▪ Reduce the debt balance in Egyptand Restructure company’s debt inthe other destinations.
▪ Monetize non-core assets and
minority stakes in certain
destinations.
… Accordingly, adopted and has since successfully executed, and continues to execute ona three pillar strategy that was communicated to the market in June 2016
6
1) Establishment of Enhanced Business Practices
Destination Based Structure
▪ Successfully implemented the destination based structure, pushing more authority and responsibility on the ground for each destination, to better increase operational efficiency.
Hawana, Salalah
1.3 3.4 4.17.3
11.5
13.154%
69%72%
-5%
5%
15%
25%
35%
45%
55%
65%
75%
0.0
2.0
4.0
6.0
8.0
10. 0
12. 0
14. 0
FY 2015 FY 2016 FY 2017
GOP Revenues Occ. Rate
Hotels KPIs (OMR mn)
▪ Added 98 new rooms in Al Fanar Hotel & 22 new rooms in Rotana Hotel, by endof Dec. 2017, making the total no. of rooms 904.
▪ Al Fanar Hotel was awarded a 5-star rating from Ministry of Tourism.
▪ Opened the Aqua Park in January 2018, the first Aqua Park in Oman.
0.2 0.1
6.521
140
0
20
40
60
80
100
120
140
160
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
FY 2015 FY 2016 FY 2017
Value of Contracted Units (CHFmn) Number of Units
7
904700
467
No. of rooms
Real Estate KPIs (OMR mn)
El Gouna, Egypt
97 133419
397.0 423
89160% 59%
77%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
0
100
200
300
400
500
600
700
800
900
100 0
FY 2015 FY 2016 FY 2017
GOP Revenues Occ. Rate
Hotels KPIs (EGP mn)
▪ Launched Phase I & II of G-Space and all offices were rented out.
▪ Hosted the first edition of El Gouna Film Festival, with 1000+ attendees.
▪ Hosted El Gouna International Squash Open & Orascom Development PSAWomen’s World Championship, the first time to be held in Egypt.
▪ Hosted the World Cup FIFA in March 2018, with more than 1,000 attendeesincluding football stars, media celebrities and public figures.
490770
1,435154
197
258
0
50
100
150
200
250
300
0
200
400
600
800
100 0
120 0
140 0
160 0
FY 2015 FY 2016 FY 2017
Value of Contracted Units (EGPmn) Number of Units
Real Estate KPIs (EGP mn)
Debt Reduction and Restructure
▪ Reduction of debt balance in Egypt through proceeds from sale of non core assets & excess cash from operation to reach optimalleverage ratios.
▪ Restructure and grow the balance elsewhere to match the expansion plans in the other destinations.
2) Strengthening ODH balance sheet
8
Total debt by country (December 31, 2017) Total debt by currency (December 31, 2017)
CHF374.7mn
71%
20%
7%
2%
Egypt
Oman
UAE
Montenegro
13%
54%6%
7%
20% EGP
USD
EUR
AED
OMR
2) Strengthening ODH balance sheet Cont’d
Maturity & Balance in 2016 Current Maturity Profile & Balance in 2017
Cost of Debt is 9.1%
• All debt figures exclude Tamweel Group.• Including CHF 14.4mn debts held on Royal as of Dec. 31, 2017.• Excluding CHF 11.1mn of H2 2017 interest which will be settled in Q1 2018.
Maturity Profile after ODE Rescheduling in 2018
Expected Cost of Debt is 8.1%
Maturity Profile after ODE Rescheduling & Oman Debt Reschedule
Targeted Cost of Debt is 7.9%
FY 2016 Balance: CHF 362.3mn. FY 2017 Balance: CHF 378.1mn.
Expected FY 2018 Balance Post Egypt Debt reduction: CHF 322.2mn. Expected FY 2018 Balance Post Egypt Debt reduction & OmanRescheduling: CHF 336.0mn.
91
115
47 49
15 15 15 10 4 1 10
20
40
60
80
100
120
140
CF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
9
90 0
24
43
5864
7181
27
10
10
20
30
40
50
60
70
80
90
CF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
90 0
21
3645 44 43
83
39
10
10
20
30
40
50
60
70
80
90
CF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
90 0
9
2435 34 37
83
43
7
56
0
10
20
30
40
50
60
70
80
90
CF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 -2032
-60%
-40%
-20%
0%
20%
40%
60%
80%
100 %
ODH SPI
3) Repositioning & Enhancement of ODH’s brand
ODH vs. SPI Index (Jan. 1, 2016 – April 9, 2018)
ODHN.SW FY 2015 FY 2016 FY 2017 YTD April 9th
% Return (47.7%) (50.6%) 115.7% 43.2%Close price (CHF) 10.25 5.11 11.0 15.75
Mkt. Cap (CHFmn) 414.4 206.4 444.4 636.5Av. Daily Volume 20,579 19,433 25,058 69,624
Management took the decision to delist ODH’s EDRs from the Egyptian Stock Exchange (EGX).
The Delisting took place in May 2017; and had a positive effect on ODH’s and ODE’s stock price and trading volume.
ORHD.CA FY 2015 FY 2016 FY 2017 YTD April 9th
% Return (56.10%) (5.39%) 279.1% 43.2%Close price (EGP) 6.68 6.32 23.77 34.04
Mkt. Cap (EGPmn) 1,477.6 1,398.0 5,257.9 7,545.3Av. Daily Volume 99,280 206,112 362,526 232,654
ODE vs. EGX Index (Jan. 1, 2016 – April 9, 2018)
EGX191%
ODE510%
ODH76%
SPI18%
10
-100%
0%
100 %
200 %
300 %
400 %
500 %
600 %
ODE EGX
31 21 28 3648
126 119124
120
131
50% 50%
56%
53%
63%
0%
10%
20%
30%
40%
50%
60%
70%
0
50
100
150
2013 2014 2015 2016 2017
GOP Revenues Occ. Rate
221
251
306
237
244
2013 2014 2015 2016 2017
Today ODH’s Operational and Financial Stance
Group Hotels KPIs (CHFm)Group Real Estate KPIs (CHFmn)
Group Cash Flows (CHFmn)Group Revenues (CHFmn)
43
-7
25
81
20
33
2011 2013 2014 2015 2016 2017
Group Adj. EBITDA (CHFmn)
11
(52.2)
(26.2) (23.7)
(9.1)
19.0
2013 2014 2015 2016 2017
66.0 88.0 95.0115.2 126.2
204
265254
319
538
0
100
200
300
400
500
600
0.0
50. 0
100 .0
150 .0
200 .0
250 .0
300 .0
2013 2014 2015 2016 2017
Value of Contracted Units (CHFmn) Number of Units
Revenue Contribution by Country
Country Revenue Contribution as of December 31, 2016 Country Revenue Contribution as of December 31, 2017
61%18%
9%
12%
Egypt
Oman
Montenegro
UAE
CHF 244.4mn
66%
22%
0%12%
Egypt
Oman
Montenegro
UAE
CHF 237.4mn
Hotels’ Revenue Contribution as of December 31, 2016 Hotels’ Revenue Contribution as of December 31, 2017
51%
27%
22%
Egypt
Oman
UAE
CHF 131.5mn51%
26%
23%
Egypt
Oman
UAE
CHF 120.2mn
12
Hawana Salalah, Oman
13
ODH at a glance
The Turn around story
Outlook 2018
Appendix
Outlook 2018
14
Group:• Positive KPI’s indicators for the Real Estate and Hotels segments for the first quarter of 2018.
Orascom Development Egypt (ODE):• Selling non-core assets and reducing the subsidiaries debt by c. CHF 56.0 million, which will generate interest savings of c. CHF
33.3 million over the coming 6 years. Already received ODE’s OGM approval on the sale of 3 hotels in Makadi.• ODE to enter into a partnership with New Urban Communities Authority (NUCA) to develop 1,000 feddan (approx. 4.2 million
sqm) in West Cairo, marking its first foray into the First Home Market.• ODE’s BOD, proposed a cash dividend of EGP 1.0 per share subject to ODE’s AGM approval.
El Gouna, Egypt:• New planned Real Estate launches in El Gouna along with the addition of more hotel rooms to accommodate the increased
demand.
Makadi, Egypt:• Launched a new real estate project in April 2018; along with an aggressive sales and marketing campaign to revive the
destination and push back sales.
Hawana Salalah, Oman:• Capitalizing on the high demand and proven quick return on investment in the hotels business, we are planning to add more
rooms and a new hotel in the destination.
Luštica Bay, Montenegro:• Finalizing the construction of the 110 room - Chedi Hotel, the Marina and 1,000 sqm of marina retail shops with plans to be
opened by summer 2018.
Andermatt, Switzerland:• The Radisson Blu hotel with 180 rooms is being built together with Gotthard Residences, expected to opened in October 2018.
Developed AreaUndeveloped Area
Investment held in associates
El Gouna
Andermatt
The Cove
Taba Heights
Makadi
Hawana Salalah
Jebel Sifah
Lustica
Chbika
Eco Bos
As Sodah
City Walk
Our ultimate goal is to speed up the development and maturity of all our destinations towards the successful “El Gouna Model” and increase their contribution to the Group’s revenue
Ultimate Goal of ODH’s Management Still Remains …..
Developed Area
Undeveloped Area
Investment held in associates
El Gouna
Andermatt
The Cove
Taba Heights
Makadi
Hawana SalalahJebel Sifah
Lustica
Chbika
Eco Bos
As Sodah
City Walk
FY 2016 FY 2017
15
Jebal Sifah, Oman
16
ODH at a glance
The Turn around story
Outlook 2018
Appendix
Business Segments FY 2017 and 4Q 2017
17
Revenue EBITDA Adj. EBITDA1
(CHF mn) FY 2017 FY 2016 Δ in % FY 2017 FY 2016 FY 2017 FY 2016
Hotels 131.5 120.2 9.4% 46.1 (9.4) 40.8 20.3
Real Estate 70.1 65.5 7.0% 19.3 50.2 19.0 20.8
Land - 2.0 - - 25.42 - 2.4
Town Management3 27.0 31.1 (13.2%) (5.5) (2.8) (6.0) (3.0)
Tamweel Group 15.8 18.6 (15.1%) 3.6 5.0 3.9 5.2
Corporate & Unallocated Items - - - (38.6) (223.1)4 (24.3) (26.1)
ODH Group 244.4 237.4 2.9% 24.9 (154.7) 33.4 19.6
1 Adjusted EBITDA: EBITDA adjusted for non cash items (which includes provisions & impairments, other gains and losses, FX gains & share in associates)2 The amount represent FX gain from previous land sale that took place in 2015.3 Town Management includes revenues from Utilities and services, Hospital, Marina, Golf, Rentals, Educational services, Limousine, and other town amenities.4 The EBITDA losses in FY 2016 is mainly due to the devaluation of EGP that took place in November 2016.
(CHF mn) 4Q 2017 4Q 2016 Δ in % 4Q 2017 4Q 2016 4Q 2017 4Q 2016
Hotels 41.0 34.3 19.5% 13.1 (16.6) 13.5 7.9
Real Estate 20.7 20.6 0.5% 10.1 26.4 10.3 4.6
Land - - - - 18.32 - (0.8)
Town Management3 7.9 8.4 (6.0%) (0.7) (0.4) (1.2) (0.4)
Tamweel Group 4.0 4.2 (4.8%) 0.7 0.8 0.8 0.8
Corporate & Unallocated Items - - - (14.0) (168.6)4 (6.1) (6.4)
ODH Group 73.6 67.5 9.0% 9.2 (140.1) 17.3 5.7
Real Estate KPIs FY 2017
18
Net value of contracted units(CHF mn)
Number of contractedunits
Average selling price (CHF/m2)
Country Destination FY 17 FY 16 FY 17 FY 16 FY 17 FY 16Egypt El Gouna 79.1 80.6 258 197 1,945 2,721
Fayoum 1.5 0.3 21 3 602 821 Makadi 0.1 0.1 2 1 267 477 Gardania - 0.8 - 1 - 1,276
Oman Jebel Sifah 11.8 15.9 61 79 1,835 1,948 Salalah Beach 16.5 0.3 140 1 1,543 3,228
Montenegro Luštica Bay 17.2 17.3 56 37 4,774 5,883 ODH Group 126.2 115.2 538 319 1,950 2,692
(CHF mn)
Country Destination Deferred Revenue Balance 2018 2019 2020 2021
Egypt El Gouna 81.7 57.3 24.4 - -
Fayoum 1.6 0.2 0.8 0.3 0.3
Total Egypt 83.3 57.5 25.2 0.3 0.3
Oman Jebel Sifah 31.3 25.5 1.8 4.0 -
Salalah Beach 18.6 6.1 11.8 0.6 -
Total Oman 49.9 31.6 13.6 4.6 -
Montenegro Luštica Bay 38.2 34.2 4.0 - -
ODH Group 171.4 123.3 42.8 4.9 0.3
* Figures are rounded to the nearest decimal point.
Hotel KPIs FY 2017
19
Total number of hotel rooms
Number of available rooms
Occupancy for available rooms (%)
TRevPAR*(CHF)
GOP PAR**(CHF)
Destination FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 FY 17 FY 16
El Gouna 1 2,657 2,650 2,657 2,650 75 57 50 46 24 14
Taba Heights2 2,365 2,365 1,260 718 27 30 10 22 (2) (5)
Citadel Azur 514 514 514 514 61 44 42 41 19 29
Fayoum3 50 50 50 50 39 43 23 34 1 (22)
Floating Hotels 27 27 27 27 19 7 100 54 32 (20)
Total Oman4 971 851 971 851 69 67 116 113 35 32
UAE5 487 346 487 346 72 78 184 213 71 85
Makadi6 1,113 1,113 - 491
ODH Group 8,184 7,916 5,966 5,647
1. In FY 17 we transferred 87 hotel rooms of Fanadir and Bellevue into real estate products and in Q3 2017 Ancient Sands hotel room increased by 94 rooms2. During FY 2017, only 4 hotels were operating (Sofitel with 442 rooms, Strand Beach Hotel with 503 rooms, El Wekala Hotel with 215 rooms and 100 rooms in Bay View Hotel out of 394 existing rooms).
Whereby, only 2 hotels were operating representing 718 rooms in FY 2016.3. In September 1st, 2016, Byoum Lakeside Hotel was opened.4. In December 23nd, 2017, Al Fanar Hotel extension was opened with 98 rooms, thus brining total number of the hotel rooms to 400 rooms and also 22 new rooms were added to Rotana Hotel, thus bringing
total number of rooms to 422 room.5. In June 2017, we opened 142 new rooms in the Cove Hotel, thus brining total number of the hotel rooms to 487 rooms.6. Our 3 hotels in Makadi were rented to FTI Group since Jan. 2017. Whereby in 9M 2016 only one hotel was operating Royal Azur (491 rooms).
* Financial KPIs are calculated based on the number of available rooms during the reported period of FY 2017.** Includes all expenses of the hotels in the destinations.
Income Statement
20
(CHF mn) 4Q 2017 4Q 2016 FY 2017 FY 2016
Revenue 73.6 67.5 244.4 237.4
Cost of sales (47.7) (46.6) (181.5) (183.5)
Gross profit 25.9 20.9 62.9 53.9
Gross profit margin 35.2% 31.0% 25.7% 22.7%
Investment income 2.9 1.4 6.9 6.4
Other gains and losses (3.4) (145.1) 8.4 (157.0)
Administrative expenses
(11.1) (11.9) (36.4) (40.7)
Share of associatesprofit/losses
(5.1) (5.4) (16.9) (17.3)
EBITDA 9.2 (140.1) 24.9 (154.7)
Depreciation (6.7) (12.1) (24.5) (35.9)
Finance costs (11.2) (13.2) (35.9) (44.8)
Income tax expense (2.1) (6.7) (5.6) (8.4)
Net loss for the period (10.8) (172.1) (41.1) (243.8)
Attributed as follows:
ODH shareholders (11.1) (135.7) (41.4) (196.4)
Non-controlling interest 0.3 (36.4) 0.3 (47.4)
Basic EPS (CHF) (0.28) (3.36) (1.04) (4.86)
1
2
3
Notes
Revenues and Gross profit increased due toenhanced operational performance. Yet thesignificant surge in the Egyptian subsidiary’srevenue was not captured as much due to thetranslation of the EGP revenues to CHF.
Other gains and losses mainly includes:
• Gains in relation to settlement ofborrowings in the amount of CHF 6.4mn.
• FX gain of CHF 4.3mn.• Other losses of CHF 2.3mn
Administrative expenses decreased mainly dueto the devaluation of EGP against foreigncurrencies.
The decrease in depreciation & finance costs wasmainly driven by the devaluation of the EGPagainst the foreign currencies.
1
2
4
3
4
4
1
Balance Sheet
21
(CHF mn) 31.12.17 31.12.16
Property, plant and equipment 765.1 762.6
Inventories 127.6 125.0
Receivables 107.0 98.3
Cash and bank balances 99.4 80.8
Investments in associates 60.8 78.6
Other assets 80.8 72.8
Non-current assets held for sale 107.0 67.2
Total assets 1,347.7 1,285.3
Borrowings 374.7 369.6
Payables 51.0 36.3
Provisions 65.6 68.6
Other liabilities 210.4 165.0
Liabilities related to assets held for sale
84.4 54.1
Total liabilities 786.1 693.6
Non-controlling interests 149.1 140.5
Equity attributable to ODH shareholders
412.5 451.2
Total liabilities and equity 1,347.7 1,285.3
Notes
PPE movement incudes mainly the following:(+) Acceleration of construction work in Montenegro,Oman and UAE.(-) Reclassification of the 3 hotels in Makadi to assets heldfor sale.(-) Transferring some hotel rooms into real estate units.
Receivables increased mainly due to the increase of newreal estate revenues in Egypt, Oman and Montenegro.
Asset and liabilities held for sale include the following:• Tamweel Group.• Makadi hotels which was transferred during the
period as a result of the OGM approval to sell theexisting three hotels in Makadi.
Borrowings increased mainly due to the increase in debtsheld on Citadel Azur Hotel, UAE and Montenegro.
1
2
3
3
1
4
2
4
3
Cash Flow Statement
22
(CHF mn) FY 2017 FY 2016
Cash generated from operations 30.0 4.6
Interest paid (7.8) (9.7)
Income tax paid (3.2) (4.0)
Operating Cash Flow 19.0 (9.1)
Payments for PP&E (37.2) (41.6)
Other items 5.2 12.1
Investing Cash Flow (32.0) (29.5)
Change in Borrowings 35.9 (27.7)
Other items 0.1 3.0
Financing Cash Flow 36.0 (24.7)
Net change in the cash 23.0 (63.3)
Cash and bank balances beginning of period
82.2 167.6
Effects of FX changes (1.5) (22.1)
Cash and bank balances end of period 103.7 82.2
Notes
Cash flow from operations increased as a resultof enhanced performance across the businesssegments.
Interest decreased mainly due to capitalizedinterest in Egypt in 1H 2017.
PP&E mainly includes payments of:• CHF 23.0mn for Oman• CHF 7.5mn for RAK extension• CHF 5.1mn for Montenegro• CHF 1.6mn for Egypt
Change in Borrowings mainly due to:(-) Debt Repayment in Oman amounting to CHF5.2mn and CHF 1.4mn in Egypt.(+) Funding received from shareholders (CHF27.7mn).(+) Funding received for UAE and Montenegroamounting to CHF 9.9mn and CHF 4.9mnrespectively.
11
2
2
4
3
3
4
Thank You
23
Disclaimer
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IN ANY EEA MEMBER STATE THAT HAS IMPLEMENTED DIRECTIVE 2003/71/EC (TOGETHER WITH ANY APPLICABLE IMPLEMENTING MEASURES IN ANY EEA MEMBER STATE, THE “PROSPECTUS DIRECTIVE”) THIS COMMUNICATIONIS ONLY ADRESSED TO AND IS ONLY DIRECTED AT QUALIFIED INVESTORS IN THAT EEA MEMBER STATE WITHIN THE MEANING OF THE PROSPECTUS DIRECTIVE.
THIS DOCUMENT CONSTITUTES NEITHER AN OFFER TO SELL NOR A SOLICITATION TO BUY ANY SECURITIES AND IT DOES NOT CONSTITUTE A PROSPECTUS PURSUANT TO ARTICLES 652a AND/OR 1156 OF THE SWISS CODE OFOBLIGATIONS OR ARTICLES 32 ET SEQ. OF THE LISTING RULES OF THE SWX SWISS EXCHANGE. A DECISION TO INVEST IN SHARES OF THE GROUP SHOULD BE BASED EXCLUSIVELY ON THE ISSUE AND LISTING PROPECTUSPUBLISHED BY THE GROUP FOR SUCH PURPOSE.
THE INFORMATION CONTAINED IN THIS DOCUMENT IS NOT INTENDED TO LEAD TO THE CONCLUSION OF ANY CONTRACT OF WHATSOEVER NATURE, IN PARTICULAR WITHIN THE TERRITORY OF EGYPT, THE UNITED ARABEMIRATES, KUWAIT, MOROCCO, OMAN AND SAUDI ARABIA.
RoundingNumbers presented throughout this presentation may not add up precisely to the totals provided in the tables and text. For presentation purposes, figures are rounded to the nearest decimal place. Percentages, percent changes and absolute variances, however, are calculated based on the exact figures as shown in the financial statements.
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