Q1 2019 Result Analyst & Investor Presentation Results 1 - - PowerPoint PPT Presentation
Q1 2019 Result Analyst & Investor Presentation Results 1 Table of Contents Executive Summary Page 4 Q1 2019 Key Highlights Page 6 Q1 2019 Operational Highlights by Destination Page 10 Q1 2019 Financials Page 19 Outlook 2019 Page
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* The Pro forma figures in Q1 2018 excludes Tawmeel Group, Royal and Club Azur hotels which were sold and deconsolidated in Q4 2018.
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(5) 1.0
Q1 2018 Q1 2019
Net Profit (CHF mn) 6 8
Q1 2018 Q1 2019
Cash Flow From Operations (CHF mn) 74 98
Q1 2018 Q1 2019
Revenues (CHF mn) 22 30
Q1 2018 Q1 2019
Gross Profit (CHF mn) 32% 37% 15 21
Q1 2018 Q1 2019
40% 25% 120%
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12 22
Q1 2018 Q1 2019
EBITDA (CHF mn) 87%
40 106
Q1 2018 Q1 2019
Net real estate sales (CHF mn) 166% 146 278
Q1 2018 Q1 2019
Real Estate Deferred Revenue Balance (CHF mn) 90% 22 42 6 12
Q1 2018 Q1 2019
Real Estate Financials (CHF mn)
Revenues
86% 112% 40 46 16 18
Q1 2018 Q1 2019
Hotels Financial (CHF mn)
Revenues
15% 15% 7 10 (2) (1)
Q1 2018 Q1 2019
Town Management Financials (CHF mn)
Revenues
41% 55%
213 375
Q1 2018 Q1 2019
Real Estate Portfolio Receivables (CHF mn) 76%
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41.8 17.7 8.5 6.1
Revenues by Country Q1 2018 (CHFmn)
Egypt Oman UAE Montenegro
CHF 74.1mn 56% 24% 11% 8%
53.9 31.9 8.4 3.9
Revenues by Country Q1 2019 (CHFmn)
Egypt Oman UAE Montenegro
CHF 98.1mn 55% 32% 9% 4%
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40.2 22.3 7.4 4.2
Revenues by Segment Q1 2018 (CHFmn)
Hotels Real Estate Town Mgt. Tamweel
CHF 74.1mn 54% 30% 10% 6%
46.2 41.5 10.4
Revenues by Segment Q1 2019 (CHFmn)
Hotels Real Estate Town Mgt.
CHF 98.1mn 47% 42% 11%
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Egypt: 1. El Gouna 2. Taba Heights 3. Makadi Heights 4. Fayoum 5. O-West Oman: 6. Hawana Salalah 7. Jebal Sifah UAE: 8. The Cove Montenegro: 9. Luštica Bay Switzerland: 10. Andermatt United Kingdom: 11. Eco - Bos Morocco: 12. Chbika
KPIs Q1 2019 Q1 2018 % Chg Hotels Total number of rooms * 2,645 2,655 (0.4%)
83% 78% 6.4% TRevPAR (CHF) 75 57 31.6% GOP (CHFmn) 8.4 7.0 20.0% GOP PAR(CHF) 38 29 31.0% Real Estate Net sales (CHFmn) 24.6 21.3 15.5% No of contracted units 64 37 73.0%
2,431 2,355 3.2% Total El Gouna (CHFmn) Total revenues 41.6 32.8 26.8%
13.7 16.8 12.9 16.3 6.2 8.5
Q1 2018 Q1 2019
Revenues per segment (CHFmn)
Hotels Real Estate Destination Management + 23% + 26% + 37%
32.8
+ 27%
41.6
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➢ Progressing with the renovation of Cook’s Club Hotel (144 rooms) to be finalized in Aug. 2019. While the construction of Casa Cook Hotel (100 rooms) is expected to be finalized in Oct. 2019. ➢ Added new inventory in “Ancient Sands Villas” & “Cyan” amounting USD 51mn. ➢ In April 2019; hosted El Gouna Int. Squash Championship 2019 & El Gouna Polo 2019. ➢ 20% of our real estate sales was to foreigners.
➢ Opened Al Fanar Hotel expansion with 177 rooms. ➢ Planning to launch a new real estate project in Q2 2019 with a total inventory of CHF 40mn.
KPIs Q1 2019 Q1 2018 % Chg Hotels Total number of rooms 1,081 904 19.6%
96% 97% (1.0%) TRevPAR (CHF) 175 160 9.4% GOP (CHFmn) 8.6 6.0 43.3% GOP PAR (CHF) 89 74 20.3% Real Estate Net sales (CHFmn) 9.7 6.2 56.5%
65 52 25.0%
1,988 1,598 24.4% Total Hawana Salalah (CHFmn) Total revenues 26.0 13.3 95.5%
13.1 17.0 8.6 0.2 0.4
Q1 2018 Q1 2019
Revenues per segment (CHFmn)
Hotels Real Estate Destination Management
13.3
+ 95%
26.0
+ 30% + 100%
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KPIs Q1 2019 Q1 2018 % Chg Hotels Total number of rooms 111
9%
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(0.7)
(96)
Net sales (CHFmn) 4.9 3.9 25.6% No of contracted units 10 7 42.9%
4,937 5,998 (17.7%) Luštica Bay Total (CHFmn) Total revenues 3.8 6.1 (37.7%)
➢ New homeowners settled into the Marina Village. Construction is still underway
villas. ➢ Began construction of Luštica Bay’s town center: Centrale.
0.2 6.1 3.5 0.1
Q1 2018 Q1 2019
Revenues per segment (CHFmn)
Hotels Real Estate Destination Management
6.1
3.8
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KPIs Q1 2019 Q1 2018 % Chg Hotels Total number of rooms 67 67
60% 49% 22.4% TRevPAR (CHF) 136 126 7.9% GOP (CHFmn) 0.25 0.18 38.9% GOP PAR (CHF) 41 29 41.4% Rea eal Es Estate Net sales (CHFmn) 5.0 8.4 (40.5%) No of contracted units 21 56 (62.5%)
2,412 1,809 33.3% Total Jebal Sifah (CHFmn) Total revenues 5.9 4.4 34.0%
➢ Planning to launch a new real estate project in Q3 19 with a total inventory of CHF 39mn. ➢ Opened the Marina workshop offering a full range of services to boat owners.
0.8 0.8 3.3 4.7 0.3 0.4
Q1 2018 Q1 2019
Revenues per segment (CHFmn)
Hotels Real Estate Destination Management
4.4
+ 34%
5.9
+ 33%
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KPIs Q1 2019 Q1 2018 % Chg Real Estate Net sales (CHFmn) 7.7 0.02
66 1
1,006 272 270% Total Makadi (CHFmn) Total revenues 0.7 1.2 (41.7%)
1.0 0.2 0.1 0.3 0.1 0.2
Q1 2018 Q1 2019
Revenues per segment (CHFmn)
Hotels Real Estate Destination Management
+ 200% + 100%
1.2
0.7
➢ Finalizing the legal documents for Makadi Gardens Hotel that was sold for c. CHF 6.4mn. ➢ Started construction of the grading & infrastructure.
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➢ We launched two Phases. The first phase included villas, town and twin houses and the second phase included a wide range of apartments. ➢ Total contracted units to date reached CHF 120.6mn and total reservations reached CHF 74.7mn. ➢ In 2019, we will only recognize revenues of the land portions of the villas that were sold. ➢ Margins for the recognized revenues on 2019 will be close to breakeven due to the upfront sales and marketing activities expenses spent. ➢ Revenues and positive margins will start to kick in starting 2020.
16 1 CHF = 17.41 EGP
KPIs Q1 2019 Real Estate Net sales (CHFmn) 53.0 No of contracted units 174
1,243 Total O West (CHFmn) Total revenues 7.9
KPIs Q1 2019 Q1 2018 % Chg Hotels Total number of rooms 2,365 2,365
1,282 1,260 1.7%
37% 17% 117.6% TRevPAR (CHF) 16 7 128.6% GOP (CHFmn) (0.23) (0.35) 34.3% GOP PAR (CHF) (2) (3) 33.3% Total Taba Heights (CHFmn) Total revenues 2.2 1.0 120.0%
0.8 1.9 0.2 0.3
Q1 2018 Q1 2019
Revenues per segment (CHFmn)
Hotels Destination Management + 137% + 50%
1.0
+ 120%
2.2
➢ In Nov. 2018 Itaka polish tour operator operated 2 flights weekly from Poland & added one more flight in May 2019 from Czech Republic. ➢ In April 2019, Satour a new Slovakian tour operator started operating one flight on a weekly basis (189 seats).
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The Cove, UAE KPIs Q1 2019 Q1 2018 % Chg Hotels Total number of rooms 475 471 0.8%
77% 79% (2.5%) TRevPAR (CHF) 185 189 (2.1%) GOP (CHFmn) 3.5 3.6 (2.8%) GOP PAR(CHF) 82 83 (1.2%) The Cove Total (CHFmn) Total revenues 8.4 8.5 (1.2%)
➢ Despite challenging market conditions in Ras El Kheima, The Cove Rotana managed to maintain performance levels almost like 2018.
8.1 7.9 0.4 0.5
Q1 2018 Q1 2019
Revenues per segment (CHFmn)
Hotels Destination Management
8.5
8.4
+ 25%
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(CHFmn) Q1 2019 Q1 2018 % Change Revenue 98.1 74.1 32.4% Cost of sales (68.0) (52.2) 30.3% Gross profit 30.1 21.9 37.4% Gross profit margin 30.7% 29.5% 4.1% Investment income 1.8 2.1 (14.3%) Administrative expenses (11.3) (9.3) 21.5%
20.6 14.7 40.1%
21.0% 19.8% 6.1% Other gains & losses 3.5 0.8 337.5% Share of associates losses (2.3) (3.9) (41.0%) EBITDA 21.7 11.6 87.1% Depreciation (7.5) (5.4) 38.9% Finance costs (10.7) (9.0) 18.9% Income tax expense (2.4) (2.3) 4.3% Net losses for the period 1.0 (5.1) 119.6% Attributed as follows: ODH shareholders (1.9) (7.2) 73.6% Non-controlling interest 2.9 2.1 38.1% Basic EPS (CHF) (0.05) (0.18) 72.2%
Notes Revenues, gross profit and gross profit margin increased due to the enhanced
performance across all business segments in all destinations. Increase in G&A expenses is mainly due to the increase in marketing activities in Egypt. Other gains & losses for Q1 2019 mainly includes FX gains amounting CHF 3.9mn. Share of associates losses mainly includes: ASA losses CHF 2.3mn (Q1 2018: losses CHF 3.7mn). Increase in Finance costs mainly due to the increase in Libor rates.
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(CHFmn) Q1 2019 Q1 2018 pro forma % Change Revenue 98.1 66.7 47.1% Cost of sales (68.0) (47.7) 42.6% Gross profit 30.1 19.0 58.4% Gross profit margin 30.7% 28.5% 7.7% Investment income 1.8 2.1 (14.3%) Administrative expenses (11.3) (9.4) 20.2%
20.6 11.7 76.1%
21.0% 17.5% 20.0% Other gains & losses 3.5 0.6 483.3% Share of associates losses (2.3) (3.9) (41.0%) EBITDA 21.7 8.4 158.3% Depreciation (7.5) (5.3) 41.5% Finance costs (10.7) (8.5) 25.9% Income tax expense (2.4) (2.1) 14.3% Net losses for the period 1.0 (7.5) 113.3%
Notes ➢ Took out Tawmeel Group revenues in Q1 2018 as it was sold and deconsolidated in Q4 2018. ➢ Took out Royal Azur and Club Azur Hotels revenues in Q1 2018 as it was sold and deconsolidated in Q4 2018.
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Notes Inventory increased as a result of the increase in 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 sales across all our destinations. Non-current assets/liabilities held for sale includes Makadi Gardens Hotel. Payables are mainly related to payments to the NUCA related to O West project in Cairo to co-develop an integrated community project. Increase in non-controlling interest is mainly due to the FX gain from translating foreign operations and profitability for the period.
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(CHFmn) 31.03.19 31.12.18 % Change Property, plant and equipment 791.2 761.8 3.9% Inventory 498.6 118.5 320.8% Receivables 146.6 138.6 5.8% Cash and bank balances 130.2 138.3 (5.9%) Investments in associates 41.9 43.6 (3.9%) Other assets 149.0 129.6 15.0% Non-current assets held for sale 5.6 5.5 1.8% Total assets 1,763.1 1,335.9 32.0% Borrowings 375.1 372.4 0.7% Payables 434.7 68.5 534.6% Provisions 63.8 62.6 1.90% Other liabilities 296.8 256.1 15.90% Liabilities related to assets held for sale 0.5 0.5
1,170.9 760.1 54.0% Non-controlling interests 177.6 167.1 6.3% Equity to ODH shareholders 414.6 408.7 1.4% Total liabilities and equity 1,763.1 1,335.9 32.0%
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Current Maturity Profile & Balance in Q1 2019 Cost of Debt: 9.0% Q1 2019 Balance: CHF 375.1mn Cost of Debt: 8.1% Expected Maturity Profile after Rescheduling Current Debt by Country Current Debt by Currency Debt by Currency after Rescheduling Debt by Country after Rescheduling 13% 47% 7% 6% 27%
EGP USD EUR AED OMR
64% 27% 6% 3%
Egypt Oman UAE Montenegro
10% 47% 7% 7% 30%
EGP USD EUR AED OMR
Balance: CHF 337.8mn 59% 30% 7% 4%
Egypt Oman UAE Montenegro 13 23 44 51 60 71 28 84 CF 2019 2020 2021 2022 2023 2024 2025 - 2032 13 19 35 33 36 76 42 84 CF 2019 2020 2021 2022 2023 2024 2025 - 2032
(CHF mn) Q1 2019 Q1 2018 Cash from operations 7.6 6.1 Interest paid (1.4) (3.9) Taxes paid (2.0) (0.3) Operating Cash Flow 4.2 1.9 Payments for PP&E (12.0) (9.7) Other items 1.1 1.2 Investing Cash Flow (10.9) (8.5) Change in Borrowings (2.2) 10.2 Other Items 1.0 1.2 Financing Cash Flow (1.2) 11.4 Net change in cash/equivalents (7.9) 4.8 Cash & bank balances beginning of period 138.3 100.8 Effects of FX changes (0.2) (1.4) Cash & bank balances end of period* 130.1 104.2 Notes Cash flow from operations increased due to the enhanced
during the period. Payments for PP&E increased due to the increase in construction activities in Luštica Bay, El Gouna, Makadi Heights and Oman. Change in Borrowings mainly resulting from: (-) Debt repayment of CHF 3.8mn. (+) Debt proceeds for CHF 1.6mn.
* Includes cash related to assets held for sale.
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* FY 2018 Pro-forma excludes the contribution of Citadel Azur, Royal Azur, Club Azur hotels and Tamweel Group, that the Group has identified as non-core assets.
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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 includes revenues from Utilities & services, Hospital, Marina, Golf, Rentals, Educational services, Limousine, & other town amenities.
Revenue EBITDA
(CHF mn) Q1 2019 Q1 2018 Δ in % Q1 2019 Q1 2018 Δ in % Q1 2019 Q1 2018 Δ in % Hotels 46.2 40.2 14.9% 17.1 16.0 6.9% 17.9 15.6 14.7% Real Estate 41.5 22.3 86.1% 11.9 5.9 101.7% 12.3 5.8 112.1% Land
10.4 7.4 40.5% (1.1) (2.1) 47.6% (0.9) (2.0) 55.0% Tamweel Group
(9.2) 32.6% (8.7) (5.6) (52.6%) ODH Group3 98.1 74.1 32.4% 21.7 11.6 87.1% 20.6 14.7 40.1%
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*Q1 2018 figures includes Tamweel Group and Royal and Club Azur, that were deconsolidated in Q4 2018.
Net value of contracted units (CHF mn) Number of contracted units Average selling price (CHF/m2) Country Destination Q1 19 Q1 18 Δ in % Q1 19 Q1 18 Δ in % Q1 19 Q1 18 Δ in % Egypt El Gouna 24.6 21.3 15.5% 64 37 73.0% 2,431 2,355 3.2% Fayoum 0.9
7.7 0.02
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272 269.9% O West 53.0
Jebel Sifah 5.0 8.4 (40.5%) 21 56 (62.5%) 2,412 1,809 33.3% Hawana Salalah 9.7 6.2 56.5% 65 52 25.0% 1,988 1,598 24.4% Montenegro Luštica Bay 4.9 3.9 25.6% 10 7 42.9% 4,937 5,998 (17.7%) ODH Group 105.9 39.8 166.1% 407 153 166.0%
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Total number of rooms
rooms (%) ARR (CHF) TRevPAR (CHF) GOP PAR (CHF) Destination Q1 19 Q1 18 Q1 19 Q1 18 Q1 19 Q1 18 Q1 19 Q1 18 Q1 19 Q1 18 El Gouna 1 2,645 2,655 83 78 63 49 75 57 38 29 Taba Heights2 2,365 2,365 37 17 25 23 16 7 (2) (3) Fayoum 53 53 36 27 73 67 40 28 16 4 Floating Hotel 27 27 70 25 538 491 473 164 298 81 Hawana Salalah3 1,081 904 96 97 123 108 175 160 89 74 Jebal Sifah 67 67 60 49 131 138 136 126 41 29 UAE4 475 471 77 79 144 145 185 189 82 83 Montenegro5 111
6,824 6,542
Bay View Hotel out of 394 existing rooms). Whereby, 1,260 room were operating in Q1 2018.
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(CHF mn) Country Destination Total deferred revenue balance 2019 2020 2021 2022 2023 Egypt El Gouna 135.3 67.0 60.5 7.7
1.8 1.1 0.6
21.7
7.2 7.2 2.7 O West 40.6
13.5 13.5
199.4 68.1 79.3 28.5 20.7
Jebel Sifah 19.6 18.3 1.4
32.0 23.5 8.5
51.6 41.8 9.9
Luštica Bay 26.6 18.7 7.9
277.6 128.6 97.1 28.5 20.7 2.7
* Figures are rounded to the nearest decimal point.
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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: ir@orascomdh.com
Date Event August 9th, 2019 1H 2019 Results November 13th, 2019 9M 2019 Results
Corporate Calendar
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