9M 2019 Results
Analyst & Investor Presentation
Altdorf, November 13th, 2019
1. Executive Summary
2. 9M 2019 – Key Highlights
3. 9M 2019 – Operational Highlights by Destination
4. 9M 2019 – Financials
5. Outlook 2019
6. Appendix
Table of Contents
Altdorf, November 13th, 20199M 2019 Results – Analyst & Investor Presentation 2
1. Executive Summary 9M 2019
Altdorf, November 13th, 20199M 2019 Results – Analyst & Investor Presentation 3
Executive Summary
4
Revenues
− Up 42.7% to CHF
325.2mn in 9M 2019
vs. CHF 227.8mn
(Reported).
− Up 55.5% in 9M
2019 vs. CHF
209.1mn in 9M 2018
(Pro-forma)* .
+42.7%
Pro-forma Adj.
EBITDA
− Up 48.8% to CHF
57.3mn in 9M 2019
vs. CHF 38.5mn in
9M 2018 (Pro-
forma)*
− Up 25.1% to CHF
57.3mn in 9M 2019
vs. CHF 45.8mn
(Reported).
+48.8%
Cash from
Operations
− Cash from
operations surged
by 34.5% to CHF
41.7mn vs. CHF
31.0mn in 9M 2018.
+34.5%
Net losses
− ODH reported a net
loss of CHF 7.9mn
in 9M 2019 vs. a
loss of CHF 29.7mn
in 9M 2018
(Reported).
− 9M 2019 net losses
of CHF 7.9mn vs. a
loss of CHF 33.9mn
in 9M 2018 (Pro
forma)*.
CHF (7.9)mn
Financing
− In Sep. 2019; 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, November 13th, 20199M 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. 9M 2019 – Key Highlights
Altdorf, November 13th, 20199M 2019 Results – Analyst & Investor Presentation 5
79.6
166.9
31.8 50.3
9M 2018 9M 2019
Real Estate Financials (CHF mn)
Revenues Adj. EBITDA
228.7
446.3
9M 2018 9M 2019
296.2
566.9
9M 2018 9M 2019
157.6
381.3
9M 2018 9M 2019
Net Real Estate Sales (CHF mn)
9M 2019
Altdorf, November 13th, 20199M 2019 Results – Analyst & Investor Presentation 6
Key Segment Financials & KPIs
142.0% 91.4%
Real Estate Portfolio Receivables (CHF mn)Real Estate Deferred Revenue Balance (CHF mn)
95.1%
109.7%
58.2%109.9
122.0
37.9 38.0
9M 2018 9M 2019
Hotel Financials (CHF mn)*
Revenues Adj. EBITDA
11.0%
0.3%25.6
36.3
(1.8) (1.6)
9M 2018 9M 2019
Town Management Financials (CHF mn)
Revenues Adj. EBITDA
11.1%
41.8%
* 9M 2018 revenues and Adj. EBITDA included contributions from Citadel Azur, Royal Azur and Club Azur hotels that were sold out and deconsolidated during 2018.
122.0
166.9
36.3
Hotels
Real Estate
Town Mgt.
109.9
79.6
25.6
12.7
Hotels
Real Estate
Town Mgt.
Tamweel
9M 2019
Altdorf, November 13th, 20199M 2019 Results – Analyst & Investor Presentation 7
Y-o-Y Revenue Analysis
48%35%
11%
6%
51%
11%
38%
Revenues by Segment 9M 2018 (CHFmn) Revenues by Segment 9M 2019 (CHFmn)
CHF 325.2mn
− Tamweel Group was deconsolidated in Q4 2018.
− Citadel Azur, Royal Azur and Club Azur Hotels were sold and deconsolidated during 2018.
CHF 227.8mn
47%
19%
8%
8%
7%
6%
3%
1% 1%
El Gouna
Hawana Salalah
O West
Lustica Bay
Jebal Sifah
UAE
Taba Heights
Makadi Heights
Others*
48%
15%
10%
8%
8%
6%
3%
2%
El Gouna
Hawana Salalah
UAE
Lustica Bay
Others*
Jebal Sifah
Taba Heights
Makadi Heights
9M 2019
Altdorf, November 13th, 20199M 2019 Results – Analyst & Investor Presentation 8
Y-o-Y Revenue Analysis
Revenues by Destination 9M 2018 (CHFmn) Revenues by Destination 9M 2019 (CHFmn)
CHF 325.2mn
− Others in 9M 2018 included Tamweel Group, Citadel Azur, Oberoi Zahra, Fayoum &
Corporate.
CHF 227.8mn
− Others in 9M 2019 included Oberoi Zahra, Fayoum & Corporate.
3. 9M 2019 – Operational Highlights by Destination
Altdorf, November 13th, 20199M 2019 Results – Analyst & Investor Presentation 9
Destinations
A leading fully integrated
developer with 30 years of
experience
101.0 mn m2
of land bank across
7 countries
68.5 mn m2 remaining
land bank (67.8%)
9 operating destinations
with 33 Hotels
& 7,183 rooms
Altdorf, November 13th, 20199M 2019 Results – Analyst & Investor Presentation 10
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
Eco Bos, UK
ODH’s newest addition to its towns’ portfolio
Total land area
6.5million sqm divided
over 6 separate sites
JV between
ODH (75%)
& Imery’s Mineral Limited
(25%)
− Render
11
▪ A highly qualified executive team has been
appointed to manage Eco-Bos. It is headed by
Maher Maksoud who joined as CEO in November
2018.
▪ Since his appointment Maher has retained an
efficiently sized but high qualified team of
managers and executives combining international
industry experience with local UK/Cornwall know
how appropriate to the delivery of Eco-Bos’s
anticipated project pipeline.
5005STUNNING
LAKES
7PARKMW SOLARACTIVITIES
WALKING TRAILS CYCLE PATHS BRIDLE PATHS WATERSPORTS
AMENITIESSHOPPING | CAFES RESTAURANTS | PUB COMMUNITY CENTRE DOCTORS | DENTISTS
ACRES
1,000NEW EMPLOYMENT OPPORTUNITIES
1,500-1,800ENERGY EFFICIENT NEW HOMES
420PLACE PRIMARY SCHOOL & NURSERY
12
Eco Bos, UK
ODH’s newest addition to its towns’ portfolio UK
3% only launched from a
total of 6.5mn m2
Cash flow positive and profitable
FY 2022Delivering Phase 1:
Q3 2024
− Render
13
▪ First Phase: West Carclaze Garden Village
(WCGV).mixed-use residential development
▪ Includes 1,500 - 1,800 homes, 420 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 uses 196,604 m2 , Total
number of residential units is 270 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
El Gouna, Egypt
Update 9M 2019
− Finalized the construction & held the soft
opening of Casa Cook Hotel (100 rooms)
in end of Oct. 2019.
− Looking in adding 200 new hotel rooms in
the existing hotels in 2020.
− In end of Sep, we launched “Fanadir
Marina” with an inventory of USD 29mn &
managed to sell more than 90% in 2 weeks.
− Progressing with the construction of Abu
Tig Hills apartments & deliver all remaining
units in Tawila Phase 2 & 3 in Q1 2020.
− Successfully Hosted the 3rd edition of
El Gouna Film Festival in Sep. 2019.
− Opened phase 1 of the new concert &
conference center in first week of Nov.
2019. Construction of the concert hall
building will commence in Q1 2020.
14
El Gouna, Egypt
Revenues per segment
9M 2019 (CHF mn)
46.354.6
43.5
69.4
20.5
28.1
9M 2018 9M 2019
Hotels Real Estate Destination Management
+37.9%
152.1
110.3
+37.1%
+59.5%
+17.9%
El Gouna, Egypt
KPIs
9M 2019 9M 2018 % Chg
Hotels
Total number of rooms* 2,607 2,650 (1.6%)
Occ. for available rooms (%) 83% 79% 5.1%
TRevPAR (CHF) 79 64 23.4%
GOP (CHFmn) 26.1 23.4 11.5%
GOP PAR(CHF) 38 32 18.8%
Real Estate
Net sales (CHFmn) 98.1 84.4 16.2%
No of contracted units 194 249 (22.1%)
Avg. selling price (CHF/m2) 2,923 2,303 26.9%
* The number of rooms in El Gouna decreased mainly because some of the rental contract for units in Ancient Sands had been cancelled during the quarter.15
Hawana Salalah, Oman
Update 9M 2019
− Planning to add new inventory in Forest
Island real estate project. The new phase
will include, standalone villas, twin and
town houses and apartments with a total
inventory of CHF 43.0mn.
− Early delivery for our real estate project
Hawana Lagoons.
− Hotels performance on track despite the
seasonality.
16
− Planning to add a new 5-star hotel with c.
350 rooms in 2021.
Hawana Salalah, Oman
Revenues per segment
9M 2019 (CHF mn)
28.1 30.3
6.0
30.0
0.6
1.1
9M 2018 9M 2019
Hotels Real Estate Destination Management
+76.9%
61.4
34.7
+83.3%
+400.0%
+7.8%
Hawana Salalah, Oman
KPIs
9M 2019 9M 2018 % Chg
Hotels
Total number of rooms 1,081 904 19.6%
Occ. for available rooms (%) 55% 64% (14.1%)
TRevPAR (CHF) 103 114 (9.6%)
GOP (CHFmn) 10.5 9.8 7.1%
GOP PAR (CHF) 36 40 (10.0%)
Real Estate
Net sales (CHFmn) 26.1 19.5 33.8%
No. of contracted units 162 159 1.9%
Avg. selling price (CHF/m2) 1,991 1,720 15.8%
17
Luštica Bay, Montenegro
Update 9M 2019
− In Marina Village: we are constructing
several villas, town houses, an
apartment building (10 apts.) and retail
spaces to be completed in 2020
− Added a new pontoon with 35 new
berths. The final phase of the marina will
accommodate up to 176 boats
− Preparing the planning documents for
the new Marina Hotel (200-240 units). 18
− In the Centrale area: we are currently
constructing 4 apt buildings with 58 apts., two
of which were handed by end of Oct. & the
other two by summer 2020.
− Opened an outdoor amphitheater in the
marina, with a capacity of 200 seats, to
accommodate concerts, theater productions,
movie nights etc.
− Working on the primary irrigation system for
the golf course.
Luštica Bay, Montenegro
Revenues per segment
9M 2019 (CHF mn)
4.4
18.7
18.9
1.2
9M 2018 9M 2019
Hotels Real Estate Destination Management
+31.0%
24.5
18.7
+1.1%
Luštica Bay, Montenegro
KPIs
9M 2019 9M 2018 % Chg
Hotels
Total number of rooms 111 111 –
Occ. for available rooms (%)* 52% 65% (20.0%)
TRevPAR (CHF) 174 213 (18.3%)
GOP (CHFmn) 0.1 0.2 (50.0%)
GOP PAR (CHF) 3 34 (91.2%)
Real Estate
Net sales (CHFmn) 25.2 26.8 (6.0%)
No of contracted units 51 38 34.2%
Avg. selling price (CHF/m2) 5,486 6,567 (16.5%)
19
It is important to note that the Chedi hotel was opened only
starting from August 2018 for 4 month while in 2019 it was
operational for the 9 months
O West, Egypt
Update 9M 2019
− In November, we are planning to launch a
new high-end real estate apartment with a
total inventory of c. CHF 35.0mn.
− First commercial launched in Sept.19 with an
Inventory of c. CHF 27mn & sales are on
track
− No. of memberships in O West Club stood at
720 membership by the end of 9M 2019.
− First British International School to be signed
by year end.
− Render
20
O West, Egypt
KPIs
9M 2019
Real Estate
Net sales (CHFmn) 204.9
No of contracted units 762
Avg. selling price (CHF/m2) 1,238
Total O West (CHFmn)
Total revenues 27.7
− Render
21
Taba Heights, Egypt
Update 9M 2019
− At Taba Heights we are anticipating a
substantial increase in tourist arrivals starting
Nov. 2019 as several European countries will
increase charter services to Taba airport.
− We remain focused on accelerating our growth
initiatives by building an even stronger
promotional base in all European markets.
− Planning to increase the room rates next year.
− Started maintenance work across our 6 hotels to
increase the quality.
− Planning to re-open 40 more rooms in Bay View hotel in
Q1 2020.
− Taba Heights will turn profitable in 2020.
− A full relaunch plan for Taba is currently understudy.22
Taba Heights, Egypt
Revenues per segment
9M 2019 (CHF mn)
5.5
9.0
1.6
1.2
9M 2018 9M 2019
Hotels Destination Management
+63.6%
-25.0%
10.2
7.1
43.7%
Taba Heights, Egypt
KPIs
9M 2019 9M 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% 35% 37.1%
TRevPAR (CHF) 25 16 56.3%
GOP (CHFmn) 0.5 0.1 400.0%
GOP PAR (CHF) 1.4 0.3 366.7%
23
4. 9M 2019 – Financials
Altdorf, November 13th, 20199M 2019 Results – Analyst & Investor Presentation 24
9M 2019
25
Income Statement – Reported
(CHFmn) Q3 2019 Q3 2018 9M 2019 9M 2018
Revenue 102.3 72.2 325.2 227.8
Cost of sales (79.1) (53.7) (240.8) (159.8)
Gross profit 23.2 18.5 84.4 68.0
Gross profit margin, (%) 22.7% 25.6% 25.9% 29.9%
Investment income 2.6 2.0 7.9 5.6
Administrative expenses (10.1) (9.7) (35.0) (27.8)
Adj. EBITDA 15.7 10.8 57.3 45.8
Adj. EBITDA margin, (%) 15.4% 15.0% 17.6% 20.1%
Other gains & losses 2.4 (0.6) 10.3 (8.6)
Share of associates losses (2.9) (4.6) (8.6) (12.1)
EBITDA 15.2 5.6 59.0 25.1
Depreciation (7.7) (5.4) (22.6) (16.5)
Finance costs (9.6) (11.0) (30.4) (30.3)
Income tax expense (4.3) (2.4) (13.9) (7.9)
Net losses for the period (6.4) (13.2) (7.9) (29.6)
Attributed as follows:
ODH shareholders (7.9) (12.8) (13.9) (30.5)
Non-controlling interest 1.5 (0.4) 6.0 0.9
EPS (CHF) (0.20) (0.32) (0.35) (0.77)
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 the CEO new compensation.
Other gains & losses for 9M 2019 includes FX
gains amounting to CHF 10.2mn.
Share of associates losses decreased due
decrease in ASA losses and increase in the
profitability of Red Sea for Construction.
Depreciation increased mainly due to the new
hotel rooms additions during the period.
Income Tax expense increased due to the
increase of the profitability of the subsidiaries.
1
2
4
3
6
2
3
1
4
6
5
5
Altdorf, November 13th, 20199M 2019 Results – Analyst & Investor Presentation
9M 2019
Altdorf, November 13th, 20199M 2019 Results – Analyst & Investor Presentation 26
Income Statement – Pro Forma
(CHFmn)
9M 2019
Reported
9M 2018
Reported
9M 2018
pro forma
Revenue 325.2 227.8 209.1
Cost of sales (240.8) (159.8) (148.3)
Gross profit 84.4 68.0 60.8
Gross profit margin, (%) 25.9% 29.9% 29.1%
Investment income 7.9 5.6 5.5
Administrative expenses (35.0) (27.8) (27.8)
Adj. EBITDA 57.3 45.8 38.5
Adj. EBITDA margin, (%) 17.6% 20.1% 18.4%
Other gains & losses 10.3 (8.6) (7.5)
Share of associates losses (8.6) (12.1) (12.2)
EBITDA 59.0 25.1 18.8
Depreciation (22.6) (16.5) (16.3)
Finance costs (30.4) (30.3) (29.1)
Income tax expense (13.9) (7.9) (7.3)
Net losses for the period (7.9) (29.6) (33.9)
Notes
− Took out Tawmeel Group revenues in 9M 2018 as it was
sold and deconsolidated in Q4 2018.
− Took out Royal Azur and Club Azur Hotels revenues in
9M 2018 as they were sold and deconsolidated in Q4 2018.
− Took out Citadel Azur Hotels revenues in 9M 2018 as they
were sold and deconsolidated in May 2018.
9M 2019
Altdorf, November 13th, 20199M 2019 Results – Analyst & Investor Presentation 27
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 377.8mn.
Receivables increased mainly due to the increase in real estate
revenue across all destinations.
Cash & bank balances decreased due to the payment of the
CHF 18.8 million related to ODE bank pre-payments.
Borrowings decreased mainly due to payment of CHF 18.8
million related to ODE bank pre-payments.
Payables are mainly related to accruals to the Egyptian
government for O West project in Cairo to co-develop an
integrated community project.
Other liabilities increase mainly due to the increase in customers
advance payments related to the real estate sales.
1
2
4
3
5
(CHFmn) 30.09.19 31.12.18
Property, plant and equipment 805.8 761.8
Inventory 525.3 118.5
Receivables 158.4 138.6
Cash and bank balances 111.5 138.3
Investments in associates 35.9 43.6
Other assets 148.5 129.6
Non-current assets held for sale 5.9 5.5
Total assets 1,791.3 1,335.9
Borrowings 353.2 372.4
Payables 442.3 68.5
Provisions 50.9 62.6
Other liabilities 347.5 256.1
Liabilities related to assets held for sale 0.6 0.5
Total liabilities 1,194.5 760.1
Non-controlling interests 184.3 167.1
Equity to ODH shareholders 412.5 408.7
Total liabilities and equity 1,791.3 1,335.9
2
3
1
4
5
6
6
28
Cost of Debt: 8.5%
9M 2019 Balance: CHF 353.2mn
12%
47%6%6%
29%EGP
USD
EUR
AED
OMR
62%
28%
6%4%
Egypt
Oman
UAE
Montenegro
8%
37%
4%
5%
23%
23%
EGP
USD
EUR
AED
OMR
CHF
46%
23%
5%
3%
23%Egypt
Oman
UAE
Montenegro
Switzerland
Current Debt by CountryCurrent Debt by CurrencyMaturity Profile & Balance
Cost of Debt: 6.8%
Post debt rescheduling: CHF 433.8mn
10%
37%
5%4%
22%
22%
EGP
USD
EUR
AED
OMR
CHF
48%
22%
5%3%
22%Egypt
Oman
UAE
Montenegro
Switzerland
Cost of Debt: 7.3%
9M 2019 Balance after Bond: CHF 453.2mn
13 10
44 50 59 66
26
86
CF 2019 2020 2021 2022 2023 2024 2025 -2032
13 1044 50 59 66
126
86
CF 2019 2020 2021 2022 2023 2024 2025 -2032
13 735 34 36
77
143
86
CF 2019 2020 2021 2022 2023 2024 2025 -2032
Debt rescheduling package and CHF 100mn Corporate Bond in Switzerland.
Altdorf, November 13th, 20199M 2019 Results – Analyst & Investor Presentation
9M 2019
Altdorf, November 13th, 20199M 2019 Results – Analyst & Investor Presentation 29
Cash Flow Statement
Notes
Cash flow from operations increased due to the enhanced
operational performance across all business segments
during the period.
Payments for PP&E mainly due construction activities in El
Gouna, Lustica and Oman.
Change in Borrowings resulting mainly from:
(-) Debt repayment of CHF 34.5mn.
(+) Debt proceeds of CHF 3.1mn.
3
(CHF mn) 9M 2019 9M 2018
Cash from operations 41.7 31.0
Interest paid (19.4) (23.0)
Taxes paid (23.0) (6.0)
Operating Cash Flow (0.7) 2.0
Payments for PP&E (39.1) (33.4)
Other items 28.4 29.6
Investing Cash Flow (10.7) (3.8)
Change in Borrowings (27.2) (11.6)
Proceeds from disposal of noncontrolling interest
of consolidated subsidiary– 32.7
Other Items 3.3 2.4
Financing Cash Flow (23.9) 23.5
Net change in cash/equivalents (35.3) 21.7
Cash & bank balances beginning of period 138.3 103.7
Effects of FX changes 8.5 (0.9)
Cash & bank balances end of period* 111.5 124.5
1
2
3
* Includes cash related to assets held for sale.
1
2
5. Outlook 2019
Altdorf, November 13th, 20199M 2019 Results – Analyst & Investor Presentation 30
Altdorf, November 13th, 20199M 2019 Results – Analyst & Investor Presentation 31
Revenues
Adj. EBITDA
Real Estate Sales
CHF 340mn CHF 319mn
CHF 62mn
CHF 201mn
CHF 400mn
CHF 74mn –77mn
CHF 445mn–470mn
CHF 70mn
FY 2018 Actual Reported FY 2018 Pro-forma * FY 2019 Target
* FY 2018 Pro-forma excludes the contribution of Citadel Azur, Royal Azur, Club Azur hotels & Tamweel Group identified as non-core assets.
Hotels In end of October we opened Casa Cook hotel with 100 extra rooms’ in El Gouna to bring its total keys to 2,748.
Rebranded and opened Arena Inn Hotel to become a Cook's Club Hotel with 144 keys in mid-August.
Guidance FY 2019
6. Appendix
Altdorf, November 13th, 20199M 2019 Results – Analyst & Investor Presentation 32
9M 2019
Altdorf, November 13th, 20199M 2019 Results – Analyst & Investor Presentation 33
Revenue Analysis
Revenue EBITDA Adj. EBITDA1
(CHF mn) 9M 19 9M 18 Δ in % 9M 19 9M 18 Δ in % 9M 19 9M 18 Δ in %
Hotels* 122.0 109.9 11.0% 35.5 37.3 (4.8%) 38.0 37.9 0.3%
Real Estate 166.9 79.6 109.7% 49.3 30.5 61.6% 50.3 31.8 58.2%
Town Management2 36.3 25.6 41.8% (1.9) (2.0) 5.0% (1.6) (1.8) 11.1%
Tamweel Group* – 12.7 – – 2.9 – – 3.2 –
Corporate & Unallocated Items – – – (23.9) (43.6) 45.2% (29.4) (25.3) (16.2%)
ODH Group 325.2 227.8 42.7% 59.0 25.1 135.1% 57.3 45.8 25.1%
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.
* 9M 2018 figures include Tamweel Group, Citadel Azur, Royal and Club Azur, deconsolidated in during 2018.
9M 2019
Altdorf, November 13th, 20199M 2019 Results – Analyst & Investor Presentation 34
Real Estate Sales KPIs
Net value of contracted units
(CHF mn)Number of contracted units
Average selling price
(CHF/m2)
Country Destination 9M 19 9M 18 Δ in % 9M 19 9M 18 Δ in % 9M 19 9M 18 Δ in %
Egypt El Gouna 98.1 84.4 16.2% 194 249 (22.1%) 2,923 2,303 26.9%
Fayoum 1.5 0.3 400.0% 11 4 175.0% 796 575 38.4%
Makadi Heights* 18.8 10.3 82.5% 151 131 15.3% 652 845 (22.9%)
O West 204.9 – – 762 – – 1,238 – –
Oman Jebel Sifah 6.7 16.3 (58.9%) 33 104 (68.3%) 2,359 1,932 22.1%
Hawana Salalah 26.1 19.5 33.8% 162 159 1.9% 1,991 1,720 15.8%
Montenegro Luštica Bay * 25.2 26.8 (6.0%) 51 38 34.2% 5,486 6,567 (16.5%)
ODH Group 381.3 157.6 142.0% 1,364 685 99.1%
* 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.
9M 2019
Altdorf, November 13th, 20199M 2019 Results – Analyst & Investor Presentation 35
Hotels KPIs
Total number of
rooms
Occ. for available
rooms (%) ARR (CHF) TRevPAR (CHF) GOP PAR (CHF)
Destination 9M 19 9M 18 9M 19 9M 18 9M 19 9M 18 9M 19 9M 18 9M 19 9M 18
El Gouna1 2,607 2,650 83 79 67 54 79 64 38 32
Taba Heights2 2,365 2,365 48 35 36 26 25 16 1 0
Fayoum 53 53 29 20 62 65 31 20 8 2
Floating Hotel3 – 27 – 23 – 456 – 143 – 36
Hawana Salalah4 1,081 904 55 64 128 121 103 114 36 40
Jebal Sifah 67 67 40 35 124 128 89 87 7 (1)
UAE 475 475 65 72 136 136 147 163 48 56
Montenegro 111 111 52 65 197 205 174 213 3 34
ODH Group 6,759 6,652
1 The number of rooms decreased mainly because of the renovation of Arena Inn hotel into Cooks Club Hotel, whereby Arena Inn hotel in 9M 2018 was 177 rooms while after the renovation it will be 144 rooms.2 During 9M 2019, only 4 hotels were operating with 1,319 rooms (Sofitel 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 9M 2018.3 Oberoi Zahra the floating hotel was sold out in 1H 2019 and was deconsolidated.4 177 new rooms were added in Al Fanar Hotel in December 2018.
Taba Heights currently has 1,319 room in 9M 2019 vs. 1,260 room in 9M 2018 operating out of the total 2,365 rooms
Q3 2019
Altdorf, November 13th, 20199M 2019 Results – Analyst & Investor Presentation 36
Revenue Analysis
Revenue EBITDA Adj. EBITDA1
(CHF mn) Q3 2019 Q3 2018 Δ in % Q3 2019 Q3 2018 Δ in % Q3 2019 Q3 2018 Δ in %
Hotels* 38.5 36.6 5.2% 9.2 11.7 (21.4%) 10.3 11.7 (12.0%)
Real Estate 50.0 21.6 131.5% 15.5 8.1 91.4% 16.0 8.2 95.1%
Town Management2 13.8 9.8 40.8% (0.04) (1.0) 96.0% (0.1) (1.0) 90.0%
Tamweel Group* – 4.2 – – 0.9 – – 1.2 –
Corporate & Unallocated Items – – – (9.5) (14.1) 32.6% (10.5) (9.3) (12.9%)
ODH Group 102.3 72.2 41.7% 15.2 5.6 171.4% 15.7 10.8 45.4%
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.
* Q3 2018 figures include Tamweel Group, Citadel Azur, Royal and Club Azur, deconsolidated in during 2018.
Q3 2019
Altdorf, November 13th, 20199M 2019 Results – Analyst & Investor Presentation 37
Real Estate Sales KPIs
Net value of contracted units
(CHF mn)Number of contracted units
Average selling price
(CHF/m2)
Country Destination Q3 19 Q3 18 Δ in % Q3 19 Q3 18 Δ in % Q3 19 Q3 18 Δ in %
Egypt El Gouna 30.8 25.9 18.9% 43 83 (48.2%) 3,385 2,265 49.4%
Fayoum – 0.1 – – 2 – – 575 –
Makadi Heights 5.8 4.3 34.9% 43 50 (14.0%) 980 829 18.2%
O West 44.3 – – 172 – – 1,276 – –
Oman Jebel Sifah 0.1 2.7 (96.3%) 3 14 (78.6%) 906 2,327 (61.1%)
Hawana Salalah 4.2 7.7 (45.5%) 26 64 (59.4%) 1,928 1,807 6.7%
Montenegro Luštica Bay* 11.6 18.3 (36.6%) 19 22 (13.6%) 5,926 6,619 (10.5%)
ODH Group 96.8 59.0 63.9% 306 235 30.2%
* Average selling prices decreased in Lustica Bay, Montenegro as we sold more units in Centrale which targets a different market segment than the high end marina
units.
Q3 2019
Altdorf, November 13th, 20199M 2019 Results – Analyst & Investor Presentation 38
Hotels KPIs
Total number of
rooms
Occ. for available
rooms (%) ARR (CHF) TRevPAR (CHF) GOP PAR (CHF)
Destination Q3 19 Q3 18 Q3 19 Q3 18 Q3 19 Q3 18 Q3 19 Q3 18 Q3 19 Q3 18
El Gouna1 2,607 2,650 81 81 68 59 78 69 34 33
Taba Heights2 2,365 2,365 65 61 40 26 36 28 5 4
Fayoum 53 53 31 15 40 60 27 14 2 (4)
Floating Hotel – 27 – 19 – 393 – 102 – (21)
Hawana Salalah3 1,081 904 35 52 145 153 70 107 13 37
Jebal Sifah 67 67 27 27 108 107 59 62 (17) (24)
UAE 475 475 55 66 119 126 107 138 15 34
Montenegro4 111 111 78 65 226 205 286 213 100 34
ODH Group 6,759 6,652
1 The number of rooms decreased mainly because of the renovation of Arenna Inn hotel into Cooks Club Hotel, whereby Arenna Inn hotel in 9M 2018 was 177 rooms while after the renovation it will be 144 rooms.2 During Q3 2019, only 4 hotels were operating with 1,319 rooms (Sofitel 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 Q3 2018.3 Oberoi Zahra the floating hotel was sold out in Q2 2019 and was deconsolidated.4 177 new rooms were added in Al Fanar Hotel in December 2018.
Taba Heights currently has 1,319 room in 9M 2019 vs. 1,260 room in 9M 2018 operating out of the total 2,365 rooms
Deferred Revenue Balance Schedule
Altdorf, November 13th, 20199M 2019 Results – Analyst & Investor Presentation 39
Country Destination
Total deferred
revenue balance 2019 2020 2021 2022 2023
Egypt El Gouna 169.5 27.6 65.8 76.1 – –
Fayoum 4.9 1.6 1.4 0.9 0.9 –
Makadi Heights 35.9 0.0 7.6 11.8 11.8 4.8
O West 174.8 – 7.4 56.4 67.7 43.3
Total Egypt 385.1 29.2 82.3 145.2 80.4 48.1
Oman Jebel Sifah 9.1 6.2 2.9 – – –
Hawana Salalah 30.3 9.5 20.9 – – –
Total Oman 39.4 15.6 23.8 – – –
Montenegro Luštica Bay 21.8 3.8 14.8 3.2 – –
ODH Group 446.3 48.6 120.9 148.4 80.4 48.1
• Figures are rounded to the nearest decimal point.
• It is also important to note that deferred revenue balance includes also deferred interest income.
(CHF mn)
Jebal Sifah, Oman
Update 9M 2019
− Planning to launch a new real estate project in Q4 2019 with a
total inventory of CHF 49.0mn.
− Finalized the construction and delivered Phase 1 of Sifah
Heights real estate projects and the final phase of the Golf
Lake projects to the clients.
− Hosting Jebel Sifah’s Spartan TRIFECTA Race on November 15
& 16, 2019, which will feature Oman’s first Hurricane Heat race.
40
Jebel Sifah, Oman
Revenues per segment
9M 2019 (CHF mn)
1.6 1.7
11.2
19.7
0.8
1.5
9M 2018 9M 2019
Hotels Real Estate Destination Management
+68.4%
22.9
13.6
+87.5%
+75.9%
+6.3%
Jebel Sifah, Oman
KPIs
9M 2019 9M 2018 % Chg
Hotels
Total number of rooms 67 67 –
Occ. for available rooms (%) 40% 35% 14.3%
TRevPAR (CHF) 89 87 2.3%
GOP (CHFmn) 0.1 – –
GOP PAR (CHF) 7 (1) 800.0%
Real Estate
Net sales (CHFmn) 6.7 16.3 (58.9%)
No of contracted units 33 104 (68.3%)
Avg. selling price (CHF/m2) 2,359 1,932 22.1%
41
Makadi Heights, Egypt
Update 9M 2019
− Started construction of the grading &
infrastructure to be completed by end 2019.
− Adding new real estate inventory amounting
CHF 4.9mn.
− Launched the first food service outlet by the
Club house pool.− Render
42
− Recently finalized the Club Gym
infrastructure & locker extension building
at the Club House.
− Planning to host a Mega event by end of
December 2019.
− Finalizing the legal documents for
Makadi Gardens Hotel that was sold for
c. CHF 6.4mn.
Makadi Heights, Egypt
Revenues per segment
9M 2019 (CHF mn)
** 9M 2018 revenues included revenues from Royal Azur and Club Azur hotels that were sold out and deconsolidated in Q4 2018.
3.0
0.7
0.3
0.8
0.7
1.1
9M 2018** 9M 2019
Hotels Real Estate Destination Management
4.0
2.6
–35.0%
+57.1%
+166.7%
–76.7%
Makadi Heights, Egypt
KPIs
9M 2019 9M 2018 % Chg
Real Estate
Net sales (CHFmn) 18.8 10.3 82.5%
No of contracted units 151 131 15.3%
Avg. selling price (CHF/m2)* 652 845 (22.9%)
* Avg Selling prices decreased as a results of offering more
apartments this year vs. more town houses in 9M 2018.
** 9M 2018 revenues included revenues from Royal Azur and
Club Azur hotels that were sold out and deconsolidated in Q4
2018.
43
The Cove, UAE
Update 9M 2019
− Market conditions continue to challenge The Cove
Rotana, resulting in a slight decline in revenues
and GOP.
44
The Cove, UAE
Revenues per segment
9M 2019 (CHF mn)
21.2
19.1
1.3
1.4
9M 2018 9M 2019
Hotels Destination Management
20.522.5
-8.9%
-9.9%
+7.7%
The Cove, UAE
KPIs
9M 2019 9M 2018 % Chg
Hotels
Total number of rooms 475 475 –
Occ. for available rooms (%) 65% 72% (9.7%)
TRevPAR (CHF) 147 163 (9.8%)
GOP (CHFmn) 6.2 7.3 (15.1%)
GOP PAR(CHF) 48 56 (14.3%)
45
IR Dashboard Contact
Altdorf, November 13th, 20199M 2019 Results – Analyst & Investor Presentation 46
IR Dashboard 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]
47
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Altdorf, November 13th, 20199M 2019 Results – Analyst & Investor Presentation 48
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