FY 2019 Results
Analyst & Investor Presentation
Altdorf, April 27th, 2020
1. Executive Summary
2. FY 2019 – Key Highlights
3. FY 2019 – Operational Highlights by Destination
4. FY 2019 – Financials
5. Outlook 2020
6. Appendix
Table of Contents
Altdorf, April 27th, 2020FY 2019 Results – Analyst & Investor Presentation 2
1. Executive Summary FY 2019
Altdorf, April 27th, 2020FY 2019 Results – Analyst & Investor Presentation 3
Change In Executive Management
4
In 2020
▪ January 31st, 2020: It was with great sadness that (ODH) had to bid farewell to its CEO Khaled Bichara in a car
accident.
▪ February 4th, 2020: Mr. Samih Sawiris assumed the role of Executive Chairman to lead the Executive Management for
an interim period until the appointment of a new CEO. Mr. Sawiris will lead and be assisted by an interim committee,
which includes appointed members of the Board of Directors as well as members of Executive Management. In
addition to Mr. Sawiris, the selected committee members are: Naguib S. Sawiris (Board member), Jürgen Fischer
(Board member), Ashraf Nessim (Chief Financial Officer) and Abdelhamid Abouyoussef (member of the Executive
Management). The role of the committee will be to (1) supervise and support management day to day, and (2) lead the
appointment and onboarding of the new CEO.
▪ Executive Management have been with the Group for the past 7 years and will accelerate the execution of the strategy
that was developed and communicated in mid-2016.
Altdorf, April 27th, 2020FY 2019 Results – Analyst & Investor Presentation
Executive Summary
5
Revenues
− Up 33.2% to CHF
453.3mn in FY 2019
vs. CHF 340.3mn
(Reported).
− Up 43.9% in FY
2019 vs. CHF
315.1mn in FY 2018
(Pro-forma)* .
+33.2%
Pro-forma Adj.
EBITDA
− Up 30.8% to CHF
74.3mn in FY 2019
vs. CHF 56.8mn in
FY 2018 (Pro-
forma)*.
− Up 5.7% to CHF
74.3mn in FY 2019
vs. CHF 70.3mn
(Reported).
+30.8%
Cash from
Operations
− Cash from
operations surged
by 44.0% to CHF
80.9mn vs. CHF
56.2mn in FY 2018.
+44.0%
Net losses
− ODH reported a net
loss of CHF 31.3mn
in FY 2019 vs. a
loss of CHF 45.9mn
in FY 2018
(Restated).
− FY 2019 net losses
of CHF 31.3mn vs.
a loss of CHF
52.7mn in FY 2018
(Pro forma)*.
CHF (31.3)mn
Financing
− ODH successfully
issued a listed
CHF100mn bond with
a coupon of 3.25% & a
5 years tenor.
− First public bond issue
for ODH.
− Proceeds will be used
for further development
of Oman, Montenegro
& for general corporate
purposes.
Bond Issuance
New Destination
− On 4th Nov, ODH
announced the launch
and development of the
First Phase of Eco-Bos,
Cornwall ,UK.
Launch of Eco-Bos
Altdorf, April 27th, 2020FY 2019 Results – Analyst & Investor Presentation
* Pro-forma excludes the contributions from Tamweel, Citadel Azur, Royal Azur and Club Azur hotels that were sold out and deconsolidated during 2018.
2. FY 2019 – Key Highlights
Altdorf, April 27th, 2020FY 2019 Results – Analyst & Investor Presentation 6
126.6
232.5
42.266.4
FY 2018 FY 2019
Real Estate Financials (CHF mn)
Revenues Adj. EBITDA
235.6
490.8
FY 2018 FY 2019
293.0
611.7
FY 2018 FY 2019
201.4
483.9
FY 2018 FY 2019
Net Real Estate Sales (CHF mn)
FY 2019
FY 2019 Results – Analyst & Investor Presentation 7
Key Segment Financials & KPIs
140.3% 108.8%
Real Estate Receviables Portfolio (CHF mn)Real Estate Deferred Revenue Balance (CHF mn)
108.3%
83.6%
57.3%156.5
168.8
59.5 62.4
FY 2018 FY 2019
Hotel Financials (CHF mn)*
Revenues GOP
7.9%
36.1
50.5
(3.0)
0.4
FY 2018 FY 2019
Town Management Financials (CHF mn)
Revenues Adj. EBITDA
113.3%
39.9%
* FY 2018 revenues and Adj. EBITDA included contributions from Citadel Azur, Royal Azur and Club Azur hotels that were sold out and deconsolidated during 2018.
Altdorf, April 27th, 2020
4.9%
168.8
232.5
50.5
1.5
Hotels
Real Estate
Town Mgt.
Land
156.5
126.6
36.1
16.8
4.3
Hotels
Real Estate
Town Mgt.
Tamweel
Land
1%
FY 2019
Altdorf, April 27th, 2020FY 2019 Results – Analyst & Investor Presentation 8
Y-o-Y Revenue Analysis
46%37%
11%
5%
52%
11%
37%
Revenues by Segment FY 2018 (CHFmn) Revenues by Segment FY 2019 (CHFmn)
CHF 453.3mn
− Tamweel Group was deconsolidated in Q4 2018.
− Citadel Azur, Royal Azur and Club Azur Hotels were sold and deconsolidated during 2018.
CHF 340.3mn
49%
18%
7%
8%
6%
6%
3%
1% 2%
El Gouna
Hawana Salalah
O West
Lustica Bay
Jebal Sifah
UAE
Taba Heights
Makadi Heights
Others*
46%
15%
9%
11%
7%
6%3%
3%
El Gouna
Hawana Salalah
UAE
Lustica Bay
Others*
Jebal Sifah
Taba Heights
Makadi Heights
FY 2019
Altdorf, April 27th, 2020FY 2019 Results – Analyst & Investor Presentation 9
Y-o-Y Revenue Analysis
Revenues by Destination FY 2018 (CHFmn) Revenues by Destination FY 2019 (CHFmn)
CHF 453.3mn
− Others in FY 2018 included Tamweel Group, Citadel Azur, Oberoi Zahra, Fayoum &
Corporate.
CHF 340.3mn
− Others in FY 2019 included Oberoi Zahra, Fayoum & Corporate.
3. FY 2019 – Operational Highlights by Destination
Altdorf, April 27th, 2020FY 2019 Results – Analyst & Investor Presentation 10
Destinations
A leading fully integrated
developer with more than
30 years of experience
101.0 mn m2
of land bank across
7 countries
67.8 mn m2 remaining
land bank (67.1%)
9 operating destinations
with 33 Hotels
& 7,178 rooms
11
Egypt:
▪ El Gouna
▪ Taba Heights
▪ Makadi Heights
▪ Fayoum
– O-West
Oman:
▪ Hawana Salalah
▪ Jebal Sifah
– As Sodah Island
– City Walk
UAE:
▪ The Cove
Switzerland:
▪ Andermatt
Montenegro:
▪ Luštica Bay
United Kingdom:
– Eco – Bos
Morocco:
– Chbika
Portfolio
1
1
2
3
4
5
6
7
2
3
4
5
6
7
▪ Operating Destination
Altdorf, April 27th, 2020FY 2019 Results – Analyst & Investor Presentation
El Gouna, Egypt
Update FY 2019
− Finalized the renovation and officially
opened Cook’s Club Hotel (144 rooms) in
mid-August 2019.
− Official launch of Casa Cook Hotel (100
rooms) was at November 1st, 2019.
− Progressing with the construction of Abu Tig
Hill apartments and Tawila Phase 2 & 3.
− Opened phase 1 of the new concert &
conference center in first week of November
2019.
12
− Added more real estate inventory in
Ancient Sands Villas and Cyan , in
January 2020.
El Gouna, Egypt
Revenues per segment
FY 2019 (CHF mn)
65.1 75.1
63.9
106.928.5
38.4
0.1
1.5
FY 2018 FY 2019
Hotels Real Estate Destination Management Land
+40.8%
221.9
157.6
+34.7%
+67.3%
+15.4%
El Gouna, Egypt
KPIs
FY 2019 FY 2018 % Chg
Hotels
Total number of rooms* 2,702 2,649 2.0%
Occ. for available rooms (%) 81 80 1.3%
TRevPAR (CHF) 80 67 19.4%
GOP (CHFmn) 35.4 33.2 6.6%
GOP PAR(CHF) 38 35 8.6%
Real Estate
Net sales (CHFmn) 128.8 111.4 15.6%
No of contracted units 231 321 (28.0%)
Avg. selling price (CHF/m2) 3,013 2,251 33.9%
* The number of rooms in El Gouna increased mainly because
opening of Casa Cook Hotel (100 rooms) during Q4 2019.
13
+1,400%
Hawana Salalah, Oman
Update FY 2019
− Added CHF 43.0mn new inventory in
Forest Island real estate project. The
new phase includes standalone villas,
twin and town houses and apartments.
− Early handover of 162 units in Hawana
Lagoons commenced in August 2019.
− Started the construction of a new 400-
rooms, 5-star hotel with plans for soft
opening in Q4 2021. This will mark the
completion of the Group’s minimum built
obligations in the country and will allow
ODH to secure its land bank in Oman. 14
− During FY 2019, commercial rents of the
apartments to third parties rose 34% y-o-y.
Hawana Salalah, Oman
Revenues per segment
FY 2019 (CHF mn)
41.4 44.4
9.2
35.81.2
1.5
FY 2018 FY 2019
Hotels Real Estate Destination Management
+57.7%
81.7
51.8
+25.0%
+289.1%
+7.2%
Hawana Salalah, Oman
KPIs
FY 2019 FY 2018 % Chg
Hotels
Total number of rooms 1,081 1,081 –
Occ. for available rooms (%) 60 70 (14.3%)
TRevPAR (CHF) 112 124 (9.7%)
GOP (CHFmn) 16.4 15.0 9.3%
GOP PAR (CHF) 42 45 (6.7%)
Real Estate
Net sales (CHFmn) 32.2 23.5 37.0%
No. of contracted units 200 188 6.4%
Avg. selling price (CHF/m2) 2,021 1,769 14.2%
15
Luštica Bay, Montenegro
Update FY 2019
− Started the design of the new Marina
Hotel (200 units).
− Construction for the real estate and
retail spaces are in progress in Marina
Village.
− Delivered in October 2019 two
apartment buildings in Centrale area.
16
− Design planning for the golf
neighborhood area intensified during
2019, with conceptual designs for first
phase real estate nearing completion.
− Added 3 pontoons with 35 new berths
thus raising the capacity of the
marina up to 85 boats.
Luštica Bay, Montenegro
Revenues per segment
FY 2019 (CHF mn)
2.04.8
35.6 28.9
0.6
1.9
FY 2018 FY 2019
Hotels Real Estate Destination Management
-6.8%
35.6
38.2
-18.8%
Luštica Bay, Montenegro
KPIs
FY 2019 FY 2018 % Chg
Hotels
Total number of rooms 111 111 –
Occ. for available rooms (%)* 46% 45% 2.2%
TRevPAR (CHF) 146 152 (3.9%)
GOP (CHFmn) (0.3) (0.3) –
GOP PAR (CHF) (9) (22) 59.1%
Real Estate
Net sales (CHFmn) 31.8 34.9 (8.9%)
No of contracted units 83 53 56.6%
Avg. selling price (CHF/m2)** 4,878 6,284 (22.4%)
17
* It is important to note that the Chedi hotel was opened only starting from
Aug. 2018 for 4 month while in 2019 it was operational for 9 months.
** Avg. selling prices decreased vs. last year due to the change in product
mix, we sold more units in Centrale which targets a different market segment
than the high-end marina units.
+140.0%
+216.7%
O West, Egypt
Update FY 2019
− In Jan. 2020, we launched two new phases
“Whyt” & “Tulwa”. The two phases include
town and twin houses, villas & apartments with
a total inventory of CHF 186.4mn.
− Launched O Business District including unique
office buildings with a total inventory value of
CHF 27.0mn.
− No. of memberships in O West Club stood at
935 membership by the end of FY 2019.
− Signed an agreement with Kent College to open
its first campus in Egypt. The school planned
commencement of operations is expected to
start in Q3 2022.
− Formed a strategic alliance with Cairo for
Investment & Real Estate Development (CIRA)
for the development of two new international
schools in O West. Expected to be operational
in Q1 2021. − Render
18
− The education zone transactions that
we did resulted in securing a total of
c. CHF 19.2mn of cash inflows to
ODH.
− Started site mobilization, earthworks
and construction activities in
February 2020.
O West, Egypt
KPIs
FY 2019
Real Estate
Net sales (CHFmn) 255.7
No of contracted units 935
Avg. selling price (CHF/m2) 1,268
Total O West (CHFmn)
Total revenues 32.9
− Render
19
Andermatt, Switzerland
Update FY 2019
− Net sales reached CHF 62mn vs. CHF
110mn in 2018 (including Taurus bulk
deal of CHF 50mn).
− The SkiArena Andermatt-Sedrun is fully
connected and started with an increase
of guests by 5% from November until mid
of March, compared to the comparative
period in the prior year.
20
− Occupancy rate of The Chedi remains
stable at 54% in FY 2019, while for
Radisson Blu Reussen it stood at 36%.
− 20% more golfers came to play in
Andermatt.
− Hired a new CEO, Raphael Krucker, who
started on 1 January 2020.
− The Chedi and the Radisson Blu Hotels will
open their doors again on May 8, 2020, after
the Uri government imposed further
restrictions on tourist businesses as a results
of COVID-19.
− In May 2020; the Golf course and other sport
activities will resume operations, after they
were shut down due to COVID-19.
Andermatt, Switzerland
Revenues per segment
FY 2019 (CHF mn)
21
FY 2019 FY 2018 % Chg
Hotels
Total number of rooms 347 227 52.9%
Occ. for available rooms (%) 42% 53% (20.6%)
TRevPAR (CHF) 321 647 (50.4%)
GOP PAR (CHF) 12 25 (50.0%)
Real Estate
Net sales (CHFmn) 62 110* (43.6%)
No of contracted units 58 88 (34.1%)
Avg. selling price (CHF/m2) 14,207 12,026 18.1%
167.3
135.7
+23.3%
26.938.9
90.9
101.4
17.9
27.0
FY 2018 FY 2019
Hotels Real Estate Destination Management
+50.8%
+11.6%
+44.6%
* Net sales in 2018 included a bulk deal in the amount of CHF 50mn.
4. FY 2019 – Financials
Altdorf, April 27th, 2020FY 2019 Results – Analyst & Investor Presentation 22
FY 2019
23
Income Statement – Reported
(CHFmn) Q4 2019 Q4 2018 FY 2019FY 2018
Restated
Revenue 128.1 112.5 453.3 340.3
Cost of sales (98.4) (71.8) (339.2) (231.6)
Gross profit 29.7 40.7 114.1 108.7
Gross profit margin, (%) 23.2% 36.2% 25.2% 32.0%
Investment income 2.7 2.7 10.6 8.3
Administrative expenses (15.4) (18.9) (50.4) (46.7)
Adj. EBITDA 17.0 24.5 74.3 70.3
Adj. EBITDA margin, (%) 13.3% 21.8% 16.0% 20.7%
Other gains & losses (15.9) 2.2 (5.6) (6.4)
Share of associates losses (4.6) (5.1) (13.2) (17.2)
EBITDA (3.5) 21.5 55.5 46.6
Depreciation (7.3) (10.2) (29.9) (26.7)
Finance costs (9.4) (10.1) (39.8) (40.4)
Income tax expense (3.2) (17.4) (17.1) (25.3)
Net losses for the period (23.4) (16.3) (31.3) (45.9)
Attributed as follows:
ODH shareholders (1.8) (19.5) (15.7) (50.0)
Non-controlling interest (21.6) 3.2 (15.6) 4.1
EPS (CHF) (0.05) (0.49) (0.40) (1.26)
Notes
Revenues increased due to the enhanced operational performance
across all business segments in all destinations.
Increase in G&A expenses is mainly due to increase in the CEO
compensation.
Other gains & losses for FY 2019 includes FX gains amounting to
CHF 14.0mn, CHF 3.1mn investment properties revaluation and
prudence-related to additional one-time impairments (CHF 21.5mn).
Share of associates losses decreased due decrease in ASA losses
and increase in the profitability of Red Sea for Construction.
Depreciation increased due to the new hotel rooms additions during
the period.
Income Tax expense in FY 2018 included a tax payment related to
our Egyptian subsidiary.
FY 2018 restated: correction of CHF 8.5mn related to the
reclassification of the "Royal" property from owner occupied to
investment property; which was erroneously reclassified to profit or
loss for the FY 2018. Amount was correction in the restatement
resulting in an increase of the loss for the FY18 from CHF 37.4mn to
CHF 45.9mn, with no effect on the cash position or total equity
reported in 2018.
1
2
4
3
6
2
3
1
4
6
5
5
7
7
Altdorf, April 27th, 2020FY 2019 Results – Analyst & Investor Presentation
FY 2019
24
Income Statement – Pro Forma
(CHFmn)
FY 2019
Reported
FY 2018
Reported
FY 2018
pro forma
Revenue 453.3 340.3 315.1
Cost of sales (339.2) (231.6) (219.8)
Gross profit 114.1 108.7 95.3
Gross profit margin, (%) 25.2% 32.0% 30.3%
Investment income 10.6 8.3 8.2
Administrative expenses (50.4) (46.7) (46.8)
Adj. EBITDA 74.3 70.3 56.8
Adj. EBITDA margin, (%) 16.0% 20.7% 18.0%
Other gains & losses (5.6) (6.4) (5.4)
Share of associates losses (13.2) (17.2) (17.2)
EBITDA 55.5 46.6 34.2
Depreciation (29.9) (26.7) (23.0)
Finance costs (39.8) (40.4) (39.2)
Income tax expense (17.1) (25.3) (24.7)
Net losses for the period (31.3) (45.9) (52.7)
Notes
− Took out Tawmeel Group revenues in FY 2018 as it was
sold and deconsolidated in Q4 2018.
− Took out Royal Azur and Club Azur Hotels revenues in
FY 2018 as they were sold and deconsolidated in Q4 2018.
− Took out Citadel Azur Hotels revenues in FY 2018 as they
were sold and deconsolidated in May 2018.
Altdorf, April 27th, 2020FY 2019 Results – Analyst & Investor Presentation
FY 2019
25
Balance Sheet
Notes
Inventory increased as a result of the increase in the land
held for development (O West) to co-develop an integrated
community project with a total amount of CHF 397.7mn.
Receivables increased due to the increase in real estate
revenue across all destinations.
Cash & bank balances and borrowings increased mainly due
to the issuance of CHF 100mn bond.
Payables include accruals to the Egyptian government for
O West project.
Other liabilities increased due to the increase in customers
advance payments related to the real estate sales, in
addition, to the value of the non-cash (In-kind BUA) portion
due to the Egyptian government for O West project.
1
2
4
3
5
(CHFmn) 31.12.19 31.12.18
Property, plant and equipment 814.4 761.8
Inventory 516.4 118.5
Receivables 154.7 138.6
Cash and bank balances 186.0 138.3
Investments in associates 29.3 43.6
Other assets 134.2 129.6
Non-current assets held for sale 5.8 5.5
Total assets 1,840.8 1,335.9
Borrowings 429.9 372.4
Payables 388.4 68.5
Provisions 33.6 62.6
Other liabilities 421.6 256.1
Liabilities related to assets held for sale 0.6 0.5
Total liabilities 1,274.1 760.1
Non-controlling interests 160.3 167.1
Equity to ODH shareholders 406.4 408.7
Total liabilities and equity 1,840.8 1,335.9
2
3
1
3
4
5
Altdorf, April 27th, 2020FY 2019 Results – Analyst & Investor Presentation
Financing profile
26
Cost of Debt: 7.2%
FY 2019 Balance: CHF 429.9mn
EGP9%
USD37%
EUR5%
AED5%
OMR22%
CHF23%
EGP
USD
EUR
AED
OMR
CHF
47%
22%
5%3%
23%
Egypt
Oman
UAE
Montenegro
Switzerland
Current Debt by CountryCurrent Debt by CurrencyMaturity Profile & Balance
13
4348
5764
124
81
CF 2020 2021 2022 2023 2024 2025 -2032
Altdorf, April 27th, 2020FY 2019 Results – Analyst & Investor Presentation
FY 2019
Altdorf, April 27th, 2020FY 2019 Results – Analyst & Investor Presentation 27
Cash Flow Statement
Notes
Cash flow from operations increased due to the enhanced
operational performance across all business segments
during the period.
Includes a one-time tax settlement payment for the Egyptian
subsidiary in 2019.
Payments for PP&E include construction activities in El
Gouna, Lustica and Oman.
Change in Borrowings resulting mainly from:
(-) Debt repayment of CHF 43.5mn.
(+) Debt proceeds of CHF 109.8mn.
3
(CHF mn) FY 2019 FY 2018
Cash from operations 80.9 56.2
Interest paid (36.3) (40.5)
Taxes paid (24.4) (7.5)
Operating Cash Flow 20.2 8.2
Payments for PP&E (74.6) (60.2)
Other items 29.1 41.3
Investing Cash Flow (45.5) (18.9)
Change in Borrowings 63.1 6.6
Proceeds from disposal of noncontrolling interest
of consolidated subsidiary- 41.4
Other Items 3.5 (2.0)
Financing Cash Flow 66.6 46.0
Net change in cash/equivalents 41.3 35.2
Cash & bank balances beginning of period 138.3 103.7
Effects of FX changes 6.4 (0.6)
Cash & bank balances end of period* 186.0 138.3
1
2
3
* Includes cash related to assets held for sale.
1
2
4
4
5. Outlook 2020
Altdorf, April 27th, 2020FY 2019 Results – Analyst & Investor Presentation 28
29
Outlook FY 2020
• The necessary drastic measures undertaken by governments and countries worldwide, and the constantly changing situation amid COVID-19,
makes it impossible to provide an accurate outlook on the ramifications on 2020 operational and financial results. Accordingly, the Group decided
to abstain at the time being from providing full-year guidance on its 2020 results; however, we intend to provide an update of the evolving situation
during all our upcoming quarterly results calls and market communications as needed.
• It is important to note that ODH has managed to pass through hard and somehow similar times before. We managed to overcome the hit from the
Arab spring in 2011 and the Egyptian revolution in 2013 and still learned how to successfully operate with minimum OPEX, reduce spending and
preserve cash to the longest periods possible.
• With this acquired knowhow, coupled by the significant enhancement of the Group’s operational performance over the past couple of years, we
believe ODH is well positioned to weather the current dynamics of COVID-19. We have a strong operating model, a solid cash position and
balance sheet with a diversified revenue stream, to keep us comfortable for the coming period.
• It is important to highlight that ODH has a diversified portfolio of businesses, which includes (Real Estate, Hotels, Town Management, Rental
portfolio & Land monetization). For FY 2019, the hotels revenue contribution was only 37% out of the total Group revenues decreasing from 46%
for the FY 2018. We expect this percentage to continue to decrease in 2020, because of the increase in the revenue contribution from O West, in
addition to the Group’s focus of accelerating its land bank monetization, whereby, we have secured c. CHF 19.2 million of cash inflows to ODH.
Altdorf, April 27th, 2020FY 2019 Results – Analyst & Investor Presentation
30
Subsequent Events
In 2020
Covid-19 Initial Start:
▪ January and February 2020, all the Group’s business segments were operating normally. Only in early March, when COVID-19
reprecussions started to impact the company’s results, as global governments took actions to encourage social distancing.
▪ The deterioration accelerated towards the end of March as the pandemic spread further and the number of countries and
localities adopting restrictive measures meaningfully increased, of which travel restrictions and flight suspensions around the
world have been implemented.
▪ Governments have instructed the closure of hotels in the touristic destinations and other imposed a partial curfew on its citizens.
Altdorf, April 27th, 2020FY 2019 Results – Analyst & Investor Presentation
ODH‘s Initiatives Taken
31
Impact of COVID-19 on Q1 2020 KPIs
Altdorf, April 27th, 2020FY 2019 Results – Analyst & Investor Presentation
Management has undertaken several precautionary measures in light of the current global circumstances and economic downturn.
These measures purpose is to reduce spending and preserve cash to the longest period possible to ensure stability of the Group’s
destinations, to enable the destinations to resume their operations and planned investments once business is back.
We have studied the possibility of two scenarios; Base case and Worst case scenarios.
Both scenarios undertake the following intiaitves
Initiatives taken across the board include:
1. Reduction in capex to keep only the necessary committed items, making sure not to breach any minimum built obligations, which
results in savings between CHF 120-125mn from the planned budget.
2. Postponement of debt service across all the destinations we operate in for 6 months as per the Central Bank’s decrees. Which results
in deferred cash expense CHF c. 30mn.
3. Postponement and freezing of new hires.
4. Reduction in all expenses to the minimum required and reduction in all marketing expenses across all destinations.
5. Postponement of some of the governments’ dues where possible to reflect governments’ initiatives to support companies.6. Studying how to benefit from the government initiatives to support the tourism companies in the destinations in which we operate.
Q1 2020
Altdorf, April 27th, 2020FY 2019 Results – Analyst & Investor Presentation 32
Real Estate Sales KPIs
Net value of contracted units
(CHF mn)Number of contracted units
Country Destination Q1 2020 Q1 2019 Δ in % Q1 2020 Q1 2019 Δ in %
Egypt El Gouna 27.6 24.6 12.2% 52 64 (18.8%)
Fayoum 0.6 0.9 (33.3%) 3 7 (57.1%)
Makadi Heights 5.6 7.7 (27.3%) 37 66 (43.9%)
O West* 60.3 53.0 13.8% 148 174 (14.9%)
Oman Jebel Sifah 3.9 5.0 (22.0%) 26 21 23.8%
Hawana Salalah 6.8 9.7 (29.9%) 40 65 (38.5%)
Montenegro Luštica Bay 2.9 4.9 (40.8%) 3 10 (70.0%)
ODH Group 107.7 105.8 1.7% 309 407 (24.1%)
* The value of contacted units in Q1 2020 includes CHF 18.5mn from Commercial sales (schools development agreements).
Q1 2020
Altdorf, April 27th, 2020FY 2019 Results – Analyst & Investor Presentation 33
Hotels KPIs
Occ. for available
rooms (%)
ARR
(CHF)
TRevPAR
(CHF)
GOP PAR
(CHF)
Destination Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019
El Gouna 62 83 66 63 59 75 24 39
Taba Heights 28 37 26 25 12 16 (7) (2)
Fayoum 32 36 89 73 45 40 19 18
Hawana Salalah 73 96 125 123 135 175 59 89
Jebal Sifah 41 60 123 131 94 136 10 41
UAE 63 77 109 144 118 185 36 82
Montenegro 4 9 111 100 14 27 (65) (96)
6. Appendix
Altdorf, April 27th, 2020FY 2019 Results – Analyst & Investor Presentation 34
FY 2019
Altdorf, April 27th, 2020FY 2019 Results – Analyst & Investor Presentation 35
Revenue Analysis
Revenue EBITDA Adj. EBITDA1
(CHF mn) FY 19 FY 18 Δ in % FY 19 FY 18 Δ in % FY 19 FY 18 Δ in %
Hotels* 168.8 156.5 7.9% 45.4 50.3 (9.7%) 46.7 55.0 (15.1%)
Real Estate 232.5 126.6 83.6% 75.2 42.6 76.5% 66.4 42.2 57.3%
Land 1.5 4.3 (65.1%) 2.6 4.0 (35.0%) 3.0 4.0 (25.0%)
Town Management2 50.5 36.1 39.9% 2.4 (3.5) 168.6% 0.4 (3.0) 113.3%
Tamweel Group* – 16.8 – – 4.9 – – 5.2 –
Corporate & Unallocated Items – – – (70.1) (51.7) (35.6%) (42.2) (33.2) (27.1%)
ODH Group 453.3 340.3 33.2% 55.5 46.6 19.1% 74.3 70.2 5.8%
1 Adjusted EBITDA: EBITDA adjusted for Non-cash items (which includes provisions & impairments, other gains and losses, FX gains & share in associates)2 Town Management include revenues from Utilities & services, Hospital, Marina, Golf, Rentals, Educational services, Limousine, & other town amenities.
• FY 2018 figures include Tamweel Group, Citadel Azur, Royal and Club Azur, deconsolidated in during 2018.
• The EBITDA of the hotels in 2019 were impacted by 1) FX Losses due to the appreciation of the Egyptian pound against foreign currencies; 2) The shorter Omani Khareef Season
which affected our hotels margins; 3) Royal & Club Azur hotels were rented out during 2018, whereby rent was pure EBITDA that hit the bottom line, until they were sold in Q4
2018.
FY 2019
Altdorf, April 27th, 2020FY 2019 Results – Analyst & Investor Presentation 36
Real Estate Sales KPIs
Net value of contracted units
(CHF mn)Number of contracted units
Average selling price
(CHF/m2)
Country Destination FY 19 FY 18 Δ in % FY 19 FY 18 Δ in % FY 19 FY 18 Δ in %
Egypt El Gouna 128.8 111.4 15.6% 231 321 (28.0%) 3,013 2,251 33.9%
Fayoum 1.5 0.7 114.3% 11 6 83.3% 806 819 (1.6%)
Makadi Heights* 23.7 13.7 73.0% 192 163 17.8% 716 919 (22.1%)
O West 255.7 – – 935 – – 1,268 – –
Oman Jebel Sifah 10.2 17.3 (41.0%) 46 108 (57.4%) 2,448 1,948 25.7%
Hawana Salalah 32.2 23.5 37.0% 200 188 6.4% 2,021 1,769 14.2%
Montenegro Luštica Bay * 31.8 34.9 (8.9%) 83 53 56.6% 4,878 6,284 (22.4%)
ODH Group 483.9 201.4 140.3% 1,698 839 102.4%
* Average selling prices decreased compared to last year due to the change in product mix – whereby in Makadi more apartments have been sold compared to
standalone units the year before and in Lustica Bay, Montenegro – we sold more units in Centrale which targets a different market segment than the high end marina
units.
FY 2019
Altdorf, April 27th, 2020FY 2019 Results – Analyst & Investor Presentation 37
Hotels KPIs
Total number of
rooms
Occ. for available
rooms (%) ARR (CHF) TRevPAR (CHF) GOP PAR (CHF)
Destination FY 19 FY 18 FY 19 FY 18 FY 19 FY 18 FY 19 FY 18 FY 19 FY 18
El Gouna1 2,702 2,649 81 80 70 57 80 67 38 35
Taba Heights2 2,365 2,365 48 33 35 26 25 15 (1) (1)
Fayoum 53 53 29 25 67 63 32 26 9 6
Floating Hotel3 – 27 – 31 – 502 – 202 – 82
Hawana Salalah 1,081 1,081 60 70 126 119 112 124 42 45
Jebal Sifah 67 67 42 38 126 133 98 98 12 5
UAE 475 475 69 74 136 140 155 174 56 65
Montenegro 111 111 46 45 182 195 146 152 (9) (22)
ODH Group 6,854 6,828
1 In FY 2019 we added a new 100 rooms hotel Casa Cook and finalized the renovation of Arena Inn hotel into Cooks Club Hotel, whereby Arena Inn hotel number of rooms in FY 2018 were 177 rooms while after the
renovation it reached 144 rooms.2 During FY 2019, only 4 hotels were operating with 1,319 rooms (Mosaique with 442 rooms, Strand Beach Hotel with 503 rooms, El Wekala Hotel with 215 rooms and Bay View Hotel with 160 out of 394 existing
rooms. This compares with 1,260 rooms in operation in FY 2018.3 Oberoi Zahra the floating hotel was sold out in 1H 2019 and was deconsolidated.
Taba Heights currently has 1,319 room in FY 2019 vs. 1,260 room in FY 2018 operating out of the total 2,365 rooms
Q4 2019
Altdorf, April 27th, 2020FY 2019 Results – Analyst & Investor Presentation 38
Revenue Analysis
Revenue EBITDA Adj. EBITDA1
(CHF mn) Q4 2019 Q4 2018 Δ in % Q4 2019 Q4 2018 Δ in % Q4 2019 Q4 2018 Δ in %
Hotels* 46.8 46.6 0.4% 9.9 13.0 (23.8%) 8.7 17.1 (49.1%)
Real Estate 65.6 47 39.6% 27.0 12.1 123.1% 17.5 10.4 68.3%
land 1.5 4.3 (65.1%) 1.5 4.0 (62.5%) 1.6 4.0 (60.0%)
Town Management2 14.2 10.5 35.2% 4.3 (1.5) 386.7% 2.1 (1.2) 275.0%
Tamweel Group* – 4.1 – – 2.0 – – 2.0 –
Corporate & Unallocated Items – – – (46.2) (8.1) (470.4%) (12.9) (7.9) (63.3%)
ODH Group 128.1 112.5 13.9% (3.5) 21.5 (116.3%) 17.0 24.4 (30.3%)
1 Adjusted EBITDA: EBITDA adjusted for Non-cash items (which includes provisions & impairments, other gains and losses, FX gains & share in associates)2 Town Management include revenues from Utilities & services, Hospital, Marina, Golf, Rentals, Educational services, Limousine, & other town amenities.
• Q4 2018 figures include Tamweel Group, Citadel Azur, Royal and Club Azur, deconsolidated in during 2018.
• The EBITDA of the hotels in Q4 2018 were impacted by; 1) FX Losses due to the appreciation of the Egyptian pound against foreign currencies; 2) Royal & Club Azur hotels were
rented out during 2018, whereby rent was pure EBITDA that hit the bottom line, until they were sold in Q4 2018.
Q4 2019
Altdorf, April 27th, 2020FY 2019 Results – Analyst & Investor Presentation 39
Real Estate Sales KPIs
Net value of contracted units
(CHF mn)Number of contracted units
Average selling price
(CHF/m2)
Country Destination Q4 19 Q4 18 Δ in % Q4 19 Q4 18 Δ in % Q4 19 Q4 18 Δ in %
Egypt El Gouna 30.7 27.0 13.7% 37 72 (48.6%) 3,371 2,342 43.9%
Fayoum – 0.4 – – 2 – – 1,090 –
Makadi Heights* 4.8 3.4 41.2% 41 32 28.1% 1,158 1,251 (7.4%)
O West 50.9 – – 173 – – 1,401 – –
Oman Jebel Sifah 3.4 1.0 240.0% 13 4 225.0% 2,643 2,277 16.1%
Hawana Salalah 6.2 4.0 55.0% 38 29 31.0% 2,157 2,054 5.0%
Montenegro Luštica Bay* 6.6 8.1 (18.5%) 32 15 113.3% 3,419 5,604 (39.0%)
ODH Group 102.6 43.9 134.2% 334 154 116.9%
* Average selling prices decreased compared to last year due to the change in product mix – whereby in Makadi more apartments have been sold compared to
standalone units the year before and in Lustica Bay, Montenegro – we sold more units in Centrale which targets a different market segment than the high end marina
units.
Q4 2019
Altdorf, April 27th, 2020FY 2019 Results – Analyst & Investor Presentation 40
Hotels KPIs
Total number of
rooms
Occ. for available
rooms (%) ARR (CHF) TRevPAR (CHF) GOP PAR (CHF)
Destination Q4 19 Q4 18 Q4 19 Q4 18 Q4 19 Q4 18 Q4 19 Q4 18 Q4 19 Q4 18
El Gouna1 2,702 2,649 76 83 78 65 84 79 38 41
Taba Heights2 2,365 2,365 46 27 35 26 23 12 (7) (3)
Fayoum 53 53 28 39 84 61 37 41 13 18
Floating Hotel3 – 27 – 49 – 555 – 347 – 194
Hawana Salalah 1,081 1,081 75 86 122 115 142 155 59 61
Jebal Sifah 67 67 48 48 128 144 122 129 27 25
UAE 475 475 82 81 138 150 180 205 79 92
Montenegro4 111 111 27 23 84 164 51 85 (52) (84)
ODH Group 6,854 6,828
Taba Heights currently has 1,319 room in Q4 2019 vs. 1,260 room in Q4 2018 operating out of the total 2,365 rooms
1 In FY 2019 we added a new 100 rooms hotel Casa Cook and finalized the renovation of Arena Inn hotel into Cooks Club Hotel, whereby Arena Inn hotel number of rooms in FY 2018 were 177 rooms while after the
renovation it reached 144 rooms.2 During FY 2019, only 4 hotels were operating with 1,319 rooms (Mosaique with 442 rooms, Strand Beach Hotel with 503 rooms, El Wekala Hotel with 215 rooms and Bay View Hotel with 160 out of 394 existing
rooms.
This compares with 1,260 rooms in operation in FY 2018.3 Oberoi Zahra the floating hotel was sold out in 1H 2019 and was deconsolidated.
Eco Bos, UK
ODH’s newest addition to its towns’ portfolio
3% only will be launched from
a total of 6.5mn m2
Cash flow positive and profitable
FY 2022Delivering Phase 1:
Q4 2023
− Render
41
▪ First Phase: West Carclaze Garden Village
(WCGV).mixed-use residential development
▪ Includes 1,500 homes, 210 place primary school,
office park, village center” with a mix of retail, F&B
and community service buildings and 7-megawatt
solar energy farm
▪ The launched phase will use 196,604 m2, total
number of residential units is 286 in the form of
detached and attached homes as well as
apartments.
▪ Breaking ground in February 2020.
▪ Launching bulk sales in June 2020 and retail sales
in February 2021.
▪ Estimated cumulative losses before turning into
profits, are within the range of ca. £1.0mn - £2.0mn
(ca. CHF 1.3mn – CHF 2.6mn)* until 2022.
* GBP/CHF rate used as of 3/11/2019.
Phase 1 Highlights:
CHF 101 mnExpected sales from this launch
Eco Bos, UK
ODH’s newest addition to its towns’ portfolio
− Render
42
5005STUNNING
LAKES
7PARKMW SOLARACTIVITIES
WALKING TRAILS CYCLE PATHS BRIDLE PATHS WATERSPORTS
AMENITIESSHOPPING | CAFES RESTAURANTS | PUB COMMUNITY CENTRE ACRES
1,000NEW EMPLOYMENT OPPORTUNITIES
1,500ENERGY EFFICIENT HOMES
210PLACE PRIMARY SCHOOL & NURSERY
Taba Heights, Egypt
Update FY 2019
− Bayview, Strand, Mosaique & Wekala
operated at full capacity and we started soft
renovation work across these hotels to
increase the quality.
− In 2019; Itaka the Polish tour operator
operated 2 flights weekly from Poland &
added one more flight in May 2019 from
Czech Republic.
− In April 2019, Satur a new Slovakian tour
operator started operating one flight on a
weekly basis (189 seats).
− Taba Heights used to generate USD 20mn of
Adj. EBITDA back in 2010.
43
− As Covid-19 outbreak, the main tour
operating partner, suspended all
existing and planned operation starting
March 11 and through May 2020.
Taba Heights, Egypt
Revenues per segment
FY 2019 (CHF mn)
6.9
11.7
1.9
1.2
FY 2018 FY 2019
Hotels Destination Management
+69.6%
-36.8%
12.9
8.8
+46.6%
Taba Heights, Egypt
KPIs
FY 2019 FY 2018 % Chg
Hotels
Total number of rooms 2,365 2,365 –
Number of rooms available 1,319 1,260 4.7%
Occ. for available rooms (%) 48% 33% 45.5%
TRevPAR (CHF) 25 15 66.7%
GOP (CHFmn) (0.2) (0.3) 33.3%
GOP PAR (CHF) (1) (1) –
44
Jebal Sifah, Oman
Update FY 2019
− Launched a new real estate project “The Beachfront” in end of Nov.
with a total inventory of CHF 49.0mn. The project offers Villas, Twins,
Townhouses and Studios.
− Finalized the construction of Jebal Sifah Heights Phase 1 which was
delivered to clients by early November 2019.
− Finalized the construction and delivered Golf Lake project to clients.
− Successfully hosted Jebel Sifah’s Spartan TRIFECTA Race on
November 15 & 16, 2019, which featured Oman’s first Hurricane Heat
race with more than 1,500 participants.45
Jebel Sifah, Oman
Revenues per segment
FY 2019 (CHF mn)
2.4 2.4
16.6
24.7
1.0
2.1
FY 2018 FY 2019
Hotels Real Estate Destination Management
+46.0%
29.2
20.0
+110.0%
+48.8%
-
Jebel Sifah, Oman
KPIs
FY 2019 FY 2018 % Chg
Hotels
Total number of rooms 67 67 –
Occ. for available rooms (%) 42% 38% 10.5%
TRevPAR (CHF) 98 98 –
GOP (CHFmn) 0.3 0.1 200.0%
GOP PAR (CHF) 12 5 140.0%
Real Estate
Net sales (CHFmn) 10.2 16.3 (37.4%)
No of contracted units 46 108 (57.4%)
Avg. selling price (CHF/m2) 2,448 1,948 25.7%
46
Makadi Heights, Egypt
Update FY 2019
− The excavation and leveling works of the
upcoming phase started in 2H2019 and have
been completed in December 2019.
− Delivered 94 units from phase 1 of Makadi
Heights.− Render
47
− In December 2019, hosted “Makadi Heights
Rally’19” the first mega event in Makadi
Heights, with more than 700 visitors.
− Opened the first Makadi Heights Sales
office in the destination in Q4 2019.
Makadi Heights, Egypt
Revenues per segment
FY 2019 (CHF mn)
** FY 2018 revenues included revenues from Royal Azur and Club Azur hotels that were sold out and deconsolidated in Q4 2018 in
addition to the land revenue coming from the sale of a land plot in Makadi area..
3.3
0.9
0.3
1.8
1.0
1.4
4.2
FY 2018** FY 2019
Hotels Real Estate Destination Management Land
8.8
4.1
–53.4%
+40.0%
+500.0%
–72.7%
Makadi Heights, Egypt
KPIs
FY 2019 FY 2018 % Chg
Real Estate
Net sales (CHFmn) 23.7 13.7 73.0%
No of contracted units 192 163 17.8%
Avg. selling price (CHF/m2)* 716 919 (22.1%)
* Avg Selling prices decreased as a results of offering more
apartments this year vs. more town houses in FY 2018.
** FY 2018 revenues included revenues from Royal Azur and
Club Azur hotels that were sold out and deconsolidated in Q4
2018.
*** The CHF 4.2mn in FY 2018 in the land revenue represent
the revenue coming from the sale of a land plot in Makadi area.
48
The Cove, UAE
Update FY 2019
− Market conditions continue to challenge The Cove
Rotana, resulting in decline in revenues and GOP.
− From year 2020, The Cove Rotana will be managed
by Orascom Hotels Management (OHM) under a
Rotana franchise agreement.
49
The Cove, UAE
Revenues per segment
FY 2019 (CHF mn)
30.1
27.0
1.9
2.1
FY 2018 FY 2019
Hotels Destination Management
29.1
32.0
-9.1%
-10.3%
+10.5
The Cove, UAE
KPIs
FY 2019 FY 2018 % Chg
Hotels
Total number of rooms 475 475 –
Occ. for available rooms (%) 69% 74% (6.8%)
TRevPAR (CHF) 155 174 (10.9%)
GOP (CHFmn) 9.6 11.3 (15.0%)
GOP PAR(CHF) 56 65 (13.8%)
50
IR Dashboard Calendar & Contact
Altdorf, April 27th, 2020FY 2019 Results – Analyst & Investor Presentation 51
IR Dashboard Calendar & Contact
Investor Relations Contact
Sara El Gawahergy
Head of Investor Relations
Head of Strategic Projects Management
Phone EGY: +20 (0)22 461 89 61
Mobile CH: +41 179 156 78 49
E-Mail: [email protected]
52
Date Event
April 28th, 2020 Annual Report On Website
May 20th, 2020 FY 2019 AGM
June 15th, 2020 1Q 2020 Results
August 19th, 2020 1H 2020 Results
November 11th, 2020 9M 2020 Results
Investor Relations Calendar
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Altdorf, April 27th, 2020FY 2019 Results – Analyst & Investor Presentation 53
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PERSON WHO IS NOT A RELEVANT PERSON MUST NOT ACT OR RELY ON THIS COMMUNICATION OR ANY OF ITSCONTENTS. ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS COMMUNICATION RELATES IS AVAILABLE
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