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Orascom Development Holding AG Holding reports resilient performance, despite the challenges brought by Covid-19, recording CHF 260.4 million of revenues, CHF 29.9 million of cash flow from operations and a cash balance of CHF 197.8 million

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Orascom Development Holding AG / Key word(s): 9 Month figures/9 Month figures

16-Nov-2020 / 07:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
The issuer is solely responsible for the content of this announcement.

ODH ("Orascom Development Holding") (SIX ODHN.SW) has released its consolidated financial results for 9M 2020.

Orascom Development Holding reports resilient performance, despite the challenges brought by Covid-19, recording CHF 260.4 million of revenues, CHF 29.9 million of cash flow from operations and a cash balance of CHF 197.8 million.

Key Highlights Q3 2020

- Total revenues decreased by 5.8% to CHF 96.4 million

- EBITDA stood at CHF 12.0 million, with a 12.4% margin

- Net real estate sales up 6.0% to CHF 102.6 million

Key Highlights of 9M 2020

- Total revenues reached 260.4 million

- Adj. EBITDA stood at CHF 40.5 million, with a 16.0% margin

- Real estate sales of CHF 294.4 million

- Real Estate receivables portfolio increased by 24.2% to CHF 704.2 million

- Real Estate deferred revenue balance also grew by 25.2% to CHF 535.8 million

- Cash flow from operations of CHF 32.1 million

- The Group increased its cash balance to CHF 197.8 million as of 9M 2020, reflecting a strong liquidity position

- Working with the Egyptian banks to restructure the current debt securing more flexible terms

Altdorf, 16 November 2020 - ODH's performance has been swiftly improving since the beginning of June 2020, following the easing of restrictions and precautionary measure previously imposed in relation to Covid-19 in the countries where we operate. With the resumption of economic activity and the lifting of the pre-set restrictive orders, the markets started witnessing some positive rebound, reflected in Q3 2020 operational and financial results Operational figures are slowly improving month over month and the Group's ability to accelerate construction progress has been positively reflecting on real estate revenue figures. ODH witnessed continued demand for real estate product offerings in El Gouna, O West, Makadi and Jebal Sifah, which helped boost sales figures for the quarter. The Group continued to prudently manage its costs and successfully pushed forward cash management efforts, maintaining a strong liquidity stance. The real estate and town management segments have remained relatively resilient; hotel operations continued to face pressure, due to the subsequent travel restrictions and quarantine requirements that were re-instated in certain European countries.

Financial Review:

Third Quarter 2020:
Revenues slightly decreased by 5.8% to CHF 96.4 million (Q3 2019: CHF 102.3 million). The decrease in revenues was mainly due to the decline in the hotels business operation, especially in Oman, where curfews and lockdowns are still in place. During the quarter, ODH accelerated real estate construction pace which positively affected the real estate segment results. Gross profit declined to CHF 21.8 million in Q3 2020, but the Group was still able to maintain a positive margin of 22.6% (Q3 2019: 22.7%). Adj. EBITDA stood at CHF 13.3 million, down 15.5% vs. CHF 15.7 million in Q3 2019. The loses from share of associates decreased from CHF 2.9 million to CHF 2.2 million in Q3 2020, as a result of the enhanced operational performance of Red Sea for Construction Company and ASA. Net loss reached CHF 7.4 million (Q3 2019: a loss of CHF 6.4 million). On quarter over quarter basis, Q3 2020 losses were down 50.7% from a loss of CHF 15.0 in Q2 2020.

Nine Months 2020:
Total revenue decreased by 19.9% to CHF 260.4 million (9M 2019: CHF 325.2 million). Gross profit decreased to CHF 65.3 million (9M 2019: CHF 84.4 million). Nevertheless, ODH continued to maintain a positive margin of 25.1% during 9M 2020 (9M 2019: 25.9%). The Group continued to monitor costs during the quarter with smart spending initiatives. SG&A expenses decreased by 17.4% from CHF 35.0 million to CHF 28.9 million in 9M 2020. The decrease was mainly due to the absence of the previous CEO contingent compensation and the cost saving initiatives that were implemented in response to Covid-19, and the prioritization of continued cost-control measures. Adj. EBITDA decreased by 29.3% to CHF 40.5 million (9M 2019: CHF 57.3 million). On a positive note, the enhanced operational performance of ASA, OHC and Red Sea for Construction was reflected in the share of associates losses during the reporting period, which decreased from CHF 8.6 million to CHF 5.4 million in 9M 2020. ODH continued to generate more finance cost savings, due to the decrease in Libor and Corridor rates. Interest expense decreased by 11.5% to CHF 26.9 million in 9M 2020 (9M 2019: CHF 30.4 million). ODH reported a net loss of CHF 26.6 million in 9M 2020 (9M 2019: CHF 7.9 million).

It is worth mentioning that last year bottom-line figures included CHF 10.2 million of FX gains compared to CHF 0.7 million of FX gains in 9M 2020. ODH continued its prudent cash management and business optimization initiatives, further fortifying the Group's balance sheet and maintaining an enhanced liquidity stance. Total cash balance reached CHF 197.8 million as of 9M 2020, an increase of 6.3% from CHF 186.0 million in FY 2019. Total debt reached CHF 435.5 million, while net debt balance reached CHF 237.7 million in 9M 2020 (FY 2019: CHF 243.9 million). ODH continued to generate positive cash flow from operations reaching CHF 32.1 million in 9M 2020 (9M 2019: CHF 41.7 million).


Group Real Estate: Positive rebound witnessed in the Egyptian and Omani real estate market during Q3 2020, coupled with accelerated construction across all destinations
The company's monthly sales pace starting to pick up from July up until September 2020 compared to the same period last year, which positively reflected on ODH's Q3 2020 real estate financial and operational figures. Real estate revenues in Q3 2020 increased by 19.2% to CHF 59.7 million compared to CHF 50.1 million in Q3 2019. Net real estate sales increased by 6.0% to CHF 102.6 million compared to CHF 96.8 million in Q3 2019 despite the challenges imposed by the pandemic. Net real estate sales for 9M 2020 were down by 22.8% to CHF 294.4 million vs. CHF 381.3 million in 9M 2019. O West continued to be the Group's largest contributor to new sales (43% of sales), followed by El Gouna (38% of sales), Oman (9% of sales), Makadi Heights (7% of sales) and finally Lustica Bay (3% of sales). ODH continued to accelerate real estate construction pace across all projects, planning to meet all contractual delivery dates.

Real estate revenues decreased by 10.4% to CHF 149.5 million compared to CHF 166.9 million in 9M 2019. The segment EBITDA also decreased by 8.1% to CHF 44.3 million in 9M 2020 (9M 2019: CHF 48.2 million), as more apartment units were sold this year compared to more villas, with immediate land revenues in 9M 2019. Total deferred revenue from real estate that is yet to be recognized until 2024 increased by 25.2% to CHF 535.8 million in 9M 2020 compared to CHF 428.0 million in 9M 2019. Total real estate portfolio receivables increased by 24.2% to CHF 704.2 million in 9M 2020.

Group Hotels: Hotel business continues to be dramatically impacted by the global pandemic

Tourism business continues to be profoundly impacted by Covid-19. While ODH acknowledges that the full recovery from the pandemic will take time, the current pick up in local travel reinforces the Group's view that when people feel safe, travelling demand returns quickly. ODH is continuing to implement several cost saving initiatives across its hotels and continues to increase efforts to create local demand for all destinations until international travel recovers. In 9M 2020, ODH's hotel portfolio included 7,150 rooms (including Andermatt), of which 47% were open (3,386 rooms). In 9M 2020, the hotels segment reported a 60.7% decline in revenues, to CHF 48.0 million (9M 2019: CHF 122.0 million), while the Group was able to successfully maintain a positive GOP figure on the back of the implemented cost saving initiatives. GOP reached CHF 1.2 million in 9M 2020 (9M 2019: CHF 43.6 million). The segment's adj. EBITDA reported a loss of CHF 1.9 million compared to a profit of CHF 38.0 million in 9M 2019.

Group Destination Management: Continues its resilient performance, in spite of the challenges raised by Covid-19
Despite the challenging times the world is encountering, the destination management segment has maintained its solid ground and continued to secure its recurring revenue stream to the Group. Revenues decreased by 6.3% to CHF 34.0 million compared to CHF 36.3 million in 9M 2019. The drop in revenues came because of the suspension of all events and festivals across all destinations. The Egyptian government lifted its mandatory suspensions as of 21 September and thus, ODE was able to successfully host the 4th edition of El Gouna Film Festival from the 23rd till the 31st of October 2020.

Outlook 2020
The third quarter performance highlights ODH's distinguishing business model with its multiple revenue buckets. The diversified sources of revenues helped to navigate the drop in the hotels business segment with more contribution coming in from real estate and destination management segments. From the onset of the pandemic, ODH has been intently focused on maintaining a sound liquidity position, safeguarding long-term value for shareholders and ensuring the Company's ability to flourish in the coming years, while also addressing the immediate needs at each destination, to ensure the health and well-being of guests and clients. The Group's record of accomplishment shows that it has survived numerous challenging times, each one more difficult than the last. Based on a strong balance sheet and diversified portfolio, ODH remains confident in navigating through and tiding over this storm, giving us the confidence to meet all upcoming obligation.

Due to the numerous uncertainties associated with Covid-19 and the limited visibility on the severity and duration of the pandemic, the Group still stands with its earlier position and abstains from providing full-year guidance on its 2020 results. However, ODH remains diligent in providing updates of the evolving situation during all results calls and market communications as needed.

Details on Destinations

El Gouna, Red Sea
El Gouna real estate sales benefited from the concentration of extended-stay from people during the lock-down. We witnessed an increase in demand on our real estate units during that period and we were able to successfully capitalize on that demand and continued to boost our net real estate sales in the 9M 2020. Sales increased by 14.7% to CHF 112.5 million in 9M 2020 (9M 2019: CHF 98.1 million). We were also able to increase our average selling prices by 14.2% during 9M 2020 to CHF 3,337 per sqm. During Q3 2020, we added more inventory in "Ancients Sands Villas" project, with total inventory of CHF 27.7 million. Benefiting from the pent-up in demand for our real estate offering we launched "Fanadir Sea Front" in November 2020 with a total inventory of CHF 79.5 million. We are also continuing the acceleration of our construction across our projects with plans to deliver 254 units in Abu Tig Hill, Tawila, Ancient Sands, Cyan and Sabina, all meeting their contractual delivery dates. Real estate revenues increased by 35.6% to CHF 94.1 million in 9M 2020 (9M 2019: CHF 69.4 million).

In Egypt, as per governmental decree, hotels are still restricted to 50% of their total capacity since June 2020. Hotels were still impacted by the travel bans restrictions due to Covid-19. More than 95% of the hotels' guests are locals (foreign guest are mainly from Eastern European countries). The travel warnings are still in place from all Central European countries except Switzerland and France. Tour operators' flights, which used to represent 70% of the hotel's occupancy have not yet resumed. Nevertheless, the hotels segment witnessed a positive uptick in revenues and occupancy in Q3 2020, with the relaxed measures implemented by the government. Q3 2020 revenues reached CHF 5.2 million up from CHF 0.7 million in Q2 2020 and occupancy rates also improved from 1% in Q2 2020 to 19% in Q3 2020 (Q3 2019: 81%). During 9M 2020 revenues decreased by 62.5%, from CHF 54.6 million in 9M 2019 to CHF 20.5 million in 9M 2020. GOP reached CHF 1.9 million in 9M 2020 (9M 2019: CHF 26.1 million). The hotels TRevPAR decreased by 64.6% to CHF 28 compared to CHF 79 in 9M 2019. Occupancy rates for total rooms reached 27% in 9M 2020 (9M 2019: 83%). ARR increased by 7.5% to CHF 72 (9M 2019: CHF 67). As of November 2020, a new product placement approach will be implemented to increase the potentials within this market. The tactical approach aims at reaching out to the bracket of affluent Egyptian travellers who are not much familiar with the destination capitalizing on the suppressed need for travel.

Destination management continued to be resilient despite Covid-19 impact with revenues slightly down by 1.1% to CHF 27.8 million in 9M 2020 (9M 2019: CHF 28.1 million). The decrease was mainly due to the suspension of all events and festivals across the destination, which was then resumed as of September 21st, 2020.

First home market: O West, Egypt
Net contacted units decreased by 38.1% to CHF 126.8 million in 9M 2020 (9M 2019: CHF 204.9 million). Demand started to pick up in Q3 2020 with sales reaching CHF 34.3 million compared to CHF 44.3 million in Q3 2019. It is worth mentioning that last year's sales figures was heavily skewed due to the first and successful launch of O West. We are speeding up our construction pace in the destination with 133 villa skeleton keys are already being visible. Construction of the 3 schools is expected to start in Q4 2020, subject to the approval of the related authorities. Additionally, we are finalizing the development of O West Club masterplan, which will be a main add-on to the destination.

A total of 336 new memberships were added to O West Club (membership fee is CHF 8,6k), bringing the total no. of memberships in the club to 1,271, securing a steady recurring income flow once it is opened. In September 2020. Total real estate revenues from O West reached CHF 14.9 million in 9M 2020 (9M 2019: CHF 27.7 million). During Q3 2020, O West managed to book CHF 14.8 million of land revenue coming from the remaining agreements that were signed in 2020. Total revenues of O West increased by 40.4% to CHF 38.9 million in 9M 2020 (9M 2019: CHF 27.7 million).

Hawana Salalah, Oman
Construction progress and real estate deliveries in Hawana are continuing at a steady speed across multiple projects. More residents were able to fly into Salalah with the opening of the airport and thus we were able to increase the numbers of units handed over in our Forest Island project. Our plan is to deliver 213 units in 2020 and we already delivered 103 units to date.

The completion of the amenities of the project are well underway. Construction of Lily and Laguna Gardens projects are in full throttle, with early handover planned to commence in Q2 2021 and Q4 2021, respectively. Net real estate sales were affected by the lockdown imposed on The Governorate of Dhofar until October 1st, 2020, where Hawana Salalah project is located. Net sales decreased by 60.2% to CHF 10.4 million in 9M 2020 (9M 2019: CHF 26.1 million).

Hawana Salalah Hotels continue to be severely impacted by global and local travel restrictions. Revenues decreased by 55.1% to CHF 13.6 million (9M 2019: CHF 30.3 million). In 9M 2020, our hotels in Salalah reported an occupancy rate of 26% vs. 55% in 9M 2019. TRevPAR decreased by 55.3% to CHF 46 (9M 2019: CHF 103) and GOP reached CHF 1.3 million (9M 2019: CHF 10.5 million). The travel ban inside Oman was lifted on October 1st, 2020; but with the recent increase in Covid-19 cases, the Sultanate of Oman has re-entered into night-time lockdown (from 8:00pm to 5:00am) effective October 9th, 2020 until October 24th, 2020. The curfew applies to both the public and to commercial outlets. Beaches will also be closed until further notice. We are now concentrating our efforts to optimize the hotels cost management and attracting local business through awareness campaigns and targeted sales promotions. Hotel's occupancy to date is limited, depending mainly on the Salalah-based market, with minimal interest from Muscat residents. Juweira Boutique Hotel re-opened its doors on October 4th, while Al Fanar Hotel has temporarily closed its operations.

Luštica Bay, Montenegro
In Montenegro, the international travel ban was lifted on July 1st, 2020. As the country remained on the EU Commission's red zone, volume from our traditional source markets remained weak. Hotels' revenue were affected and decreased by 72.7% to CHF 1.2 million in 9M 2020 (9M 2019: CHF 4.4 million). After the opening of the borders to neighbouring countries mid-August, we have seen a boost in occupancy levels. The Chedi Hotel was able to close August and September with 48% and 40% occupancy rates, respectively with a positive GOP for both months. During Q3 2020, occupancy rates reached 33%, up from 9% in Q2 2020. TRevPAR also increased to CHF 100 in Q3 2020 from CHF 75 in Q2 2020.

Net real estate sales were significantly impacted by Covid-19 and decreased by 65.1% to CHF 8.8 million in 9M 2020 (9M 2019: CHF 25.2 million). Outstanding reservations reached CHF 9.1 million. The conversion of reservations into contracts is taking longer than usual due to the travel restrictions imposed by the pandemic. Construction in the destination is progressing on track, with plans to deliver 45 units during 2020 of which already 33 units were finalized and delivered in the Centrale and the Marina Village areas. In addition, the finishing works on the main marina, including the lighthouse and the main golf course design were completed. Real estate revenues reached CHF 11.8 million in 9M 2020 (9M 2019: CHF 18.9 million). Total revenues for Luštica Bay, decreased 42.0% to CHF 14.2 million in 9M 2020 (9M 2019: CHF 24.5 million).

Jebel Sifah, Oman
We are actively progressing with our construction schedule in the destination, lining up many deliveries this year. We are planning to deliver 140 units in Sifah Heights project in 2020 of which we managed to deliver 103 units to date. We were able to sell 90% of our "Beach Front Real estate project", with plans to start the construction ground-breaking of the first 115 units in Q4 2020. Jebel Sifah witnessed an increased demand for short staycations at the Sifawy Hotel and rental apartments, during the months of August and September. The imposed 2-week curfew resulted in a decline in both apartment rentals and hotel bookings. On the retail front, there is more activity with restaurants re-opening, and new ones opening such as the "Crafty Kitchen", which started its operations on October 15th, as well as two more openings in the pipeline. There is a clear interest in more potential tenants looking to rent commercial outlets in Jebel Sifah. Total revenues from Sifah destination reached CHF 6.1 million in 9M 2020 (9M 2019: CHF 22.9 million).

Makadi Heights, Egypt
The destination continued to deliver excellent sales figures since its re-activation in April 2018, on the back of excellent sales and marketing campaigns. Net real estate sales more than doubled to reach CHF 13.1 million in Q3 2020 (Q3 2019: CHF 5.8 million). 9M 2020 net sales increased by 7.4% to CHF 20.2 million (9M 2019: CHF 18.8 million). We are planning to launch a new apartment phase in November 2020, "Topio", with a total inventory of CHF 7.5 million. Additionally, we are continuing to speed up the construction of Phase 2 of the project with plans to deliver 244 units in 2022. With the speeding up of construction progress, more revenues is expected to kick in over the coming quarters. Real estate revenues increased by 650.0% to CHF 6.0 million compared to CHF 0.8 million in 9M 2019. Total revenues from Makadi destination increased by 165.4% to CHF 6.9 million (9M 2019: CHF 2.6 million).

Taba Heights, Egypt
Taba Heights continues to struggle. Borders with Israel and Jordan remain closed since March 2020. Accessibility from within Egypt has always been, and continues to be, a major challenge. During Q3 2020, only Strand Beach & Golf Resort and Mosaique hotels were opened. The hotels have a total of 929 rooms, with only 412 rooms opened, as per the 50% capacity the government has in place. In October we closed Mosaique Hotel, to date, we only have one hotel opened with 252 rooms. Our short-medium term strategy for Taba Heights remains focused on developing and promoting existing and potential business opportunities with local operators. In 9M 2020; Total revenues from Taba destination decreased by 76.5% to CHF 2.4 million (9M 2019: CHF 10.2 million). Occupancy rate reached 13% in 9M 2020 compared to 48% in 9M 2019. Taba Heights reported a GOP loss of CHF 2.3 million during 9M 2020 compared to profit of CHF 0.5 million in 9M 2019.

The Cove, UAE
The Cove, Ras Al Khaimah, was our best performing destination. In Q3 2020, the Hotel's revenue increased to CHF 3.2 million from CHF 0.8 million in Q2 2020. Occupancy rates reached 36% from 13% in Q2 2020. TRevPAR increased to CHF 73 from CHF 19. The Hotel reported a positive GOPPAR of CHF 8 compared to a loss of CHF 9 in Q2 2020. In 9M 2020; occupancy rate reached 38% compared to 71% in 9M 2019. Total revenues from the hotel decreased by 56.1% to CHF 9.0 million in 9M 2020 vs. CHF 20.5 million in 9M 2019. In Q4 2020, we continue to capitalize on local and regional business through targeted sales promotions and market campaigns. We anticipate that demand for The Cove will gradually improve as travel restrictions continue to ease.

About Orascom Development Holding AG:

ODH is a leading developer of fully integrated destinations that include hotels, private villas and apartments, leisure facilities such as golf courses, marinas and supporting infrastructure. ODH's diversified portfolio of destinations is spread over 7 jurisdictions (Egypt, UAE, Oman, Switzerland, Morocco, Montenegro, and United Kingdom), with primary focus on touristic destinations. ODH currently operates nine destinations: four in Egypt (El Gouna, Taba Heights, Makadi Heights and Byoum), The Cove in the United Arab Emirates, Jebel Sifah & Hawana Salalah in Oman, Luštica Bay in Montenegro, & Andermatt in Switzerland. ODH recently launched O West, the latest addition to its portfolio and its first project in Cairo, Egypt, located in the 6th of October City.

Contact for Investors:
Sara El Gawahergy
Head of Investor Relations

Head of Strategic Projects Management
Tel: +20 224 61 89 61
Tel: +41 418 74 17 11
Email: ir@orascomdh.com

Contact for Media Relations:
Philippe Blangey
Partner

Dynamics Group AG
Tel: +41 432 68 32 35
Email: prb@dynamicsgroup.ch

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THESE DOCUMENTS MAY CONTAIN CERTAIN FORWARD-LOOKING STATEMENTS AND INFORMATION IN RELATION TO ORASCOM DEVELOPMENT HOLDING AG WHICH REFLECT THE CURRENT VIEWS AND/OR EXPECTATIONS OF THE COMPANY AND THE COMPANY' S MANAGEMENT IN RESPECT OF THE COMPANY'S PERFORMANCE, ACTIVITIES, AND FUTURE EVENTS. SUCH FORWARD LOOKING STATEMENTS INCLUDE, AMONG OTHER, STATEMENTS THAT MAY PREDICT, FORECAST, SIGNIFY OR IMPLY FUTURE RESULTS PERFORMANCE OR ACHIEVEMENTS, AND MAY CONTAIN WORDS SUCH AS "UNDERSTANDS", "ANTICIPATES", "EXPECTS", "ESTIMATES" "IT IS LIKELY" OR OTHER TERMS OR EXPRESSIONS WITH SIMILAR MEANING. THESE STATEMENTS ARE SUBJECT TO A NUMBER OF RISKS, UNCERTAINTIES AND ASSUMPTIONS. THE COMPANY CAUTIONS READERS THAT CERTAIN RELEVANT FACTORS MIGHT BE THE CAUSE FOR ACTUAL RESULTS TO DIFFER FROM THE PLANS, GOALS, EXPECTATIONS, ESTIMATES AND INTENTIONS EXPRESSED IN THIS DOCUMENT. NEITHER THE COMPANY NOR ANY RELATED COMPANIES, DIRECTORS, OFFICERS, REPRESENTATIVES OR EMPLOYEES THEREOF SHALL IN ANY EVENT BE LIABLE AS TO THIRD PARTIES (INCLUDING INVESTORS) FOR ANY INVESTMENTS OR BUSINESS DECISIONS ADAPTED OR ACTS PERFORMED BY THEM ON THE BASIS OF THE INFORMATION ANY STATEMENTS CONTAINED HEREIN OR FOR ANY CONSEQUENTIAL, SPECIAL OR SIMILAR DAMAGES DERIVED THEREFROM. ANY MARKET INFORMATION AND COMPANY'S COMPETITIVE POSITION DATA INCLUDING MARKET PROJECTIONS USED IN THIS DOCUMENT HAVE BEEN DERIVED FROM IN COMPANY'S STUDIES, MARKET RESEARCH REPORTS, PUBLICLY AVAILABLE DATA AND INDUSTRY PUBLICATIONS. ALTHOUGH THE COMPANY HAS NO REASON TO BELIEVE THAT THIS INFORMATION OR THESE REPORTS ARE INACCURATE IN ANY MATERIAL, RESPECT, THE COMPANY HEREBY STATUS THAT IT HAS NOT INDEPENDENTLY CHECKED ANY COMPETITIVE POSITION, MARKET SHARE, MARKET VOLUME, MARKET GROWTH OR OTHERS. PERFORMANCE OR ACHIEVEMENTS, AND MAY CONTAIN WORDS SUCH AS "UNDERSTANDS", "ANTICIPATES", "EXPECTS", "ESTIMATES" "IT IS LIKELY" OR OTHER TERMS OR EXPRESSIONS WITH SIMILAR MEANING. THESE STATEMENTS ARE SUBJECT TO A NUMBER OF RISKS, UNCERTAINTIES AND ASSUMPTIONS. THE COMPANY CAUTIONS READERS THAT CERTAIN RELEVANT FACTORS MIGHT BE THE CAUSE FOR ACTUAL RESULTS TO DIFFER FROM THE PLANS, GOALS, EXPECTATIONS, ESTIMATES AND INTENTIONS EXPRESSED IN THIS DOCUMENT. NEITHER THE COMPANY NOR ANY RELATED COMPANIES, DIRECTORS, OFFICERS, REPRESENTATIVES OR EMPLOYEES THEREOF SHALL IN ANY EVENT BE LIABLE AS TO THIRD PARTIES (INCLUDING INVESTORS) FOR ANY INVESTMENTS OR BUSINESS DECISIONS ADAPTED OR ACTS PERFORMED BY THEM ON THE BASIS OF THE INFORMATION ANY STATEMENTS CONTAINED HEREIN OR FOR ANY CONSEQUENTIAL, SPECIAL OR SIMILAR DAMAGES DERIVED THEREFROM. ANY MARKET INFORMATION AND COMPANY'S COMPETITIVE POSITION DATA INCLUDING MARKET PROJECTIONS USED IN THIS DOCUMENT HAVE BEEN DERIVED FROM IN COMPANY'S STUDIES, MARKET RESEARCH REPORTS, PUBLICLY AVAILABLE DATA AND INDUSTRY PUBLICATIONS. ALTHOUGH THE COMPANY HAS NO REASON TO BELIEVE THAT THIS INFORMATION OR THESE REPORTS ARE INACCURATE IN ANY MATERIAL, RESPECT, THE COMPANY HEREBY STATUS THAT IT HAS NOT INDEPENDENTLY CHECKED ANY COMPETITIVE POSITION, MARKET SHARE, MARKET VOLUME, MARKET GROWTH OR OTHERS.

 


End of ad hoc announcement

Language:

English

Company:

Orascom Development Holding AG

Gotthardstraße 12

6460 Altdorf

Switzerland

Phone:

+41 41 874 17 17

Fax:

+41 41 874 17 07

E-mail:

ir@orascomdh.com

Internet:

www.orascomdh.com

ISIN:

CH0038285679

Valor:

A0NJ37

Listed:

SIX Swiss Exchange

EQS News ID:

1148258


 

End of Announcement

EQS Group News Service

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