El Gouna - Orascom Development

Orascom Development Holding AG
October 2015
Agenda
ODH: Leading Developer of Fully Integrated Towns
Projects Overview
Performance, Strategy and The Opportunity
Operational and Financial Summary
Page 4
Page 11
Page 22
Page 34
Page 17
Appendices
2
Page 46
ODH : Leading Developer of Fully Integrated Towns
3
History- How it all started
Over 20 years ago, Orascom Development’s founder Samih O. Sawiris had a simple idea – to create a little piece of paradise on
the exquisitely desolate Red Sea coast. This initial thought evolved over the years and became our principle.
Year of
Foundation
Development
of Taba
Heights on the
Gulf of Aqaba
(Sinai
Peninsula)
1989
The Cove in Ras Al
Khaimah (U.A.E.) the
first destination
outside of Egypt, a
lease agreement
with the Gov. to
develop Amoun
Island, 22,000 m2
2005
1997
1991
First phase of
El Gouna flagship
project becomes
operational
EGYPT
Project announcement
of Haram City (Egypt),
Jebel Sifah & Salalah
Beach (Oman); signing
of agreements for
Andermatt (CH) &
Chbika (Morocco)
1998
Agreement to
participate in the
development of
Tala Bay, Jordan
& Awarded 1.2
million sqm in
Fayoum, Egypt
New projects in
Cornwall (UK) & Luštica
Bay (Montenegro) &
launch of Makadi Bay,
28 km away from
Hurghada
2007
2006
Orascom signs
development
agreements with
the Omani
Government for
four projects
Samih O. Sawiris becomes
majority shareholder of ASA;
sale of Romania project to
Samih O. Sawiris & Orascom
Hotel Management (OHM)
was established to manage
the Group’s Hotel inventory
2008
Established ODH,
acquired 99.7% of OHD
through a tender offer
Headquarter is moved
to Altdorf (CH), listing
on the SIX Swiss
Exchange
2015
2013
2009
2010
Initiation of affordable
housing project in
Constanta (Romania) &
Allocated 0.8 million m2 in
the Qena Governorate , the
second budget housing
project in Egypt
ODH sells 15%
stake in OHD to
reactivate its
trading,
resumption of
trading
effective 6th
January 2015 &
Sale of Tala Bay
hotel in Jordan
2014
Deconsolidation of Orascom
Housing Communities
(OHC)& its subsidiaries;
budget housing and
construction & Sale of
CMAR (Mauritius Club Med)
INTERNATIONAL EXPANSION
So far, we have successfully implemented this concept in Egypt, Jordan, UAE, Oman, Switzerland and in other projects under
development in Europe
4
Orascom Development Holding AG Today
The Only Leading Developer of Fully
Integrated Towns
One of The Largest Land
Banks
One of The Largest Hotels
Portfolio
Including Real Estate, Hotels. activities, marinas
Leisure, golf courses, hospitals , schools & all
supporting infrastructure
100.2 million sqm, out of which 68.4
million sqm is still undeveloped
31 hotels, 21 self-managed and 10 Under
Management
Loyal Shareholder
Base
Spearheaded by a seasoned Executive
Management Team
with unparalleled expertise in the travel , tourism
and real estate sector level
3 to 5
Star Hotels
To suit different
standards
49
Awards
During 2014 for our
hotels in Egypt, Jordan
& Oman
Continuous Progress on Strategy
Execution
Achieved all communicated targets of 2014
Dual listing on SIX and EGX
with 28,543,147 outstanding shares
Been with the company for over 6 years
Over 25
MORE THAN
YEARS
DEVELOPMENT
EXPERIENCE
Fully Integrated Town
Developers
Integrated destinations, offering
hotels, residential units and luxury
leisure
Approx. 9,380
Employees
79%
Of our hotels in Egypt are certified
with Green Star
9 Operating Destinations
El Gouna, Taba Heights, Makadi, &
Haram City (Egypt) , Jebel Sifah & Salah
Beach (Oman), The Cove (UAE),
Andermatt (Switzerland) & Lustica Bay
(Montenegro)
Other destinations in different stages of
development
Real Estate Sales
of CHF 1.96 Bn
Since 1997
5
ODH’s Projects at a Glance
Land Bank (mn sqm)
Total Land Bank
El Gouna
39.92
4.27
Makadi
3.39
Haram City
Egypt
8.96
El Gouna
Taba Heights
Fayoum
0.8
-
5.0
10.0
0.17
0.07
Fayoum
-
Chbika
-0.0
Qena Gardens
15.0
20.0
25.0
30.0
35.0
0.08
Fayoum
Qena Gardens
-
Qena Gardens
40.0
--
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
0.2 0.5 0.4
0.6
1.0
0.8
1.0
1.5
2.0
2.5
3.0
3.5
35.25%
56.95%
0.69
Fayoum
35.25%
0.8
Qena Gardens
84.7%
63.1%
0.18
Haram City
ODH Blended
Ownership %
83.8%
2.92
Makadi
0.32
Haram City
1.69
Taba Heights
-
Makadi
21.28
El Gouna
0.02
Taba Heights
0.0018
Haram City
0.25
Fayoum
0.0
Undeveloped
1.2
El Gouna
Makadi
1.93
Haram City
Under
Development3
5.48
El Gouna
Taba Heights
0.47
Makadi
1.08
Qena…
2.56
Taba Heights
2.6
Under
Construction2
Completed
Hospitality Portfolio
Rooms Operated by
ODH
Number of Rooms
2,707
2,706
El Gouna
El Gouna
2,365
Taba Heights
4
1,654
1,144 4
Makadi
Taba Heights
Makadi
Haram City
Haram City
Fayoum
Fayoum
Qena Gardens
Qena Gardens
Salalah Beach
Jebel Sifah
Oman
13.6
0.9
1
-
6.2
0.2
Jebel Sifah
1
0.5
1.0
(1.0)
As Sodah…
City Walk
1.0
1
4.0
9.0
14.0
19.0
0
24.0
0.1
-
City Walk
-
5.0
10.0
15.0
0.5
15.0
-
-
Chbika
1,538
63%
53%
-
500
1,000
1,500
2,000
2,500
0
3,000
100
200
300
400
500
600
700
-
City Walk
City Walk
0.2
50%
0.1
70%
482
Salalah Beach
79
Jebel Sifah
-
As Sodah Island
-
City Walk
70%
79
Jebel Sifah
-
As Sodah Island
70%
82
Salalah Beach
-
City Walk
1.0
20.0
Chbika
-
City Walk
As Sodah Island
70%
70%
4.5
Jebel Sifah
0.8
As Sodah Island
11.0
Salalah Beach
1.5
Jebel Sifah
-
As Sodah Island
1.5
Salalah Beach
-
Jebel Sifah
-
As Sodah Island
0.2
73%
4.0
10.0
Salalah Beach
1,513
1,113
1
Salalah Beach
Hotel Blended
Ownership %
-
0.5
-
Chbika
0.5
1.0
1.5
2.0
-
3.0
Chbika
5.0
10.0
15.0
0
12.0
Chbika
55%
200
400
0
600
-
Chbika
50
100
-
Chbika
Morocco
-
5.0
10.0
15.0
Luštica 1
20.0
6.9
0.0
0.2
0.4
0.6
0.8
1.0
0.02
Luštica
-
0.2
0.4
0.6
0.8
-
1.0
0.1
Luš
tica
0.5
1.0
1.5
2.0
2.5
0.3
Luštica
3.0
-
3.5
5.0
10.0
15.0
6.48
Luštica
0
90.91%
0
0
1
1
1
-
Luštica
0
0.2
0.4
0.6
0.8
1
0.4
0.6
0.8
1
0.4
0.6
0.8
1
0.4
0.6
0.8
1
-
Luštica
Montenegro
-
Andermatt
2.0
4.0
1
6.0
8.0
0.0
1.5
0.2
0.4
0.6
0.8
1.0
1.3
Andermatt
-
- 0.10.10.2
-
Andermatt
0.5
-
0.1
Andermatt
5.0
10.0
49%
0.1
Andermatt
0
0
0
1
1
1
105
Andermatt
0
0.2
-
Andermatt
49%
Switzerland
Eco-Bos 5
UK
0.0
5.0
-
6.54
-
5.0
1.0
2.0
-
-
Eco-Bos
0.2
0.4
0.6
0.8
0.0
1.0
-
Eco-Bos
0.2
0.4
0.6
0.8
1.0
-
0.2
0.4
0.6
0.8
0.5
6.54
Luštica
-
1.0
0.0
The Cove
0.0
-
75%
0
100
0
200
-
Andermatt
0.2
-
Andermatt
10.0
0.0
1
0.2
Eco-Bos
0.3
0.3
The Cove
-
The Cove
0.2
0.4
0.6
0.8
5.0
10.0
0
0
0
1
1
1
0
0.2
1.0
-
The Cove
73%
-
Marina Plaza
346
The Cove
73%
-
The Cove
UAE
0.0
1.0
2.0
3.0
0.0
4.0
100.22
1 Leasehold
1.0
0.0
16.89
0.2
0.4
0.6
0.8
1.0
6.02
0.0
0.2
0.4
0.6
0.8
1.0
8.82
0.0
0.2
0.4
0.6
0.8
1.0
68.49
0
200
400
0
7,632
0.2
0.4
0.6
0.8
1
4,325
agreement
plot of land where infrastructure is completed and individual elements of the projects are under construction
3 Any plot of land where infrastructure is under construction but not yet completed
4 283 rooms are located in Makadi Project, while the 1,344 rooms are located within the Makadi Bay and 27 of Oberoi Zahra is a floating hotel on the Nile)
5 American call option (ending 2030) granting ODH the right to purchase part or all of the land plot. The company has donated 0.06 sqm of total land to the Cornwell council in 2014 to build
a road
2 Any
6
0.5
The Company Adopts a Unique, Vertically Integrated, Business Model Centered on
Transforming Desolate Pieces of Land into Attractive, Self-sufficient, Resort Towns
Development Phase
 ODH’s business model
incorporates owning and
managing the whole value
chain from the raw land
acquisition to developing &
operating real estate, hotels,
and managing the
destination:
 In parallel, management has
recently adopted the new
strategic notion of selling
large plots of land to third
party developers, in a move
to accelerate the
monetization of land (Masterdevelopment), while
providing strict development
guidelines, to ensure control
over the development and
maintain the architectural
harmony of the destination
7
Real Estate Owner
Services
Hotel Development
Hotel Operations
Destination Development
Destination
Operations
Master-development
Controlled Sale of
Large Plots of Land to
Third Party
Developers
Support Processes
New
destination
identification
acquisition &
initial
concept
Real Estate
Management Processes
– Continuous pre-sales to
finance ongoing
investments
Support
Functions
Land Bank Monetization
– Securing land at nominal
costs
– Control of entire value
chain from master
planning and
construction to operation
of a destination
Operational
Phase
Business segments- Overview
Hotels
Real Estate
Destination Management
 31 Hotels , total of 7,632
 Land bank acquired at nominal
costs
 Sale of middle-to-upper scale
apartments and villas to private
clients
 Public services &infrastructure
maintaenance that includes:
rooms
 21 self managed, 10 undermanagement
 Orascom Hotels Management
(OHM) manages company’s
hotel inventory
 5,200 employees
Revenues 1H 2015
CHF 58.5 mn
1
 In-house sales force as well as
international distribution
channels
 Off-plan sales with customer
prepayments
8
 Sewage treatments
 Electricty
 1,955 employees
 Andermatt (Switzerland)
 Tamweel; Financial Services
Company
 Master Development (ODM.
Egypt)
 820 retail outlets & 87
restaurants/bars
 5 schools & universities
 Sales of CHF 1.97 Bn 1
 2 hospitals & 7 marinas, 4 golf
 108 employees
 1,216 employees 2
Revenues 1H 2015
CHF 41.1 mn
From 1997-1H 2015 (gross number)
Including all company support funcitions in Egypt, Oman, Morocco and Montenegro
3 Land Revenues of CHF 42.6 mn
2
 Water Services
Land Sales & Other
Investments
Revenues 1H 2015
CHF 6.8 mn
Revenues 1H 2015
CHF 58.1 mn 3
Agenda
ODH: Leading Developer of Fully Integrated Towns
Projects Overview
Performance, Strategy and The Opportunity
Operational and Financial Summary
Page 4
Page 11
Page 22
Page 34
Page 17
Appendices
9
Page 28
Projects Overview
10
El Gouna - OHD’s Flagship Project , World Class Destination on the Egyptian Red Sea Coast
El Gouna  Total land area : 36.92 million sqm , Developed: 14.44 million sqm, (39.2% developed)
Key Facts  Number of hotels and rooms: 16 hotels with 2,706 rooms ( four 5 *s , eight 4 *s and three 3*s)
 A private , self-sufficient town of over 25,000 permanent residents built on 10 km of the Red Sea
coastline and located north of Hurghada, 35km from the Hurghada International Airport
 The town offers a range of facilities such as a hospital, two 18-hole championship golf courses,
three marinas, four schools, a library, and two universities branches
Real Estate KPIs
Hotel KPIs, CHF
100
74%
61%
56%
80
54%
59%
65%
91
60
40
53
69
59
51
54
20
52
47
52
48
47 49
0
2010
2011
ARR
2012
2013
TRevPar
80%
100
70%
60% 80
50% 60
40%
40
30%
20% 20
10% 0
0%
211
47
2.8
2.3
2014 1H2015
Occ. Rate
24.8
19.4
34.9
2011
2012
2013
17%
19%
60%
29%
40%
20%
12%
10%
16%
19%
32%
27%
8%
9%
9%
10%
28%
6%
9%
0%
2009
2010
2011
2012
11
40%
Germany
Others
38%
13%
18%
25%
28%
25%
6%
7%
5%
4%
6%
6%
2013
2014
1H 2015
* Others include: Polish, Dutch, Italians and Scandinavians
3.0
2.0
1.0
48.7
2014
1H 2015
No of Units
Destination Update during 1H 2015 + Other significant events post the results
22%
48%
2.5
4.0
Average Price/sqm, CHF 000’s
Egypt
29%
2.5
Value of Contracted Units, CHFmn
100%
29%
2.5
150
60.3
Visitors Breakdown by Nationality
20%
121
0.0
2010
120%
19%
82
83.5
El Gouna Draws Most of its Clientele from Europe...
80%
61
3.4
UK
 Increasing sales through diversifying the product mix, timely
offering of serval products to serve different clientele
 Launched Joubal & Joubal Lagoon; new
residence/neighborhood projects, both sold out.
real
estate
 Finalizing the construction of Ancient Sands hotel in El Gouna,
to launch in Dec 2015
Belgium
 Launched ElGouna-FTI new joint-marketing campaign
France
 In Sep Advanced signed a new sub-development agreement
over 100,000 m2 for USD 20 million
Russia
Global Human
Settlements
Award
Global Green
Town – El Gouna
2014
Taba Heights – Sinai’s Premium Destination
 Total land area : 4.27 million sqm, Developed: 2.56 million sqm, (60% developed)
Taba
Heights  Number of hotels and rooms: 6 hotels; 2,365 rooms (five 5* s and one 4 *s)
Key Facts  Taba Heights is situated between the mountain ranges of the Sinai Peninsula only 25km away
from Taba International Airport
 The town offers a marina and a golf course alongside a wide range of facilities such as a medical
center, child daycare services, a school, and a vibrant up-town center
Hotel KPIs, CHF
80
74%
51%
60
44%
41%
69
40
50
52
20
29%
48
53
46
44
42
37
28
18
17%
16
0
2010
2011
ARR
2012
2013
TRevPar
80%
70%
60%
50%
40%
30%
20%
10%
0%
2014
1H2015
Occ. Rate
Taba Heights Draws Most of its Clientele from Europe...
Destination Update during 1H 2015
Visitors Breakdown by Nationality
120%
UK
100%
80%
60%
30%
25%
24%
24%
10%
40%
20%
0%
27%
18%
21%
23%
Others
10%
27%
41%
15%
8%
10%
11%
20%
24%
17%
6%
11%
12%
5%
12%
7%
11%
18%
18%
2012
2013
2014
1H 2015
14%
18%
10%
8%
7%
5%
8%
6%
10%
7%
10%
5%
2009
2010
2011
21%
25%
Israel
France
Egypt
Belgium
9%
Russia
Germany
* Others include: Polish, Jordanians Scandinavians and Italians
12
29%

Travel bans and strict warnings on Sinai continued to impact hotel operations .

During the 1H 2015, Taba operated at 50% of its capacity. 3 hotels were shut
down.
Makadi - The First Gated Community In The Heart Of Hurghada
Real Estate KPIs
 Total land area : 3.39 million sqm, Developed: 0.47 million sqm , (15% developed)
Makadi
Key Facts
 Number of hotels and rooms: One 4* hotel with 283 rooms + two 4 * & 5 * Azur
Hotels in Makadi with a total of 830 rooms (Royal Azur, a 5 star Hotel (491 rooms) &
Club Azur, a 4 star Hotel (339 rooms)
 Makadi is the first gated community in the Hurghada region, only 30km away from
Hurghada International Airport
 The town resort features residential units and hotels, along with spacious commercial
area, a medical center, a school, among other services
1,752
80
96
54
584
646
591
40
595
599
63.7
3.9
2.3
2.2
3.0
0.8
2011
2012
2013
2014
1H 2015
0
2010
Value of Contracted Units, CHFmn
Average Price/sqm , CHF
Reviving the Destination



Signed two new contracts in Makadi destination with an external developer (Tara Egypt), to
manage the destination’s existing retail outlets and build its club house facility (for CHF 1.9 mn)
Granting Tara Egypt exclusive management of the destination’s existing retail outlets, list of
potential rentals include: (Drinkies, Ocean Super market, Gelato, Five hear (Italian Bistro) etc..)
Finalizing an agreement with an external developer and a reputable school to manage the
destination school and offer a national and international system
16
57
621
60
20
52
No of units
Hotel KPIs, CHF
84%
80
60
20
100%
63%
55%
40
51%
64%
61%
40%
34 36
30
40
40 38
33 39
2011
2012
2013
2014
28
ARR
TRevPar
Visitors Breakdown by Nationality
1H 2015
Occ. Rate
120%
Russia
100%
60%
40%
20%
0%
20%
0%
2010
Egypt
56%
55%
53%
57%
57%
57%
37%
11%
12%
14%
11%
12%
11%
9%
12%
14%
2009
2010
2011
12%
12%
17%
15%
32%
12%
6%
15%
16%
9%
17%
2012
2013
2014
13%
* Others include: Polish, Italians, Scandinavians and Swiss
13
39
0
80%
80%
60%
74
48
660
640
620
600
580
560
540
1H
2015
Germany
France
Others
Belguim
UK
Byoum – The Heart of Fayoum, On Lake Qarun
 Total land area : 1.08 million sqm, Developed: 0.4 million sqm , (36% developed)
Byoum
Key Facts
 Number of hotels and rooms: One 4* hotel with 62 rooms (20 hotel rooms and & 42 hotel
apartments, expected to be launched in Q1 2016
 located 100 km southwest of Cairo in an ideal location overlooking the spiritual lake of Qarun. Plans
are set to develop two luxury residential communities
 Sales started in 2008, till today we have sold 154 units with a total value of CHF 33million
Master Plan
14
Reviving the Destination
1.
Byoum Main Gate
5. Beach Club
2.
4 Star Hotel
6. Marina
3.
Hunting Lodge
7. Commercial Area
4.
Pier

Finalizing the construction of Byoum Hotel, to be
launched during 1Q 2016
The Cove – A Highly Rated 5-Star Beachfront Getaway for Leisure and Relaxation
 Total land area : 0.3 million sqm
Taba
Heights  The resort encompasses:
− A 346 room five star hotel managed by Rotana, an acclaimed operator in MENA and worldwide
Key Facts
− 188 villas
− An employee residential compound comprised of 78 apartments;
− A commercial center; and
− A ~12,225 sqm vacant land plot, which is well positioned for various development options
 ODH’s Management intends on converting the employee housing compound into an apartment hotel,
which will serve as an extension, adding 78 keys (~155 rooms) to the hotel’s capacity
Hotel KPIs, CHF
200
77%
63%
81%
81%
75%
70%
150
100
169 188
50
182
139
217
215
161
160
203
161
157
192
0
2010
2011
2012
ARR
2013
TRevPar
2014
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
1H 2015
Occ. Rate
Visitor's Breakdown by Nationality as of 1H 2015
•
14%
3%
Destination Update until the 1H 2015
United Arab Emirates
30%
5%
Germany
Switzerland
Austria
48%
* Others include: Russian, British Swedish and French
15
Others
•
•
Awarded the Luxury Coastal Resort Continent Winner-2014 World Luxury Hotel
Awards
Awarded the RTK Hotel Award 2014 as one of the Top 100 Hotels for RTK Travel
Agents in Germany
Finalizing the construction of 145 new rooms to be added to the hotel’s
inventory and expected to be launched by December 2015
Jebel Sifah- A Tranquil Haven
 Total land area: 6.2 million sqm , Developed: 0.2 million sqm, (3.2% developed)
Jebel
 6 hotels (1,062 rooms), of which the Sifawy Boutique Hotel is already operational, with a capacity of
Sifah
79 rooms. Four Seasons , Banyan Tree Hotels & Resorts & Anatara, among other players, are
Key Facts
expected to operate hotels in Jebel Sifah
 Located between the marine life rich Indian Ocean and the breathtaking Hajjar Mountains (the
highest in the Arabian Gulf), Jebel Sifah is a charming resort town located 30km from the Omani
Capital’s city center
 The town will encompass 950 residential units, including already 18 completed apt blocks, Inland marina,
a 18-hole championship golf courses designed by Peter Harradine, commercial centers
Real Estate KPIs
Hotel KPIs, CHF
33%
150
31%
32%
27%
25%
30%
25%
100
50
35%
20%
111
106
116 82
76
52
136
119
15%
10%
81
88
0
5%
0%
2011
2012
ARR
2013
2014
1H2015
TRevPar
Occ. Rate
12
10
8
6
4
2
0
15
2.5
15
2.5
10.5
12
2.4
5
5
2.9
2.2
3.0
2.5
2.0
1.5
7.4
1.0
5.7
3.6
4.0
2014
1H 2015
0.5
0.0
2011
2012
2013
Value of Contracted Units, CHFmn
Average Price/sqm, CHF 000’s
No of Units
Destination Update during 1H 2015
Visitors Breakdown by Nationality as of 1H 2015
 Opened the floating fuel station on the marina
Oman
20%
Germany
Switzerland
4%
6%
52%
8%
United Kingdom
10%
* Others include: Italian, Belgium, American and Austrian
16
France
Others
 Progressing with the Golf Course construction, completed its design and
rough shaping & finalized 5 holes out of the first 9 holes
 Infrastructure completed in the main resort boulevard and different villa
zones including water plumping, electrical linkage and landscape
 Opened “Extra Divers” dive center
Salalah Beach – A Self-sufficient Tropical Oasis on the Arabian Sea
Salalah  Total land area: 13.6 million sqm , Developed: 1.1 million sqm, (8.1% developed)
 7 hotels (1,800 rooms), of which the Juweira Boutique Hotel and Rotana are already operational,
Beach
with 82 rooms and 4001, respectively. Mövenpick and Club Med are expected to open their
Key Facts
doors, each operating ~395 rooms
 The town will encompass, residential units, 200 berth marina; the Marina Town where 42 shops
are already operating, commercial centers and a water park
 The destination is located only 25km away from Salalah Airport and approximately 90 minutes
flight from most GCC countries
Hotel KPIs, CHF
Real Estate KPIs
47%
150
47%
113
128
141
99
95
93
74
85
0
2012
2013
ARR
60%
20
8
41
9
50%12
39%
100
50
48%
2014
TRevPar
4.0
40%10
8
30%
6
20%
4
10%
2
0% 0
1H2015
2.2
2.0
4
5.0
3.5
3.0
2.4
10.3
5.9
3.7
3.7
2011
2012
2013
4.0
2.0
0.9
1.0
0.0
2014
Value of Contracted Units, CHFmn
Average Price/sqm, CHF 000’s
Occ. Rate
1H 2015
No of Units
Destination Update until 1H 2015
Visitors Break Down by Nationality
 Opened Rotana 5 star hotel with 400 rooms in Dec 2014
Germany
25%
32%
Italy
Oman
2%
2%
Switzerland
United Arab Emirates
15%
24%
* Others include: Swedish, British, American and Austrian
17
Others
 Finalizing the construction of El Fanar Hotel which includes 220 rooms
planning to launch in Dec 2015.
 Water Park is a new addition to the town which will serve real estate owners,
hotel guests and Salalah residents.
 The arrival of the first Italian charter to the destination in collaboration with
Alpi Tour in Dec 2014
 Implemented the Sale and Leaseback system at Al Fanar Project with 45 off
plan units
Lustica Bay – Montenegro
 Located in Montenegro on the Adriatic Sea, with a land bank of 6.9 mn sqm
Lustica
Bay Key
Facts
 The land is held on a leasehold agreement for 99 years starting 2009. The company starting 2014
will pay an annual rent fee of EUR 1mn per year for a period of 10 years
 The project is planned to include 1,820 residential units, 7 hotels with a total capacity of 1,200
rooms and two world-class marinas with an operating capacity of 226 berths, 18-hole
championship golf Course (Gary Player Signature Course),
 Construction started in Sep 2013. In less than two years, Lustica is now an operating destination &
an emerging new town with residents moving in their homes in the summer of 2015
Emerging New Town
 First two buildings clusters (10 buildings comprising 70 apartments) have been fully finished and delivered in
August, with residents moving in the summer of 2015
 The foundation of the next two buildings & first Villa clusters have started, with planned completion dates in Q4
2016 and Q2 2017.
 80% of the main marina works have been completed, with an expected operating date of March 2017
 Excavation works for the Golf Course is completed and the construction permit has been obtained (the first Golf
Course permit in Montenegro)
 Design works for the first Marina Hotel is done, with an expected operating date of summer, 2017 for the first
phase and the rest by summer, 2018
Real Estate KPIs
25
43
48
20
15
10
5
4.3
4.1
15.4
19.1
3
41
4.5
4.4
22.0
1.5
0
2012
2013
Value of Contracted Units, CHFmn
Average Price/sqm, CHF 000’s
18
2014
1H 2015
No of Units
4.6
4.5
4.4
4.3
4.2
4.1
4.0
3.9
Other Projects
Chbika1
Overview
 Located South of Agadir on the Atlantic Ocean, Chbika has a total land bank of 15mn sqm split
into two phases with land areas of 5mn sqm and 10mn sqm, respectively
 Chbika’s plan encompasses mix of villas apartments and mansions, in addition to 3 hotels with
a total capacity of 1,000 rooms
 In 2014, negotiations started for raising the needed funds to develop the 3 hotels in addition to
finishing the marina and the first 9 holes of the golf course
Eco-Bos2
Overview
 Located in the UK, Eco-Bos is one of four projects to receive the ‘Eco-town’ accreditation
 The project, comprising seven land parcels, includes the redevelopment of 700 hectares of
former industrial land, developing 5,500 new homes and creating over 5,000 jobs
 Designed to deal with dispersed rural travel and deliver a highly sustainable transportation
network
 Low Carbon Communities, Building energy and resource efficient homes with computer-based
technologies to efficiently manage energy and water resources
Andermatt
Overview
1
 Andermatt Swiss Alps is a first-rate holiday destination with a land bank of 1.5mn sqm offering
broad activity and lifestyle pursuits
 The project is planned to include 490 apartments, 25 exclusive villas, and 6 hotels with a
capacity of 844 rooms and a ski arena
 In Dec 2013, ASA opened its first 150-room, 5-star deluxe hotel operated by The Chedi
Andermatt
 Mr. Samih Sawiris has become the new majority shareholder of ASA with a 51% share by
converting his loans to the Group into ASA equity, ODH now is owns 49% and ASA is
deconsolidated from the Group’s financials
ODH owns 3.0 mn sqm in Phase 1, and is currently in talks to acquire the remaining 2.0 mn sqm. Phase 2 is not owned by ODH, however, the government has expressed interest to
allocated the land to the Company provided that it meets certain minimum building obligations
2 American call option (ending 2030) granting ODH the right to purchase part or all of the land plot
19
Agenda
ODH: Leading Developer of Fully Integrated Towns
Projects Overview
Performance, Strategy and The Opportunity
Operational and Financial Summary
Page 4
Page 11
Page 22
Page 34
Page 17
Appendices
20
Page 46
Performance, Strategy and The Opportunity
21
Continued Progress on Strategy Execution; Focusing on Growing Core Business & Maximizing
Efficiency
Cost Savings &
Maximizing Efficiency
Debt Reduction &
Restructuring
Reduced FY 2012 cost base by
CHF 50 mn at FY 2014
Reduce total debt by
CHF 92.1 mn (EGP 700 mn)
 Optimizing cost base in
proportion
to
target
revenue levels
 ODH sold 15% stake in
OHD for CHF 64mln &
successfully sold 12.5% of
CMAR for CHF 9.9mln,
proceeds will directly go to
servicing OHD’s debt
 Restructuring
the
organization making it
leaner and more efficient
through reducing unneeded
SG&A expenses
 Headcount reduced by
approx. 4,000 FTE since
year-end 2012
 Divestiture
of
underperforming
assets
(construction & low income
housing)
 Renegotiated procurement
deals to reduce cost of
goods sold in the hotels
segment
22
 Rescheduled principal and
interest payments for
Orascom Hotels and
Development
 Working on a club deal to
pool short term debt into a
combined long term loan
with rescheduled principle
and interest payments
Growing Core Business & Accelerating Land
Development and Monetization
Focus on value-adding
Investments
Real Estate
 Addressing marketing needs through:
 Developing more efficient units
 Increasing inventory mix to address different
market segment
 Focusing on adding value added amenities
that add to the destination experience and
visitor spend
Divesting Non Core
Assets
 Adopting a sub-development model whereby
land is developed by third parties under strict
development guidelines, signed two deals to date
with total value of USD 80 million
Hotels
 Established a fully owned hotel management
company, OHM
 Revisited all hotel management agreements
to assess the cost-benefit case by case
 Developed a yield system to increase early
booking and improve cash flow planning
 Centralized key functions across destinations
and hotels
Business Model Optimization and Organizational Development
 Red Sea Construction
 Orascom Housing
Communities
 CMAR, Club Med Hotel
in Mauritius
ODH financial results back on track
Occupancy rate (%)
81
100
62
Contracted sales (CHF mn)
76
56
57
51
51
50
44
51
0
2008
2009
2010
2011
2012
2013
2014
1H 2014 1H 2015
Average room rate (CHF)
80
60
40
20
0
56
2008
59
2009
65
2010
81
69
57
2011
60
2012
57
2013
56
2014
52
53
1
800
600
400
200
0
2009
115
2010
2011
2012
317
297
88
70
2013
2014
1H 2015
2009
2010
152
204
2011
2013
87
57
61
51
48
40
49
2010
2011
2012
2013
2014
1H 2014 1H 2015
8
6
4
2
0
5.3
2.6
2008
3.2
265
2014
182
1H 2015
2009
6.9
4.4
2010
2011
Total Revenue per available room
* Revenues and KPIs of Citadel Azur, five –stars hotel with 513 rooms was added back to ODH’s hotel portfolio in FY14, post the settlement reached with Falcon Hotels
23
66
668
2008
1H 2014 1H 2015
0
2009
2008
213
173
136
Average selling price (CHF’000’/m2)
50
2008
336
Number of units sold
TRevPAR (%) 1
100
400
300
200
100
0
2012
2.5
2.6
2013
2014
2.3
1H 2015
New & Ongoing Real Estate Launches
24
Egypt , El Gouna
Joubal Projects
Project Description
Built on carefully crafted elevated land & designed to give residents a panoramic view of their surroundings. From different
levels; residents can see the marina, the sea, and the mountains.
Joubal Views
Joubal Lagoons
Joubal Golf
Key Facts
Key Facts
Key Facts
Launch Date
Type
Project Area (sqm)
Footprint (sqm)
Total BuA (sqm)
No of units
Inventory value, USD
Sales Plan
Final Delivery
25
September 2015
Villas & Twin Villas
19,400
1,304
2,561
13
7,350,000
1 Years
September 2018
Launch Date
Type
Project Area (sqm)
Footprint (sqm)
Total BuA (sqm)
No of units
Inventory value, USD
Sales Plan
Final Delivery
September 2015
Villas & Twin Villas
52,00
3,073
6,057
31
17,920,000
1 Years
September 2017
Launch Date
Type
Project Area (sqm)
Footprint (sqm)
Total BuA (sqm)
No of units
Inventory value, USD
Sales Plan
Final Delivery
September 2015
Villas & Twin Villas
23,000
2,449
5,229
27
13,830,000
1 Years
September 2018
Egypt , El Gouna
Water Side Condos and Sabina Twin Villas
Water Side Condos
Sabina Twin Villas
Apartment Blocks, targeting Egyptian young families, offering
affordability , function-ability & exclusivity, overlooking
a unique water feature.
Key Facts
Location
Launch Date
Product type
Total Project Area (sqm)
Footprint (sqm)
Total BUA (sqm)
No of units
Inventory value
Sales Plan
Final Delivery
26
Inspired from Nubian like design with a new modern edge,
using earth colors , designed to give residents the luxury of
space and privacy of their own pools and gardens.
Key Facts
El Gouna, Egypt
December 2015
Apartments
49,614
7,702
20,900
176
39,312,901
2 years
December 2019
Location
Launch Date
Product Type
Total Project Area (sqm)
Footprint (sqm)
Total BUA (sqm)
No of units
Inventory value, USD
Sales Plan
Final Delivery
El Gouna, Egypt
September 2015
Twin Villas
33,454
2,715
4,704
30
12,600,000
1 years
September 2018
Oman
Salalah Beach
 Four Star Hotel, with 218 rooms & Suits
Al Fanar
Hotel
 Designed by renowned Italian designer
Sandro Serapioni, offers a unique blend of
contemporary design and serene Arabian
architecture.
 Out of the 218 rooms, 70 are planned to be
sold and leased back
 To date, 45 out of those 70 rooms are sold
with an average selling prices of USD 635
per m2
Ongoing RE Launched Projects since
Type
Total BuA (sqm)
No of units
Inventory value, OMR
Avg Price/m2 (OMR)
27
Al Fanar Apartments
2,090
38
3,866,500
1,850
Type
Total BuA (sqm)
No of units
Inventory value, OMR
Avg Price/m2 (OMR)
Villa
10,395
72
9,519,100
915
Oman
Jebal Sifah
Key Facts
Type
Total BuA (sqm)
No of units
Inventory value, OMR
Average Selling Price/m2 (OMR)
Key Facts
Villa
4,962
46
4,572,200
922
Type
Total BuA (sqm)
No of units
Inventory value, OMR
Average Selling Price/m2 (OMR)
Apartment
3,216
19
3,859,200
1,200
Finalizing the construction of the 9 holes for the Planned 18 hole PGA golf Course designed by Peter Harradine
28
Montenegro
Lustica Bay
Ongoing RE Launched Projects since
Launch Date
Type
Project Area (sqm)
Total BuA (sqm)
No of units
Inventory value, EUR
Sold to date (%)
Sales Plan
Final Delivery
July 2013
Villa
7,276
2,840
4
9,200,000
50%
2 Years
Q4, 2018
Launch Date
Type
Project Area (sqm)
Total BuA (sqm)
No of units
Inventory value, EUR
Sold to date (%)
Sales Plan
Final Delivery
July 2013
Apartment
8,473
6,564
45
17,157,915
73%
1 Year
Q4, 2016
Launch Date
Type
Project Area (sqm)
Total BuA (sqm)
No of units
Inventory value, USD
Sold to date (%)
Sales Plan
Final Delivery
June 2014
Apartment
7,589
7,609
43
18,169,982
56%
1 Year
Q1, 2017
Planned Hotel Investment Project
Marina Hotel
•
Five Star hotel with a total capacity of 110 rooms
•
Out of the 110 rooms, 60 rooms will be offered for sale as condo apartments.
•
The 60 condo units will be part of the hotel rental pool (infinite period of time)
against a revenue share of the rooms revenues.
29
Advanced Negotiations For An Optimum Debt Refinancing Package
 Management
is
currently
undergoing
a
restructuring
program in an
effort to de-lever
OHD’s
balance
sheet down to
normalized levels
 The Company is
planning to pay
down ~EGP 700
mn (CHF 92.1 mn)
of
which
the
company
had
already paid EGP
270 mn (CHF 35.5
mn) for capitalized
interest and past
dues
and
is
negotiating with
banks
to
reschedule
EGP
1,049 mn (CHF 130
mn) in overdrafts
68
500
102
465
Hotels
112
450
95
400
363
350
Net Debt
Build-up
(CHF mn) 1
172
300
Total Debt
Breakdown by
Entity
(CHF mn) 1
250
200
130
150
100
Corporate
286
50
-
Overdrafts
LTD
CPLTD
Tamweel Total Debt
Cash
Net Debt
100
16%
90
80
70
Loans Runoff
(CHF mn) 2
68
55
60
51
Total debt by
currency
( %,) 1
52
50
40
30
12
20
10
10
2020
2021
10
7%
37%
40%
5
0
2015
2016
Weighted average cost of debt (%)1
2017
2018
2019
2022
30.06.15
31.12.14
7.3
7.6
1 Figures are as of ODH Financial Statements of 1H 2015
2 Sum of LTD and CPLTD, excluding Tamweel and adjustment and illuminations of CHF 4.0 mn at the Group level
30
397
EGP
USD
EUR
Others
Analysis of Current Market Prices Suggests that ODH’s Other Projects are Attractively Priced
78
493 1
18
(101)
The Market Values ODH’s Other Projects at a Deep Discount to Book
392
172
ODH Net
Debt
Build-up
(CHF mn)
These figures represent the net BV3 of each of ODH’s Other Projects,
totaling CHF 458 mn. This implies a deep discount (CHF 362 mn) to the
equity value derived by the market
225
Short term
debt
Long term shareholders
Land
debt
loan
Liabilities
240
Net Debt
Breakdown
by Entity
(CHF mn)
Total Debt
296
56
1
Net Debt
1
36
56
15
14
14
362
458
34
87
OHD Net Debt
400
Other Projects' Net Debt
ODH Consolidated Net Debt
343
96
350
291
300
Equity
Value
Analysis
(CHF mn)
Cash
202
96
247
250
200
150
100
50
0
ODH Market Cap
2
OHD Market Cap
2
3
ODH Propotionalte
Stake in OHD
Other Projects's Equity
value
Other
Other
Market
Projects’ Projects’ Implied
Book
Equity Discount
Value
Value
4 This represents the total consideration at which Cape Citadel (a 5-star hotel on the Red Sea Coast) was priced according
Excludes debt held on Tamweel; the company’s leasing arm
to a legal dispute between ODH and Falcon
th
As of June 30 , 2015
3 Net BV represents equity value + quasi-equity; which are amounts due to ODH and expected to be capitalized at a later stage
1
2
31
Agenda
ODH: Leading Developer of Fully Integrated Towns
Projects Overview
Performance, Strategy and The Opportunity
Operational and Financial Summary
Page 4
Page 11
Page 22
Page 34
Page 17
Appendices
32
Page 46
Operational And Financial Summary
33
ODH weathered through some turbulent times and is emerging strong after the storm…
 With the recent
political stability,
start
of
an
economic recovery
in general and
revival of the
tourism sector in
particular,
ODH
started benefiting
through increased
Real Estate Sales &
Hotel revenues
Contracted Units, Average Selling Price
(Units, CHF )1
300.0
204
271
265
182
30.00
2.34
200.0
100.0
 The
Company’s
restructuring
efforts over the
last period are
already
bearing
the fruits of its
success
through
generally positive
financial indicators
152
TRevPar, Occupancy Rates
100 (CHF, %)
20.00
5.26
216
2.52
115
66
-
2011
2012
2013
Value of Contracted Units, CHF mn
2.63
88
2014
2.38
10.00
1H 2015
80
70
90%
56%
0.00
80%
57%
70%
51%
60
52%
51%
50
30
40%
57
457
51
49
48
10
2012
2013
2014
1H 2015
Number of Contracted Units
Occupancy Rate
TRevPAR
EBITDA
(CHF mn)
105
37.9
272
221
251
165
2011
2011
*
34
2012
2013
2014
OHC was deconsolidated in 2014, and hence, was excluded from our figures retrospectively
1H 2015
20%
0%
2011
…Translating into Enhanced Financial Performance
254
30%
10%
0
Average Price / sqm, CHF 000’s
Revenue
(CHF mn)
60%
50%
40
20
70
100%
90
-40
2012
-52
2013
-81
2014
1H 2015
Business Segments 1H 2015
Revenue
(CHF mn)
1H 2015
1H 2014
Δ in %
1H 2015
1H 2014
1H 2015
1H 2014
Hotels
58.5
48.8
20%
6.0
2.6
6.3
3.7
Real Estate & Construction
41.1
49.5
(17%)
12.5
17.0
9.5
15.8
Land
42.6
0.8
5225%
40.8
(0.2)
42.3
0.5
6.8
6.7
1.5%
(1.7)
(2.7)
(1.5)
(1.3)
15.5
14.8
4%
4.5
14.3
4.2
6.0
-
-
-
(24.2)
31.5
(13.8)
(14.0)
164.5
120.6
36%
37.9
62.5
46.9
10.7
Destination Management
Other Operations
Corporate & Unallocated Items
ODH Group
1
35
Adjusted EBITDA1
EBITDA
Adjusted EBITDA: EBITDA adjusted for non cash items (which includes provisions & impairments, other gains and losses, FX gains & share in associates)
Real Estate KPIs 1H 2015
Value of contracted
units (CHF mn)
Country
Destination
Egypt
Oman
Montenegro
Number of contracted
units
1H 14
1H 15
1H 14
1H 15
1H 14
1H 15
1H 14
El Gouna
60.3
18.1
150
40
2,541
2,302
80
31
Fayoum
0.2
-
1
-
590
-
3
4
Makadi
0.8
1.3
16
28
646
583
1
2
Gardania
1.8
-
3
-
1,262
-
-
-
Jebel Sifah
4.0
2.2
5
3
2,200
2,778
18
28
Salalah Beach
0.9
0.1
4
-
3,512
-
14
12
Luštica Bay
1.5
8.8
3
23
4,495
4,410
30
36
69.5
30.6
182
94
2,379
2,345
145
113
42.2
24.5
138
71
Numbers net of cancellations:
36
Value of deferred
Income (CHF mn)
1H 15
ODH Group
ODH Group
Average selling price
(CHF/m2)
Deferred Revenue Recognition Schedule, CHF mn
Deferred Revenue
Balance
2H 2015
2016
2017
2018
2019
El Gouna
80.4
11.4
33.7
32.7
2.5
-
Fayoum
3.2
0.7
2.5
-
-
-
Makadi
0.6
0.2
0.4
-
-
-
Total Egypt
84.2
12.3
36.7
32.7
2.5
-
Jebel Sifah
17.6
3.3
0.8
1.9
0.6
11.0
Salalah Beach
13.5
9.8
0.5
2.2
1.1
-
Total Oman
31.1
13.0
1.3
4.1
1.7
11.0
Montenegro
Luštica Bay
29.6
6.0
14.0
4.4
-
5.2
ODH Group
Total Group
144.9
31.4
52.0
41.2
4.1
16.2
Country
Destination
Egypt
Oman
37
Real Estate Performance Update

Successful outcome resulting from the first implementations
of the new real estate strategy in Egypt, with preliminary
results being witnessed during 2Q15.

Net sales in El Gouna in 2Q15 alone increased by 233% to
reach CHF 60.3 mn vs. CHF 18.1 mn in 2Q14

Cash Collections from the new sales in 2015 to date reached
EGP 88.8 mn

El Gouna, Egypt, Launching new inventory of USD 50 million
during 3Q and 4Q 15.

Makadi, Egypt, signed two new contracts with an external
developer for EGP 15 mn (CHF 1.8 mn)
to manage the
Joubal lagoons
Joubal
Launch Date
Inventory units
October 2014
111
Launch Date
March 2015
Total Inventory units 92
Inventory value ,USD
46.5 million
Inventory value, USD 36.9 million
Sold
Final Delivery
90%
October 2016
Sold
Final Delivery
91%
March 2017
destination’s existing retail outlets and build its club house
facility.

Fayoum, Egypt finalizing the construction of the sold villas, to
be delivered in 1Q16

Lustica Bay, Montenegro, held the official launch party in
August recognizing the successful completion & handover of
first 10 apartment buildings marking the destination’s start of
operations.

Jebel Sifah, Oman launching phase 1 (9-holes) of the Sifah Golf
course
38
Lustica Bay, Apt Buildings
Jebel Sifah, Golf Course
Hotel KPIs 1H 2015
Number of hotel
rooms
1H 15
Egypt
El Gouna
2,706
2,706
65
55
47
48
49
42
Taba Heights
2,365
2,365
17
21
42
26
16
13
Others Red Sea
*1,627
1,117
64
51
28
31
39
31
Floating Hotels
27
27
11
3
509
402
78
19
Jebel Sifah
79
79
32
27
136
123
88
74
Salalah Beach
481
481
48
24
93
100
85
41
The Cove
346
346
70
77
157
156
192
205
7,632
7,121
52
44
53
52
49
40
ODH Group
*
39
1H 14
TRevPar
(CHF)
Destination
U.A.E
1H 15
ARR
(CHF)
Country
Oman
1H 14
Occupancy
rate (%)
1H 15
1H 14
Citadel Azur , five – stars hotel with 514 rooms was added back to ODH’s hotel portfolio, post the settlement reached with Falcon Hotels
1H 15
1H 14
Hotel KPIs 2Q 2015
Number of
hotel rooms
2Q 15
Egypt
El Gouna
2,706
2,706
68
60
48
49
52
46
Taba Heights
2,365
2,365
23
18
42
20
23
9
Others Red Sea
*1,627
1,117
74
45
29
33
44
29
Floating Hotels
27
27
14
3
409
341
89
17
Jebel Sifah
79
79
29
27
128
108
75
69
Salalah Beach
481
481
26
14
89
108
47
26
The Cove
346
346
73
78
144
154
189
203
7,632
7,121
56
44
50
53
51
40
ODH Group
*
2Q 15
2Q 14
TRevPar
(CHF)
Destination
U.A.E
2Q 14
ARR
(CHF)
Country
Oman
40
Occupancy
rate (%)
2Q 15
2Q 14
Citadel Azur , five – stars hotel with 514 rooms was added back to ODH’s hotel portfolio, post the settlement reached with Falcon Hotels
2Q 15
2Q 14
Hotels performance update
 The successful tour operating commitment deals along with the new yielding strategy & pricing protocol introduced in 2014
afforded 18% increase in occupancy rates in 1H15 over 1H14, in spite of the security challenges in Egypt
 The new launched marketing campaign between FTI & El Gouna, resulted in 80% growth in FTI’s room-night in 2Q15 over 2Q14
 El Gouna Hotels’ online sales in 1H15 recorded a 63% increase in total revenue and a 20% increase in room rate over 1H14
 A notable boost in the performance of Makadi Hotels with a 200% increase in the hotel’s GOP during 1H15 over 1H14
 Italian business represents 21% of the total Omani Hotels’ business and is the destination’s second producing market with
approximately 11,000 room nights in 1H15
 Progressing with the development of the Ancients Sands Hotel in El Gouna ,Egypt, Al Fanar Hotel in Salalah Beach, Oman, and
the Cove Rotana extension in Ras Al Khaima . UAE. The 3 properties are due to launch between Dec15 and 1Q 16
Launched El Gouna-FTI new joint-marketing campaign facilitating an 80% growth in FTI’s room-night in
2Q 2015
41
Snap Shot - Income Statement And Balance Sheet 1H 2015 , CHF Million
Summary Income Statement
Revenue
1H 2015
1H 2014
164.5
120.7
Cost of sales
(114.7)
(104.4)
Gross profit
49.8
16.3
30.3%
13.5%
7.6
35.5
(4.7)
(5.5)
Non-controlling interests
1.1
1.5
Net profit / (loss)attributable to ODH shareholders
4.0
31.5
30.6.15
31.12.14
Property, plant and equipment
788.2
886.8
Inventories
268.1
305.6
Receivables
172.7
146.9
Cash and bank balances
102.1
100.7
Total assets
1,669.6
1,781.0
Borrowings
464.9
531.7
Payables
42.6
60.0
Other Liabilities
338.8
368.1
Total Equity
823.3
821.2
Gross profit margin
Profit / (loss) before tax
Income tax expense
Selected Balance Sheet Items
42
Agenda
ODH: Leading Developer of Fully Integrated Towns
Projects Overview
Performance, Strategy and The Opportunity
Operational and Financial Summary
Page 4
Page 11
Page 22
Page 34
Page 17
Appendices
43
Page 46
Appendices
44
Hotels Portfolio
45
El Gouna - Hotels Map
46
*****
12 Rooms
*****
420 Rooms
A luxury guesthouse directly set on the
northern shores of Mangroovy Beach
and its kitesurfing stations. A
brainchild of an antiques collector, the
hotel offers seclusion making it an
ideal hideaway for luxury seekers.
*****
134 Rooms
An upscale beachfront resort offering
a relaxing atmosphere combined with
a lavish selection of on-ground
facilities from diving to kitesurfing,
world renowned Angsana Spa outlet
and a nearby professional 18-hole golf
course.
*****
268 Rooms
*****
A family-oriented hotel featuring colorful
hillside accommodations reminiscent of
Tuscan homes, select villas spread around a
swimming lagoon, as well as deluxe
seafront rooms benefiting from prime
views over the hotel’s sheltered bay. Hotel
guests have exclusive access to the private
Bellevue Beach
****
54 Rooms
339 Rooms
An award winning architectural mix of
Arabian and Egyptian styles by the
internationally renowned Michael
Graves. The beachfront resort is built
on nine islands surrounded by gardens
offering mouthwatering cuisine, private
beaches, outdoor heated pool, and
water sports.
47
A stylish Nubian oasis exclusively
situated on El Gouna’s Championship
18-hole golf course. Complemented by
stunning architecture, breathtaking
landscapes, sparkling lagoons, the hotel
is home to a spa and fitness center for
ultimate serenity and rejuvenation.
Be it an absolute romantic holiday or a
blend of romance and action, this 4-star
hotel de charm is the spot. Boasting he
most relaxing views of the New Abu Tig
Marina coupled with some special treats
for an unforgettable romantic holiday,
the Adults Only hotel is minutes away
from El Gouna’s northern beaches.
****
239 Rooms
A beachfront resort with an all
inclusive program. The 4-star hotel is
built along a virgin beach expanse of
a protected bay. Club-style animation
and a myriad of sports activities make
it a perfect choice for active families..
The 4-star all inclusive resort managed
by a family-owned Belgian hotel chain.
Offering unparalleled Red Sea holidays
for families with children, the resorts’
unique architectural design is
complemented by lush landscaped
gardens
The Three Corners Ocean View offers a 4star all inclusive experience in an AdultsOnly environment. The hotel is home to
two unique clusters, Le Soleil and Du
Port, each offering a unique atmosphere
with one overlooking the seafront and
the other with fabulous Marina views
Overlooking the New Abu Tig Marina
with direct access to El Gouna’s northern
beaches, Mosaique Hotel is ideal for sun
and adventure seekers. The ultra fourstar hotel boasts cool décor, modern
flair and amenities tailored to the
convenience of its guests
****
66 Rooms
****
115 Rooms
****
434 Rooms
48
****
234 Rooms
****
69 Rooms
Capturing the essence of Egypt with its
winding alleys and stunning features,
the hotel overlooks El Gouna’s lagoons
and offers a tropical garden setting in
the heart of the town with easy access
to the vibrant Tamr Henna Square.
A charming Adults Only authentic hotel
fashioned to reminiscent an Upper
Egypt’s Mayor’s mansion in its most
romantic setup. The
hotel is
complemented by superb interior
design, a private lagoon beach and is
adjacent to El Gouna’s lively Downtown
area.
***
50 Rooms
Directly overlooking the Abu Tig Marina
promenade, minutes away from the
beach, the 3-star Captain’s Inn is one of
El Gouna’s most sought after small
hotels welcoming divers, kitesurfers, and
partygoers.
***
177 Rooms
Arena Inn offers all the amenities and
comforts of a holiday resort with a private
swimming pool and beautifully designed
waterfront restaurant. Hotel guests enjoy
access to a full-service beach.
49
***
28 Rooms
***
67 Rooms
In the heart of the Abu Tig Marina with
the most luxurious views and the most
convenient accessibility! Famed for its
terrace, Ali Pasha’s nightly beauty is
complemented by the delicacies served
at the town’s only Indian Restaurant,
Tandoor.
With only 28 guestrooms in the beautiful
Abu Tig Marina, Turtle’s Inn is one of El
Gouna’s most sought-after addresses.
This modern hotel offers tastefully
furnished rooms, refreshing style, and
personalized service.
Taba Heights- Hotels Map
50
*****
503 Rooms
*****
426 Rooms
Consisting of three separate structures
linked by tropical garden pathways and
resting on a prime waterfront location,
the resort offers breathtaking views of
the sea, pool and desert mountains. The
hotel offers 10 restaurants and bars,
exclusive entertainment and with its
state-of-the-art conference facilities, the
hotel is the perfect business retreat.
Swimming pools and a fully equipped
health club.
Beautifully framed by the pristine
natural environment, award winning
architect Michael Graves created the
beachfront resort as a paint box of
colors and quirky shapes of Egyptian
vaults and dome village styled
architecture. Home to 3 swimming
pools and a saltwater lagoon with its
own beach, eight restaurants, a wide
array of leisure facilities, the town’s
only Casino
*****
385 Rooms
*****
442 Rooms
The 4-star all inclusive resort
managed by a family-owned Belgian
hotel chain. Offering unparalleled
Red Sea holidays for families with
children,
the
resorts’
unique
architectural design is complemented
by lush landscaped gardens
51
****
394 Rooms
The beachfront resort is situated on
over 44 acres of lush gardens,
2800sqm of pools and waterfalls with
over 500sqm of pristine private beach
and houses seven exclusive dining
outlets, a private Spa, a Steam Room,
Swedish Sauna treatments and Jacuzzi.
****
215 Rooms
A signature Club Med Resort in the heart
of
Sinai.
Providing
exceptional
opportunities to discover the region’s
famous attractions, the unique Resort is
set on a beautifully preserved bay
covering 27 hectares, flanked by a 600
yard stretch of private beach offering an
ideal site for exploring the fabulous
underwater life of the Red Sea
Capturing the essence of Egypt with
its winding alleys and stunning
features, the hotel overlooks El
Gouna’s lagoons and offers a tropical
garden setting in the heart of the
town with easy access to the vibrant
Tamr Henna Square.
*****
491 Rooms
Located at Makadi bay, one of
Hurghada’s fascinating shores, 25km
away from Hurghada International
airport, the All Inclusive beachfront
resort overlooks its own spacious
private sandy beach, offering seven
restaurants & bars, a fully equipped
watersports center, two tennis
courts, a squash court, billiards, a
fully equipped fitness room and 2
swimming pools.
Only 25km away from Hurghada
International
airport,
the
beachfront
resort
is
easily
accessible
offering
seven
restaurants & bars, a fully
equipped watersports center, two
****
339 Rooms tennis courts, a squash court,
billiards, a fully equipped fitness
room and 2 swimming pools
Makadi is settled in the heart of the Red Sea tourism hub located only 25
kilometers away from Hurghada International Airport and just a short drive
from the bustling shopping and dining venues of Hurghada and Sahl
Hasheesh. Featuring a variety of residential units, hotels, commercial and
entertainment areas, as well as all the supporting infrastructure and
services, Makadi allows individuals and families to benefit from a more
active lifestyle.
52
Ideally located only a few
kilometers away from Hurghada,
Sahl Hasheesh and Safaga; the
Adults Only Azur Makadi Gardens
Hotel provides easy access to
****
most of the Red Sea’s world-class
287 Rooms waterfront destinations with
clustered facilities with its sister
hotels Royal Azur and Club Azur.
*****
283 Rooms
Located on an idyllic water inlet on the Ras Al
Khaimah beachfront overlooking the Arabian
Gulf with 600 m of pristine beach, the Cove
Rotana encompasses a number of Villas that
are
ideally designed to accommodate families of a
group of friends. With a Nubian touch in their
design, the Villas are well-crafted and
aesthetically designed to offer comforts that
you would expect of a 5-star resort and much
more. From spacious Living rooms, private
terraces, spectacular views of the Arabian Gulf
to the lagoon or lush green hills, each of the
Villas are designed to anticipate and cater to
your every need
Its ideal location at the entrance of the emirate made the development a regional
investment and leisure attraction. Extending over about 300,000 sqm, The Cove overlooks
600m of private beach and comprises an internationally renowned 5-star hotel operated
by Rotana, exclusive real estate, and a range of upscale services and amenities. State-ofthe-art leisure and urban facilities are within easy reach as the development is in close
proximity to two golf courses, several shopping malls and supermarkets, international
schools and hospitals of international standard.
53 www.thecove-uae.com
****
67 Rooms
Designed by renowned Italian designer
Alfredo Freda, the Sifawy Boutique Hotel is
ideally located only 45 minutes away from
the capital city of Muscat in the heart of the
picturesque marina town.
Jebel Sifah, Orascom Development’s third biggest town, is only an hour away from the Muscat
city center stretching across 5 km of beachfront. Jebel Sifah boasts a planned 950 residential
units, an18-hole PGA golf course, and an 84-berth inland marina surrounded by a picturesque
marina town.
Orascom Hotel Management currently operates the Sifawy Boutique Hotel, and further plans
to develop five 5-star hotels including some of the world’s most prestigious brands, among
them the Four Seasons. Restaurants, cafés, luxuriously-appointed spas, and boutiques
featuring the latest fashion complete the town’s offerings.
54
www.jebelsifah.com
*****
399 Rooms
A newly opened hotel offering a unique holiday experience
capitalizing on the Rotana’s understanding and hospitality
expertise, the upscale hotel’s Omani-inspired architecture
features a series of clusters surrounding the main building,
housing major public facilities and amenities.
*****
82 Rooms
Offering a spectacular landscape of fertile plains, fresh water springs, and lush coconut
trees enhanced by the monsoon during the summer, Salalah Beach is the Group’s first
and the region’s only tropical destination. Located on the southern part of Oman,
Salalah Beach is a large family-oriented complex boasting over 8 km of beachfront on
the Arabian Sea as well as a man-made lagoon system extending the sea inland. Once
fully developed, it comprises high-end luxury apartments and villas, restaurants and
cafés, shopping and retailoutlets, hotels - ranging from boutique to five-star beach
55resorts, a 200-berth inland marina, as well as two 18-hole PGA golf courses.
Nestled on the picturesque marina promenade of Salalah Beach and
facing the Indian Ocean, the hotel offers traditional lifestyle and values
expressed in the glowing architecture and aromatic food along with the
scents of frankincense and sandalwood. Among the recreational
facilities are 2 large swimming pools, a state-of-the-art wellness centre
and intimate guestrooms
ODH Shares - Shareholding Structure*
Shareholders by Country
Shareholders Breakdown
Shareholders by Type
6%
10%
31%
32%
13%
51%
51%
20%
63%
Dispo Shares
Egypt
Other
Cayman Islands
Switzerland
Institutional
Retail
18%
5%
Dispo Shares
Samih Sawiris
Janus Capital Management LLC
Share Information
Free Float
No. of Registered Shares: 14,001,730
No. of Dispo Shares: 14,541,417
Market Capitalization**: CHF 343.94 mn
Reuters Code:
ODHN.S
Index:
SPI Index
56
* As of 31.08.2015
** As of 20.09.2015
ODH EDR - Shareholding Structure*
Shareholders by Country
Shareholders Breakdown
Shareholders by Type
6% 1%
15%
18%
12%
1%
2%
4%
18%
8%
67%
67%
81%
Egypt
UK
KSA
Other
SOS
Institutional
Other Retail
Samih Sawiris
OIM PROJECTS LIMITED
DELLCREST CORPORATION
Share Information
No. of Registered Shares**: 186,428 mn
Reuters Code:
First Arabian Development & Investment
Company
Arab Investment
ODHR.CA
Free Float
* As of 30.06.2015
** Implying a conversion ratio of 20:1, where 20 EDRs in Egypt are equivalent to 1 registered share in Switzerland.
57
Income Statement
All figures are in CHF mn, unless otherwise
noted
Egypt
Oman
UAE
Others
Total Revenues
Cost of sales
Depreciation Expense
Gross Profit
% Margin
Administrative expenses
Investment income
Other gains and losses
Finance costs
Share of profit of associates
Profit / (Loss) before tax
% Margin
Income tax expense
Profit / (Loss) from continuing operations
% Margin
Profit / (Loss) from discontinuing operations
Total income statement
Non-controlling interests
Owners of the Parent Company
Total income statement
Finance costs
Income tax expense
EBIT
% Margin
Depreciation Expense
EBITDA
% Margin
58
2010
2011
2012
2013
2014
383
84
29
20
516
(310)
(30)
175
34%
(58)
12
19
(7)
(2)
141
27%
(19)
122
24%
122
27
95
208
6
27
15
256
(208)
(28)
20
8%
(81)
12
(13)
(8)
(5)
(76)
(30)%
(0)
(76)
-30%
(76)
(7)
(70)
211
18
30
14
272
(219)
(30)
23
9%
(66)
6
(33)
(9)
(1)
(79)
(29)%
(11)
(90)
-33%
(11)
(101)
(4)
(97)
161
15
29
17
221
(187)
(28)
6
3%
(71)
5
(39)
(31)
(10)
(140)
(63)%
(21)
(160)
-72%
(7)
(167)
(10)
(158)
179
30
27
14
251
(188)
(25)
37
15%
(45)
4
93
(33)
(9)
47
19%
(11)
36
14%
36
(6)
42
122
7
19
148
29%
30
178
35%
(76)
8
0
(68)
-27%
28
(40)
-16%
(101)
9
11
(82)
-30%
30
(52)
-19%
(167)
31
21
(116)
-52%
28
(88)
-40%
36
33
11
80
32%
25
106
42%
1H 2015
117
19
13
16
165
(102)
(13)
50
30%
(19)
3
(4)
(17)
(5)
8
5%
(5)
3
2%
3
(1)
4
3
17
5
25
15%
13
38
23%
Balance Sheet
All figures are in CHF mn
2010
2011
2012
2013
2014
1H 2015
Cash & Bank Balances
Net Receivables
Due from Related Parties
Inventories
Other Current Assets
Total Current Assets
Property, Plant and Equipment
Investment Property
Goodwill
Investment in Associates
Long-Term Receivables2
Other Non-Current Assets
Assets Held for Sale2
Total Assets
276
159
24
260
130
849
926
78
8
35
108
88
2,093
79
137
45
478
88
828
969
76
8
29
102
70
2,083
102
95
18
499
82
795
1,003
79
7
19
94
85
2,083
73
52
17
357
62
562
767
10
7
104
33
42
150
1,673
101
96
37
306
114
654
887
12
7
112
84
25
1,781
102
88
45
268
112
615
788
11
6
104
93
52
1,670
Trade and Other Payables
Borrowings2
Due to Related Parties
Current Tax Liabilities
Provisions
Shareholders’ Loan
Other Current Liabilities
Total Current Liabilities
Land Liabilities
Borrowings2
Other Non-Current Liabilities
Liabilities Held for Sale2
Total Liabilities
Minority Interest
Shareholders' Equity
Total Liabilities & Equity
57
241
3
16
57
28
138
540
36
271
54
900
198
996
2,093
58
282
6
6
90
23
181
645
32
254
58
990
241
853
2,083
50
324
17
5
79
9
251
735
32
279
60
1,106
236
740
2,083
30
198
16
3
96
39
157
550
26
211
46
79
911
219
543
1,673
37
274
3
6
83
69
158
631
23
258
48
960
200
621
1,781
25
251
2
4
73
78
137
570
18
214
44
846
218
605
1,670
1
The drop was due to the deconsolidation of OHC
The fluctuations in those accounts from 2012 – FY 2014, are due to the reclassification of CMAR and Tamweel as “Assets Held for Sale” in 2013, before reversing the
reclassification of Tamweel and retaining it in 9M 2014
2
59
Board Of Directors
Samih Sawiris
Chairman and
CEO of ODH
After receiving his Diploma in economic engineering from the Technical University of Berlin in 1980, Mr. Sawiris founded his first company, National
Marine Boat Factory. In 1996, he established Orascom Projects for Touristic Development and in 1997 Orascom Hotel Holdings, the two companies later
merged to form Orascom Hotels & Development S.A.E. (OHD). Furthermore, Mr. Sawiris established El Gouna Beverages Co. in 1997, which he sold in
2001 when it was the largest beverage company in Egypt. Mr. Sawiris now serves as chairman and CEO of Orascom Development.
Eskandar Tooma
CFO of ODH
Dr. Tooma is a tenured professor of finance and holds the British Petroleum endowed chair with the School of Business at The American University in
Cairo. He combines academic experience with practical exposure through assuming a variety of public and private professional posts. He was senior
advisor to the Egyptian Capital Market Authority for 3 years, as well as a member of a variety of committees including the EGX30 Index Committee,
Market Advancement Committee at the Egyptian Stock Exchange, an advisor and member of the Derivatives and Commodities Exchange Committee
with the Ministry of Investments and an advisor to the Ministry of International Cooperation on Egypt’s Debt Swap Experience. Mr. Tooma sits on the
board of two EGX listed and actively traded companies:
Adil Douiri
Non-Executive
Member
Franz Egle
Non-Executive
Member
60
Mr. Douiri is the founding shareholder and CEO of Mutandis, a Moroccan investment company established in 2008. Mr. Douiri served in His Majesty
King Mohamed VI’s Government as Minister of Tourism (2002-2004) and later as Minister for Tourism, Crafts & Social Economy (2004-2007). In 1992 Mr.
Douiri founded Casablanca Finance Group (later renamed CFG Group), the country’s first investment bank. Until 2002 he acted as chairman of its
supervisory board and is still a board member. He is also a board member of BMCE Bank, the third largest Moroccan commercial bank, and MFEx, a
Stockholm based technology company serving the financial industry. Mr. Douiri graduated as an engineer from the Ecole Nationale des Ponts &
Chaussées (ENPC) in Paris.
Mr. Egle’s background is in strategy development, corporate communications, media and PR. After holding senior positions in the private sector he was
in charge of communications at the Swiss Federal Department of Foreign Affairs and advisor to the Minister of Foreign Affairs (1993-1998). Before cofounding Dynamics Group, a Swiss company providing strategic consulting, communication management and research analysis, Mr. Egle was a partner
of Hirzel. Schmid.Nef Konsulenten, a communication and financial consultancy firm (1999- 2006). Mr. Egle holds a Doctor’s degree in sociology from the
University of Zurich. Dynamics Group, where Mr. Egle is a Senior Partner, has been retained by the Group to provide services in the field of
communications
Board Of Directors
Ms. Müller-Mohl has been President of the Müller-M hl Group since 2000. From 1999 to 2000, she was Vice Chair of the Board of Directors of Müller-
Carolina MüllerMohl Holding AG, after working as a journalist and advertising and PR consultant. She is currently the chairperson of Hyos Invest Holding AG. After
Möhl
gaining an International Baccalaureate at Upper School Salem International College (Germany), Ms. Müller-Mohl studied politics, history, and law the
Non Executive
Member
Jürgen Fischer
Non Executive
Member
Marco Sieber
Non Executive
Member
Jürg Weber
Non Executive
Member
61
University of Heidelberg and at the Otto-Suhr Institut at the Freie Universit‫ن‬t Berlin. She graduated with a Master’s degree in political science and
completed further studies at the London School of Economics and at the Europainstitut of the University of Basel.
Mr. Jurgen Fischer, is founder of „The Pearl Management Consultants“ in Dubai, United Arab Emirates. Previously he was CEO of Dubai Properties LLC,
a major Real Estate Developer in the UAE. During his time with Dubai Properties he oversaw several Theme Park and Tourist projects. Between 1995
and 2008 Jurgen Fischer held several senior positions with Hilton International. Prior to joining Hilton, he worked for the Walt Disney Company in
different roles in Florida and Paris including Vice President Sales & Marketing for Disneyland Paris and Director of Resort Development at Disneyland
Paris. Mr. Fischer graduated from the Ecole Hôtelière Lausanne, Switzerland and obtained an MBA with Honors from IMEDE/IMD, Lausanne in 1988
Mr. Sieber studied economics at the Business School in Lausanne. After graduating with a business degree, in 1989 he took over the family owned
company SIGA Ltd. together with his brother. Mr. Sieber managed to transform SIGA Ltd. into a company which operates internationally and which has
over 300 employees. SIGA Ltd. develops and produces products for the construction sector, namely in the field of energy-saving sealings. In 2012, Mr.
Sieber also became majority shareholder in Baertschi Agrartecnic Ltd. Since 2011, Mr. Sieber is an active investor in the soccer club FC Lucerne (FCL)
and since 2013 he is president of the FCL Holding.
Jürg Weber holds a MBA and a Major in Finance and Strategic Planning from the Wharton School, University of Pennsylvania. Mr. Weber previously
studied Civil Engineering at the School of Engineering in Switzerland and Microeconomics and English at the University of California, Santa Barbara. Mr.
Weber is the founder and owner of the “Golden Horn Management”, Ukraine. Previously, Mr. Weber was CEO of “Boyner Holding”, Turkey, a Partner
at McKinsey & Company and an Assistant Vice Chairman in “UBS Philips & Drew”. Mr. Weber is currently serving as member of the Board of Directors
of „AVIVA Sigorta A.S:“, „KRON TELEKOMÜNIKASION HIZMETLERI A.S.“, „GREAT TURK FUND LTD.“ in Turkey, and „BENSYS HOLDING“, Holland.
Executive Management Team
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Samih Sawiris
Chairman and
CEO of ODH
After receiving his Diploma in economic engineering from the Technical University of Berlin in 1980, Mr. Sawiris founded his first company, National
Marine Boat Factory. In 1996, he established Orascom Projects for Touristic Development and in 1997 Orascom Hotel Holdings, the two companies later
merged to form Orascom Hotels & Development S.A.E. (OHD). Furthermore, Mr. Sawiris established El Gouna Beverages Co. in 1997, which he sold in
2001 when it was the largest beverage company in Egypt. Mr. Sawiris now serves as chairman and CEO of Orascom Development.
Eskandar Tooma
CFO of ODH
Dr. Tooma is a tenured professor of finance and holds the British Petroleum endowed chair with the School of Business at The American University in
Cairo. He combines academic experience with practical exposure through assuming a variety of public and private professional posts. He was senior
advisor to the Egyptian Capital Market Authority for 3 years, as well as a member of a variety of committees including the EGX30 Index Committee,
Market Advancement Committee at the Egyptian Stock Exchange, an advisor and member of the Derivatives and Commodities Exchange Committee with
the Ministry of Investments and an advisor to the Ministry of International Cooperation on Egypt’s Debt Swap Experience. Mr. Tooma sits on the board
of two EGX listed and actively traded companies:
Abdelhamid
Abouyoussef
ODH Chief Hotel
Officer
 Eng. Abouyoussef started his career in design and installation of hotel electro-mechanical systems in 1998.He soon moved to project management in
hotel construction, in addition to being the owner’s representative at Amphoras Holiday Inn, Sharm El Sheikh. He now has his own company, Shores
Hotels currently managing 1,600 rooms across Egypt. He also founded a travel agency that handles over 100,000 tourists per year
 Eng. Abouyoussef helped develop Orascom Hotels Management, a JV between ODH and Shores, to manage OHD’s entire hotels portfolio, and other
hotels on the ODH level
 Eng. Abouyoussef received his B.S. in Mechanical Engineering from the American University in Cairo and a Masters of Science degree from the
University of California at Berkeley
IR dashboard
Investor Relations Contact:
Sara El Gawahergy
Head of Investor Relations
Tel Dir +20 (0)22 461 89 61
Mobile EGY: +20 100 2185651
Mobile CH: +41 41 874 1711
sara.elgawahergy@orascomdhcom
[email protected]
www.orascomdh.com/en/investor-relations
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