9m 2017 results 15 november 2017 - home | orascom ... key highlights 9m 2017 solid operational...

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9M 2017 Results

15 November 2017

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9M 2017 Key Highlights Page 3

9M 2017 Destination Progress and Outlook Page 5

Financial Review Page 16

Agenda

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Key Highlights 9M 2017

Solid operational performance across all business segments in all destinations.

➢ A 25.5% increase in net real estate sales to reach CHF 86.1 million vs. CHF 68.6 million in 9M 2016million with more contribution coming from El Gouna, Hawana Salalah, Sifah and Luštica.

➢ Revenues back to growth to reach CHF 170.8 million vs. CHF 169.9 million in 9M 2016 accompanied bysignificant growth by the Egyptian subsidiary recording 79.5% increase in revenues Y-o-Y.

➢ A 69.0% increase in Hotels Gross Operating Profits (GOP) to CHF 31.6 million vs. CHF 18.7 million in 9M2016.

➢ Adjusted EBITDA increased by 15.8% to CHF 16.1 million in 9M 2017 vs. CHF 13.9 million in 9M 2016.

➢ Net loss attributable to shareholders for the reporting period was substantially reduced by 50.1% to CHF30.3 million vs. CHF 60.7 million in 9M 2016.

➢ In Egypt, currently holding advanced discussions with private land owners in the North Coast to enterthe second homes markets.

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9M 2017 Destination Progress and Outlook Page 5


Agenda

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Business Segments 9M 2017

Revenue EBITDA Adj. EBITDA1

(CHF mn) 9M 2017 9M 2016 Δ in % 9M 2017 9M 2016 9M 2017 9M 2016

Hotels 90.5 85.9 5.4% 33.0 7.2 27.3 12.4

Real Estate 49.4 44.2 11.8% 9.2 23.8 8.7 16.2

Land - 2.7 - - 7.1 - 3.2

Town Management2 19.1 22.7 (15.8%) (4.8) (2.4) (4.8) (2.6)

Tamweel Group 11.8 14.4 (18.1%) 2.9 4.2 3.1 4.4

Corporate & Unallocated Items - - - (24.6) (54.5) (18.2) (19.7)

ODH Group 170.8 169.9 0.5% 15.7 (14.6) 16.1 13.9

1Adjusted EBITDA: EBITDA adjusted for non cash items (which includes provisions & impairments, other gains and losses, FX losses & share in associates)

2 Town Management includes revenues from Utilities and services, Golf, Rentals, Hospital, Educational services, Marina, Limousine, Laundry and other Town amenities.

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Business Segments 3Q 2017

Revenue EBITDA Adj. EBITDA1

(CHF mn) 3Q 2017 3Q 2016 Δ in % 3Q 2017 3Q 2016 3Q 2017 3Q 2016

Hotels 31.5 37.3 (15.5%) 10.2 9.1 10.1 9.5

Real Estate 18.9 10.3 83.5% 3.2 1.5 3.0 2.9

Land - - - - - - -

Town Management2 7.2 7.1 1.4% (2.8) (1.5) (2.5) (1.6)

Tamweel Group 4.6 5.9 (22.0%) 0.7 1.6 1.0 1.6

Corporate & Unallocated Items - - - (6.7) (12.2) (6.5) (6.6)

ODH Group 62.2 60.6 2.6% 4.6 (1.5) 5.1 5.8

1Adjusted EBITDA: EBITDA adjusted for non cash items (which includes provisions & impairments, other gains and losses, FX losses & share in associates)

2 Town Management includes revenues from Utilities and services, Golf, Rentals, Hospital, Educational services, Marina, Limousine, Laundry and other Town amenities.

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Real Estate KPIs 9M and 3Q 2017

Net value of contracted units(CHF mn)

Number of contractedunits

Average selling price (CHF/m2)

Country Destination 9M 17 9M 16 9M 17 9M 16 9M 17 9M 16

Egypt El Gouna 52.7 54.2 173 122 1,898 2,852

Fayoum 1.0 0.3 16 3 606 896

Makadi 0.1 0.2* 3 - 264 535

Gardania - 0.9 - 1 - 1,392

Oman Jebel Sifah 8.9 0.2 45 2 1,887 -

Salalah Beach 10.3 0.8 87 - 1,511 2,639

Montenegro Luštica Bay 13.1 12.0 44 27 4,578 5,566

ODH Group 86.1 68.6 368 155 1,948 2,807

Country Destination 3Q 17 3Q 16 3Q 17 3Q 16 3Q 17 3Q 16

Egypt El Gouna 13.6 13.7 44 29 2,137 2,718

Fayoum 0.2 0.3 2 1 1,415 1,024

Makadi 0.1 (0.1) 2 (7) 254 -

Oman Jebel Sifah 0.9 0.6 4 1 1,599 -

Salalah Beach 10.1 (0.5) 86 (2) 1,499 -

Montenegro Luštica Bay 9.5 6.2 30 11 5,547 5,596

ODH Group 34.5 20.2 168 33 2,173 2,565

* Upgraded fees for existing units.

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Deferred Revenue Recognition Schedule

(CHF mn)

Country DestinationDeferred Revenue

Balance2017 2018 2019 2020 2021

Egypt El Gouna 76.0 15.0 43.8 17.1 - -

Fayoum 1.2 - 0.2 0.5 0.3 0.2

Makadi - - - - - -

Total Egypt 77.2 15.0 44.0 17.7 0.3 0.2

Oman Jebel Sifah 33.6 12.8 17.6 3.2 - -

SalalahBeach

12.4 11.1 1.3 - - -

Total Oman 46.0 23.9 18.9 3.2 - -

Montenegro Luštica Bay 55.3 3.6 34.7 17.0 - -

ODH Group 178.5 42.6 97.5 37.9 0.3 0.2

* Figures are rounded to the nearest decimal point

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Total number of hotel rooms

Number of available rooms

Occupancy for available rooms

(%)

TRevPAR*(CHF)

GOP PAR**(CHF)

Destination 9M 17 9M 16 9M 17 9M 16 9M 17 9M 16 9M 17 9M 16 9M 17 9M 16

El Gouna 1 2,698 2,683 2,698 2,683 75 55 48 44 22 8

Taba Heights2 2,365 2,365 1,260 718 31 33 11 23 (1) (9)

Citadel Azur 514 514 514 514 58 42 39 39 18 13

Fayoum3 50 10 50 10 39 27 20 24 (1) (64)

Floating Hotels 27 27 27 27 17 5 79 37 16 (37)

Total Oman4 851 767 851 767 65 61 108 108 31 28

UAE5 487 346 487 346 70 78 172 203 58 75

Makadi6 1,113 1,113 - 491

ODH Group 8,105 7,825 5,887 5,556

Hotel KPIs 9M 2017

1. In 9M 17 we transferred 82 hotel rooms of Fanadir and Bellevue into real estate products and in Q3 2017 Ancient Sands hotel room increased by 97 rooms2. During 9M 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 9M 2016.3. In September 1st, 2016, Byoum Lakeside Hotel was opened.4. In December 22nd, 2016, Al Fanar Hotel extension was opened with 84 rooms, thus brining total number of the hotel rooms to 302 rooms.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 9M 2017.** Includes all expenses of the hotels in the destinations.

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Total number of hotel rooms

Number of available rooms

Occupancy for available rooms

(%)

TRevPAR*(CHF)

GOP PAR**(CHF)

Destination 3Q 17 3Q 16 3Q 17 3Q 16 3Q 17 3Q 16 3Q 17 3Q 16 3Q 17 3Q 16

El Gouna 1 2,698 2,683 2,698 2,683 79 62 53 53 24 15

Taba Heights2 2,365 2,365 1,260 718 41 49 16 13 1 0.3

Citadel Azur 514 514 514 514 72 54 52 50 24 20

Fayoum3 50 10 50 10 25 27 16 24 (4) (64)

Floating Hotels 27 27 27 27 8 3 41 22 (11) (31)

Total Oman4 851 767 851 767 50 56 98 132 30 53

UAE5 487 346 487 346 55 85 125 204 29 66

Makadi6 1,113 1,113 - 491

ODH Group 8,105 7,825 5,887 5,556

Hotel KPIs 3Q 2017

1. In 9M 17 we transferred 82 hotel rooms of Fanadir and Bellevue into real estate products and in 3Q 2017 Ancient Sands hotel room increased by 97 rooms2. During 9M 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 9M 2016.3. In September 1st, 2016, Byoum Lakeside Hotel was opened.4. In December 22nd, 2016, Al Fanar Hotel extension was opened with 84 rooms, thus brining total number of the hotel rooms to 302 rooms.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 3Q 16 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 3Q 2017.** Includes all expenses of the hotels in the destinations.

El Gouna, Egypt

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9M 2017 Highlights and Outlook:

▪ Net sales reached CHF 52.7mn in 9M 2017, despite the 50% devaluation of EGP to CHF.

▪ Hotels GOP surged by 163.3% to reach CHF 15.8mn compared to CHF 6.0mn in 9M 2016.

▪ Successfully hosted the first edition of El Gouna Film Festival and for which we have builtfour new high standard cinemas.

▪ Successfully launched a new high-end real estate project over looking the marina “Abu TigHill” in Q4 2017 with a total inventory of USD 22.0mn.

▪ Continuing with the renovation work across some of our hotels.

▪ Finalized the construction of the party event area which will hold a capacity of 2,500 guests.

▪ Planning to launch Phase II of G-Space by mid-December 2017 following the great successof Phase I.

Financials & KPIs 9M 17 9M 16 % Chg

Hotels

Number of rooms 2,698 2,683 0.6%

Occ. for available rooms (%) 75 55 36.4%

TRevPAR (CHF) 48 44 9.1%

GOP PAR (CHF) 22 8 175.0%

Total Revenues (CHF mn) 34.4 31.7 8.5%

Real Estate

Net Contracted Units (CHF mn) 52.7 54.2 (2.8%)

No of Contracted Units 173 122 41.8%

Avg. Selling Price (CHF/m2) 1,898 2,852 (33.5%)

Total Revenues (CHF mn) 23.1 28.5 (18.9%)

Deferred Revenue (CHF mn) 76.0 87.6 (13.2%)

Hawana Salalah, Oman

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▪ Hotels GOP increased by 20.7% to reach CHF 7.0mn vs. CHF 5.8mn in 9M 16.

▪ Net sales reached CHF 10.3mn vs. CHF 0.8mn in 9M 2016.

▪ In August 2017 we launched a new real estate project “Lagoon Project” (254apartments), with a total inventory of CHF 31.8mn.

▪ Progressing with the construction of the Water Park to be launched in Dec 2017.

▪ Progressing with the construction of the 98 new rooms in Al Fanar Hotel & 22 newrooms in Rotana hotel, to be finalized by the end of Dec 2017.

▪ Al Fanar was awarded a 5-Star rating following a reassessment of its services. Theadditional star comes as a direct result of its superior services.


Hotels

Number of rooms 784 700 12.0%

Occ. for available rooms (%) 68 64 6.3%

TRevPAR (CHF) 109 108 0.9%

GOP PAR (CHF) 33 30 10.0%

Total Revenues (CHF mn) 23.3 20.8 12.0%

Real Estate

Net Contracted Units (CHF mn) 10.3 0.8 1,188%

No of Contracted Units 87 - -



Deferred Revenue (CHF mn) 12.4 17.2 (27.9%)

Jebal Sifah, Oman

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▪ Net sales reached CHF 8.9mn vs. CHF 0.2mn in 9M 16

▪ Capitalizing on the great success of Phase 1 of the Golf Lake Residence, we areplanning to launch Phase 2 of the project with a total inventory of CHF 18.0mnby the end of Nov 2017.

▪ Opened the first 9 holes of the golf course and the Bank Bar, Restaurant, Poolin September 2017.


Hotels

Number of rooms 67 67 -

Occ. for available rooms (%) 32 32 -

TRevPAR (CHF) 92 99 (7.1%)

GOP PAR (CHF) 7 7 -


Real Estate

Net Contracted Units (CHF mn) 8.9 0.2 4,350%

No of Contracted Units 45 2 2,150%

Avg. Selling Price (CHF/m2) 1,887 - -


Deferred Revenue (CHF mn) 33.6 17.2 95.3%

Luštica Bay, Montenegro

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▪ Progressing with the construction of the Chedi Hotel to be finalized in summer

2018 & started the rough construction works of the golf course.

▪ Delivered the “G” Buildings and finished the new access road to marina village.

▪ Successful launch of Centrale Phase 1; the town center concept, with approx.

60% contracted and reserved during the first month of launch.


Real Estate

Net Contracted Units (CHF mn) 13.1 12.0 9.2%

No of Contracted Units 44 27 63.0%


Total Revenues (CHF mn) 20.2 - -

Deferred Revenue (CHF mn) 55.3 42.1 31.3%

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9M 2017 Highlights and Outlook per destination Page 5


Agenda

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(CHF mn) 3Q 2017 3Q 2016 9M 2017 9M 2016

Revenue 62.2 60.6 170.8 169.9

Cost of sales (50.2) (49.8) (133.8) (136.9)

Gross profit 12.0 10.8 37.0 33.0

Gross profit margin 19.3% 17.8% 21.7% 19.4%

Investment income 1.9 2.1 4.0 5.0

Other gains and losses 3.3 (1.9) 11.8 (11.9)

Administrative expenses

(9.0) (9.1) (25.3) (28.8)

Share of associatesprofit/losses

(3.6) (3.4) (11.8) (11.9)

EBITDA 4.6 (1.5) 15.7 (14.6)

Depreciation (6.0) (8.5) (17.8) (23.8)

Finance costs (8.3) (10.5) (24.7) (31.6)

Income tax expense (1.3) (0.9) (3.5) (1.7)

Net loss for the period (11.0) (21.4) (30.3) (71.7)

Attributed as follows:

ODH shareholders (11.4) (19.5) (30.3) (60.7)

Non-controlling interest 0.4 (1.9) (0.01) (11.0)

Basic EPS (CHF) (0.29) (0.48) (0.76) (1.50)

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Notes

Revenues increased due to enhancedoperational performance. Yet the significantsurge in the Egyptian subsidiary’s revenue wasnot captured as much due to the translation ofthe 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 5.3mn.

Administrative expenses decreased mainly dueto the devaluation of EGP against foreigncurrencies.

The share of associates losses decreasedmainly due to the enhanced operations of theassociate companies.

The decrease in depreciation & finance costswas mainly driven by the devaluation of theEGP against the foreign currencies.

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2

4

3

Income Statement

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5

5

5

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Balance sheet

(CHF mn) 30.09.17 31.12.16

Property, plant and equipment 724.0 762.6

Inventories 128.3 125.0

Receivables 92.5 98.3

Cash and bank balances 96.3 80.8

Investments in associates 65.8 78.6

Other assets 103.6 72.8

Non-current assets held for sale 77.6 67.2

Total assets 1,288.1 1,285.3

Borrowings 359.5 369.6

Payables 33.8 36.3

Provisions 70.8 68.6

Other liabilities 208.0 165.0

Liabilities related to assets held for sale

65.7 54.1

Total liabilities 737.8 693.6

Non-controlling interests 142.3 140.5

Equity attributable to ODH shareholders

408.0 451.2

Total liabilities and equity 1,288.1 1,285.3

Notes

PPE decreased mainly due to the reclassification ofthe 3 rented hotels in Makadi to investment property.

Receivables decreased mainly due to the increase inReal Estate collection during the period.

Other assets includes the renting of the 3 hotels inMakadi.

Borrowings decreased mainly due to the settlementfrom one of our subsidiaries

Asset held for sale and liabilities held for saleincreased mainly due to the increase in Tamweelactivities during the period.

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2

3

3

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5

5

5

2

4

4

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(CHF mn) 9M 2017 9M 2016

Cash generated from operations 8.8 0.1

Interest paid (6.4) (5.1)

Income tax paid (2.3) (3.5)

Operating Cash Flow 0.1 (8.5)

Payments for PP&E (18.9) (18.6)

Other items 7.3 7.5

Investing Cash Flow (11.6) (11.1)

Change in Borrowings 29.3 0.5

Other items 0.1 2.3

Financing Cash Flow 29.4 2.8

Net change in the cash 17.9 (16.7)

Cash and bank balances beginning of period

82.2 167.6

Effects of FX changes (1.6) (14.9)

Cash and bank balances end of period 98.5 136.0

Notes

Cash flow from operations increased as a resultof enhanced performance across the businesssegments.

PP&E mainly includes payments of:• CHF 7.1mn for RAK extension• CHF 9.7mn for Al Fanar extension and Sifah

infrastructure.

Change in Borrowings mainly due to:(-) Debt Repayment in Egypt amounting to CHF11.7mn and Oman CHF 7.5mn.(+) Funding received from shareholders (CHF34.4mn).(+) Funding received for Oman, UAE andMontenegro amounting to CHF 2.5mn, CHF 9.9and CHF 1.7mn respectively.

Due to the strengthening of CHF against othercurrencies.

Cash Flow statement

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2

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Financing profile1

1 All debt figures exclude debt relating to Tamweel2 Equity Ratio = Total Equity/Total Assets

Total Debt by Countryin %, as of 30.09.17

Interest Expenses by Currency in %, as of 30.09.17

30.09.17 31.12.16

Equity ratio (%) 2 42.7 46.0

Weighted average cost of debt (%) 8.39 7.40

Total Debt by Currency in %, as of 30.09.17

27%

45%

3%

6%

2%

17% EGP

USD

EUR

AED

CHF

OMR

13%

53%6%

7%

21% EGP

USD

EUR

AED

OMR

70%

21%

8%

1%

Egypt

Oman

UAE

Montenegro

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IR dashboard

Investor Relations Contact

Sara El Gawahergy

Head of Investor Relations

Phone EGY: +20 (0)22 461 89 61

Phone CH: +41 (0)41 874 17 11

E-Mail: [email protected]

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9m 2017 results 15 november 2017 - home | orascom ... key highlights 9m 2017 solid operational...

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