Q1 2018 Results 6 April 2018 1 Agenda Q1 2018 Key Highlights - - PowerPoint PPT Presentation

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Q1 2018 Results 6 April 2018

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Q1 2018 Key Highlights & Destination Progress Page 3 Q1 2018 Financials and KPIs Highlights Page 7 Q1 2018 Financials and KPIs Appendix Page 13

Agenda

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Key Highlights Q1 2018

Turnaround Strategy Bearing Its Fruits with Significant Increase on the Operational and Financial Level across all

• Segments. Revenues grew by 41.1% to CHF 74.1 million, Adjusted EBITDA Increased By 206.3% to CHF 14.7 Million

And Losses Significantly Reduced By 59.2% To Reach Only CHF 5.1 Million.

➢ Net real estate sales increased 2.5 times to CHF 39.8 million in Q1 2018. ➢ Hotels revenues increased by 30.5% to CHF 40.2 million and Gross Operating Profits (GOP) increased by 52.6% to CHF 17.7 million vs. CHF 11.6 million. ➢ Town Management revenues increased by 29.8% to CHF 7.4 million. ➢ Adjusted EBITDA significantly increased by 206.3% to reach CHF 14.7 million. ➢ Net losses were tremendously reduced by 59.2% to reach CHF 5.1 million in Q1 2018 vs. CHF 12.5 million in Q1 2017. ➢ Orascom Development Egypt (ODE) entered into a partnership with the Egyptian Government to develop 1,000 feddan in West Cairo, marking our first foray into the first home market in Egypt. ➢ Successfully sold Citadel Azur Hotel and signed the sale of 3 hotels in Makadi, Red Sea, Egypt both for a total EV of CHF 98.5 million. ➢ ODE signed a contract for the sale of its stake in Tamweel Group at a total equity valuation of c. CHF 20.0 million. ➢ Sold 8.2% stake of ODE to a set of strategic investors for a total of c. CHF 33.2 million, reducing our stake to 76.59%. ➢ Finalizing all documentation for the sale 3 hotels in Makadi for EV of CHF 49.0 million and working diligently on our plan with the banks to reduce our debt by c. CHF 56.0 million in 2018. ➢ ODE Distributed a cash dividend of EGP 0.20 per share post the split on June 4, 2018.

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Destinations Progress during Q1 2018

El Gouna, Egypt:

▪ Net sales more than doubled to reach CHF 21.3 million in Q1 2018. ▪ In January 2018, we launched Tawila phase III with a total inventory of USD 44.1 million. Phase III includes town houses and apartments and sold USD 16.0 million to date. ▪ In April 2018, we launched a new real estate project called “Ancient Sands Villas” with a total inventory of USD 80.0 million. The launched phase inventory was USD 22.7 million & consists

• f twin houses & villas.

▪ Hotels GOP increased by 70.7% to reach CHF 7.0 million vs. CHF 4.1 million in Q1 2017. ▪ Continuing with the renovation works across some of our hotels with plans to be finalized during 2018. ▪ Hosted the FIFA World Cup Trophy Tour in March and hosted El Gouna International Open Squash Championship for men & women along with El Gouna Polo 2018 event in April. ▪ Looking into adding more hotel rooms and possibly a new hotel in 2018/2019

Makadi Heights, Egypt: ▪ We started an aggressive sales and marketing campaign to revive Makadi destination. We launched a new project in April 2018 with a total inventory of CHF 11.1 million to date we managed to sell and reserve more than CHF 5.5 million. ▪ Opened Makadi Heights club house during Q1 2018. ▪ On track with finalizing all necessary documentation for the sale of 3 hotels in Makadi for a total EV of CHF 49.0 million with cash proceeds of CHF 27.4 million and the deconsolidation of CHF 14.4 million of debt ▪ Sold Citadel Azur hotel in Sahl Hashish for an EV of CHF 49.5 million. This sale resulted in cash proceeds of c. CHF 31.7 million and the deconsolidation of c. CHF 17.8 million of debt.

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Destinations Progress during Q1 2018

Hawana Salalah, Oman: ▪ Net sales increased by 100% to CHF 6.2 million in Q1 2018. ▪ Hotels revenues increased by 26.0% to CHF 13.1 million in Q1 2018. ▪ Hotels occupancy reached 97% in Q1 18 and GOP increased by 46.3% to CHF 6.0 million vs. CHF 4.1 million in Q1 2017. ▪ Started the construction works for 176 new rooms in Al Fanar Hotel, capitalizing on the huge demand, to be finalized this year. Jebal Sifah, Oman: ▪ Net sales increased by 55.5% to CHF 8.4 million in Q1 2018 on the back of the great success of phase 2 of the Golf Lake Residence launched in Nov. 2017 with a total inventory of CHF 18.0 million. ▪ Additional pontoons will be installed at the Marina along with an enhanced water taxi service scheduled to launch in 2018. ▪ Jebal Sifah is set to welcome a new bar, restaurant, supermarket and a fishing charter business. Lustica Bay, Montenegro: ▪ Net sales increased by 100% to CHF 3.9 million in Q1 2018. ▪ Finalizing the 5-star Chedi Hotel (110 rooms) construction & holding its soft opening in July 2018. ▪ Opened the new access road to the marina village and launching the Marina and over 1,000 sqm of marina retail in summer 2018. ▪ Progressing with construction of “E” and “B” building clusters comprising 68 apartments due for delivery in 2018 and early 2019. The Cove, UAE: ▪ Hotels revenues increased by 19.1% to reach CHF 8.1 million in Q1 2018. ▪ Hotels GOP increased by 28.6% to reach CHF 3.6 million vs. CHF 2.8 million in Q1 2017.

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Q1 2018 Key Highlights & Destination Progress Page 3 Q1 2018 Financials and KPIs Highlights Page 7 Q1 2018 Financials and KPIs Appendix Page 13

Agenda

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Business Segments Q1 2018

1 Adjusted EBITDA: EBITDA adjusted for non cash items (which includes provisions & impairments, other gains and losses, FX gains & share in associates) 2 Q1 2017 figures includes gains in relation to settlement of borrowings in the amount of CHF 6.4mn. 3 Town Management includes revenues from Utilities & services, Hospital, Marina, Golf, Rentals, Educational services, Limousine, & other town amenities.

Revenues increased but EBITDA and Adj. EBITDA losses widened, due to the commencement of operations in Oman and Montenegro. This is usually the case at first until the appropriate volumes and economies of scale are reached then it turns around positively.

Revenue EBITDA

• Adj. EBITDA1

(CHF mn) Q1 2018 Q1 2017 Δ in % Q1 2018 Q1 2017 Q1 2018 Q1 2017 Hotels2 40.2 30.8 30.5% 15.9 14.9 15.4 9.3 Real Estate 22.3 12.3 81.3% 5.9 1.7 5.8 1.4 Land

• Town Management3

7.4 5.7 29.8% (2.1) (1.2) (2.0) (1.2) Tamweel Group 4.2 3.7 13.5% 1.0 1.0 1.0 1.1 Corporate & Unallocated Items

• (9.1)

(14.0) (5.5) (5.8) ODH Group 74.1 52.5 41.1% 11.6 2.4 14.7 4.8

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Real Estate KPIs Q1 2018

Net value of contracted units (CHF mn) Number of contracted units Average selling price (CHF/m2) Country Destination Q1 18 Q1 17 Q1 18 Q1 17 Q1 18 Q1 17 Egypt El Gouna 21.28 10.06 37 37 2,355 1,594 Fayoum

• 0.37
• 7
• 567

Makadi 0.02 0.02 1 1 272 281 Oman Jebel Sifah 8.39 5.45 56 31 1,809 1,852 Salalah Beach 6.19

• 52
• 1,598
• Montenegro

Luštica Bay 3.90

• 7
• 5,998
• ODH Group

39.77 15.90 153 76 2,176 1,577

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Deferred Revenue Recognition Schedule*

(CHF mn) Country Destination Deferred Revenue Balance 2018 2019 2020 2021 Egypt El Gouna 75.26 34.56 40.70

• Fayoum

1.58 0.32 0.83 0.33 0.10 Makadi

• Total Egypt

76.84 34.88 41.53 0.33 Oman Jebel Sifah 26.32 15.45 6.93 3.94

• Salalah Beach

23.06 8.98 13.47 0.61

• Total Oman

49.38 24.43 20.40 4.55

• Montenegro

Luštica Bay 19.72 19.16 0.56

• ODH Group

145.94 78.47 62.49 4.88 0.10

* Figures are rounded to the nearest decimal point.

* It is also important to note in addition to the outstanding deferred revenue balance; the Group also has a deferred interest income CHF 10.2 million.

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Hotel KPIs Q1 2018

Total number of hotel rooms Number of available rooms Occupancy for available rooms (%) TRevPAR* (CHF) GOP PAR** (CHF) Destination Q1 18 Q1 17 Q1 18 Q1 17 Q1 18 Q1 17 Q1 18 Q1 17 Q1 18 Q1 17 El Gouna 1 2,655 2,645 2,655 2,645 78 71 57 40 29 17 Taba Heights2 2,365 2,365 1,260 818 17 23 7 7 (3) (4) Citadel Azur 514 514 514 514 70 47 48 30 25 13 Fayoum 53 50 53 50 27 55 28 24 4 (1) Floating Hotel 27 27 27 27 25 26 164 109 81 47 Total Oman3 971 851 971 851 94 92 158 146 71 55 UAE4 471 346 471 346 79 89 189 218 83 91 Makadi5 1,113 1,113

• ODH Group

8,169 7,911 5,951 5,251

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 97 rooms 2. 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 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. 4. In June 2017, we opened 145 new rooms in the Cove Hotel, and transferred 20 rooms into real estate units thus brining total number of the hotel rooms to 471 rooms. 5. Our 3 hotels in Makadi were rented to FTI Group since Jan. 2017. * Financial KPIs are calculated based on the number of available rooms during the reported period of Q1 2018. ** Includes all expenses of the hotels in the destinations.

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Current and targeted Debt Maturity Profile for 2018

Current Maturity Profile & Balance in 2018*

Cost of Debt is 9.3%

Maturity Profile after ODE Rescheduling + sale of Citadel in 2018

Expected Cost of Debt is 8.5%

Q1 2018 Balance: CHF 344.7 million.

* Including CHF 14.4 million debts held on Royal and 17.3 million debt held on Citadel Azur Hotel as of March 31, 2018. * Excluding CHF 5.0 million of interest which will be settled in 2018.

Expected FY 2018 Balance Post Egypt Debt reduction & Sale of Citadel: CHF 285 million.

10 19 43 57 63 71 80 27 1 CF 2018 2019 2020 2021 2022 2023 2024 2025 10 14 35 43 42 41 74 39 1 CF 2018 2019 2020 2021 2022 2023 2024 2025

10 13 22 32 30 33 71 39 79 CF 2018 2019 2020 2021 2022 2023 2024 2025 - 2032

Cost of Debt is 8.4%

Maturity Profile after Oman Rescheduling

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Q1 2018 Key Highlights & Destination Progress Page 3 Q1 2018 Financials and KPIs Highlights Page 7 Q1 2018 Financials and KPIs Appendix Page 13

Agenda

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Destinations KPIs

El Gouna Financials & KPIs Q1 2018 Q1 2017 % Chg Hotels Total Number of rooms 2,655 2,645 0.4%

• Occ. for available rooms (%)

78 71 9.9% TRevPAR (CHF) 57 40 42.5% GOP PAR (CHF) 29 17 70.6% Total Revenues (CHFmn) 13.7 9.7 41.2% Real Estate Net Contracted Units (CHFmn) 21.3 10.1 110.9% No of Contracted Units 37 37

• Avg. Selling Price (CHF/m2)

2,355 1,594 47.7% Total Revenues (CHFmn) 12.9 7.0 84.3% Deferred Revenue (CHFmn) 75.3 50.6 48.8% Destination Management Total Revenues (CHFmn) 6.2 4.6 34.8% Taba Heights Financials & KPIs Q1 2018 Q1 2017 % Chg Hotels Total Number of rooms 2,365 2,365

• Number of rooms available

1,260 818 54.0% Total Revenues (CHFmn) 0.8 0.5 60.0%

• Occ. for available rooms (%)

17 23 (26.1%) TRevPAR (CHF) 7 7

• GOP PAR (CHF)

(3) (4) (25.0%)

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Destinations KPIs

Makadi Heights Financials & KPIs Q1 2018 Q1 2017 % Chg Real Estate Net Contracted Units (CHFmn) 0.02 0.02

• No of Contracted Units

1 1

• Avg. Selling Price (CHF/m2)

272 281 (3.2%) Total Revenues (CHFmn) 0.03 0.04 (25.0%) Destination Management Total Revenues (CHFmn) 0.1 0.07 42.8% Fayoum Financials & KPIs Q1 2018 Q1 2017 % Chg Hotels Number of rooms 53 50 6.0%

• Occ. for available rooms (%)

27 55 (50.9%) TRevPAR (CHF) 28 24 16.7% GOP PAR (CHF) 4 (1) 500.0% Total Revenues (CHFmn) 0.13 0.11 18.2% Real Estate Net Contracted Units (CHFmn)

• 0.4

(100.0%) No of Contracted Units

• 7

(100.0%)

• Avg. Selling Price (CHF/m2)
• 567

(100.0%) Total Revenues (CHFmn)

• Deferred Revenue (CHFmn)

1.6 0.9 77.8%

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Destinations KPIs

Hawana Salalah Financials & KPIs Q1 2018 Q1 2017 % Chg Hotels Total Number of rooms 904 784 15.3%

• Occ. for available rooms (%)

97 96 1.0% TRevPAR (CHF) 160 148 8.1% GOP PAR (CHF) 74 58 27.6% Total Revenues (CHFmn) 13.1 10.4 26.0% Real Estate Net Contracted Units (CHFmn) 6.2

• 100.0%

No of Contracted Units 52

• 100.0%
• Avg. Selling Price (CHF/m2)

1,598

• 100.0%

Total Revenues (CHFmn)

• 1.6

(100.0%) Deferred Revenue (CHFmn) 23.1 3.6 541.7 Jebal Sifah Financials & KPIs Q1 2018 Q1 2017 % Chg Hotels Total Number of rooms 67 67

• Occ. for available rooms (%)

49 38 28.9% TRevPAR (CHF) 126 120 5.0% GOP PAR (CHF) 29 25 16.0% Total Revenues (CHFmn) 0.8 0.7 14.3% Real Estate Net Contracted Units (CHFmn) 8.4 5.4 55.5% No of Contracted Units 56 31 80.6%

• Avg. Selling Price (CHF/m2)

1,809 1,852 (2.3%) Total Revenues (CHFmn) 3.3 1.2 175.0% Deferred Revenue (CHFmn) 26.3 32.9 (20.1%)

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Destinations KPIs

The Cove, UAE Financials & KPIs Q1 2018 Q1 2017 % Chg Hotels Total Number of rooms 471 346 36.1%

• Occ. for available rooms (%)

79 89 (11.2%) TRevPAR (CHF) 189 218 (13.3%) GOP PAR (CHF) 83 91 (8.8%) Total Revenues (CHFmn) 8.1 6.8 19.1% Lustica Bay, Montenegro Financials & KPIs Q1 2018 Q1 2017 % Chg Real Estate Net Contracted Units (CHFmn) 3.9

• 100.0%

No of Contracted Units 7

• 100.0%
• Avg. Selling Price (CHF/m2)

5,998

• 100.0%

Total Revenues (CHFmn) 6.1 2.4 154.2% Deferred Revenue (CHFmn) 19.7 42.5 (53.6%)

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(CHF mn) Q1 2018 Q1 2017 Revenue 74.1 52.5 Cost of sales (52.2) (39.5) Gross profit 21.9 13.0 Gross profit margin 29.5% 24.8% Investment income 2.1 0.9 Administrative expenses (9.3) (9.1)

• Adj. EBITDA

14.7 4.8

• Adj. EBITDA margin

19.8% 9.1% Other gains & losses 0.8 1.1 Share of associates losses (3.9) (3.5) EBITDA 11.6 2.4 Depreciation (5.4) (6.0) Finance costs (9.0) (7.9) Income tax expense (2.3) (1.0) Net losses for the period (5.1) (12.5) Attributed as follows: ODH shareholders (7.2) (13.2) Non-controlling interest 2.1 0.7 Basic EPS (CHF) (0.18) (0.33)

1 1 2 3

Notes

Revenues and gross profit increased due to the enhanced operational performance across all business segments. Investment income increased mainly due to:

• The increase in real estate cash collection.
• Increase in interest income on bank deposits.

Increase in Finance costs mainly due to:

• Increase in interest rates Q-o-Q.
• Increase in outstanding balance of debts as a result
• f FY 2017 capitalized interest.

Income Tax expense increased due to the increase of the profitability of the subsidiaries.

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2

4

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Income Statement

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Balance Sheet

Notes PPE decreased mainly due to reclassification of Citadel Azur Hotel as asset held for sale. Inventory decreased mainly due to the first-time adoption of the new revenue standard (IFRS 15) as well as increase in the completed and delivered units. Asset and liabilities held for sale include the following:

• Tamweel Group.
• Makadi hotels.
• Citadel Azur

Borrowings decreased mainly due to

• (-) Payments of CHF 11.5 million.
• (-) CHF 17.3 million related to Citadel Azur

Hotel which was transferred as asset and liabilities held for sale.

• (-) FX gain amounting CHF 7.0 million.
• (+) Proceeds amounting CHF 5.8 million.

1 2

(CHF mn) 31.03.18 31.12.17 Property, plant and equipment 716.5 765.1 Inventory 113.8 127.6 Receivables 111.5 107.0 Cash and bank balances 96.9 99.4 Investments in associates 56.4 60.8 Other assets 87.5 80.8 Non-current assets held for sale 159.5 107.0 Total assets 1,342.1 1,347.7 Borrowings 344.7 374.7 Payables 49.8 51.0 Provisions 65.0 65.6 Other liabilities 219.1 210.4 Liabilities related to assets held for sale 105.9 84.4 Total liabilities 784.5 786.1 Non-controlling interests 151.3 149.1 Equity attributable to ODE shareholders 406.3 412.5 Total liabilities and equity 1,342.1 1,347.7

3 1 4 2 3 3 4

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Cash Flow Statement

(CHF mn) Q1 2018 Q1 2017 Cash from operations 6.1 (2.3) Interest paid (3.9) (1.5) Taxes paid (0.3) (0.5) Operating Cash Flow 1.9 (4.3) Payments for PP&E (9.7) (6.0) Other items 1.2 0.9 Investing Cash Flow (8.5) (5.1) Change in Borrowings 10.2 18.4 Other Items 1.2 2.0 Financing Cash Flow 11.4 20.4 Net change in cash/equivalents 4.8 11.0 Cash & bank balances beginning of period 100.8 82.2 Effects of FX changes (1.4) (1.6) Cash & bank balances end of period* 104.2 91.6 Notes

Cash flow from operations and operating cash flow increased due to the enhanced

• perational

performance across all business segments during the period. Payments for PP&E includes payments mainly due to the increase in construction activities in El Gouna, Oman and Lustica. Change in Borrowings mainly resulting from: (-) Debt repayment of CHF 11.5 million. (+) debt proceeds for CHF 21.7 million.

1 2 1 2 1 3 * Includes cash related to assets held for sale. 3

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Financing profile1

1 All debt figures exclude debt relating to (Assets Hels for Sale Tamweel, Royal and Citadel Azur). 2 Equity Ratio = Total Equity/Total Assets 3 After the effectiveness of CTIA and the syndication agreements.

Total Debt by Country

in %, as of 31.03.18

Interest Expenses by Currency

in %, as of 31.03.18

31.12.18 31.12.17 Equity ratio (%) 2 41.5% 41.7% Weighted average cost of debt (%)3 9.2% 9.1% Total Debt by Currency

in %, as of 31.03.18

31% 42% 4% 6% 2% 15% EGP USD EUR AED CHF OMR 12% 51% 7% 8% 22% EGP USD EUR AED OMR 68% 22% 7% 3% Egypt Oman UAE

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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: ir@orascomdh.com

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• 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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