Altdorf, April 27th, 2020 FY 2019 Results · FY 2019 Results –Analyst & Investor Presentation...

FY 2019 Results

Analyst & Investor Presentation

Altdorf, April 27th, 2020

1. Executive Summary

2. FY 2019 – Key Highlights

3. FY 2019 – Operational Highlights by Destination

4. FY 2019 – Financials

5. Outlook 2020

6. Appendix

Table of Contents

Altdorf, April 27th, 2020FY 2019 Results – Analyst & Investor Presentation 2

1. Executive Summary FY 2019


Change In Executive Management

4

In 2020

▪ January 31st, 2020: It was with great sadness that (ODH) had to bid farewell to its CEO Khaled Bichara in a car

accident.

▪ February 4th, 2020: Mr. Samih Sawiris assumed the role of Executive Chairman to lead the Executive Management for

an interim period until the appointment of a new CEO. Mr. Sawiris will lead and be assisted by an interim committee,

which includes appointed members of the Board of Directors as well as members of Executive Management. In

addition to Mr. Sawiris, the selected committee members are: Naguib S. Sawiris (Board member), Jürgen Fischer

(Board member), Ashraf Nessim (Chief Financial Officer) and Abdelhamid Abouyoussef (member of the Executive

Management). The role of the committee will be to (1) supervise and support management day to day, and (2) lead the

appointment and onboarding of the new CEO.

▪ Executive Management have been with the Group for the past 7 years and will accelerate the execution of the strategy

that was developed and communicated in mid-2016.

Altdorf, April 27th, 2020FY 2019 Results – Analyst & Investor Presentation

Executive Summary

5

Revenues

− Up 33.2% to CHF

453.3mn in FY 2019

vs. CHF 340.3mn

(Reported).

− Up 43.9% in FY

2019 vs. CHF

315.1mn in FY 2018

(Pro-forma)* .

+33.2%

Pro-forma Adj.

EBITDA

− Up 30.8% to CHF

74.3mn in FY 2019

vs. CHF 56.8mn in

FY 2018 (Pro-

forma)*.

− Up 5.7% to CHF

74.3mn in FY 2019

vs. CHF 70.3mn

(Reported).

+30.8%

Cash from

Operations

− Cash from

operations surged

by 44.0% to CHF

80.9mn vs. CHF

56.2mn in FY 2018.

+44.0%

Net losses

− ODH reported a net

loss of CHF 31.3mn

in FY 2019 vs. a

loss of CHF 45.9mn

in FY 2018

(Restated).

− FY 2019 net losses

of CHF 31.3mn vs.

a loss of CHF

52.7mn in FY 2018

(Pro forma)*.

CHF (31.3)mn

Financing

− ODH successfully

issued a listed

CHF100mn bond with

a coupon of 3.25% & a

5 years tenor.

− First public bond issue

for ODH.

− Proceeds will be used

for further development

of Oman, Montenegro

& for general corporate

purposes.

Bond Issuance

New Destination

− On 4th Nov, ODH

announced the launch

and development of the

First Phase of Eco-Bos,

Cornwall ,UK.

Launch of Eco-Bos


* Pro-forma excludes the contributions from Tamweel, Citadel Azur, Royal Azur and Club Azur hotels that were sold out and deconsolidated during 2018.

2. FY 2019 – Key Highlights


126.6

232.5

42.266.4

FY 2018 FY 2019

Real Estate Financials (CHF mn)

Revenues Adj. EBITDA

235.6

490.8

FY 2018 FY 2019

293.0

611.7

FY 2018 FY 2019

201.4

483.9

FY 2018 FY 2019

Net Real Estate Sales (CHF mn)

FY 2019

FY 2019 Results – Analyst & Investor Presentation 7

Key Segment Financials & KPIs

140.3% 108.8%

Real Estate Receviables Portfolio (CHF mn)Real Estate Deferred Revenue Balance (CHF mn)

108.3%

83.6%

57.3%156.5

168.8

59.5 62.4

FY 2018 FY 2019

Hotel Financials (CHF mn)*

Revenues GOP

7.9%

36.1

50.5

(3.0)

0.4

FY 2018 FY 2019

Town Management Financials (CHF mn)

Revenues Adj. EBITDA

113.3%

39.9%

* FY 2018 revenues and Adj. EBITDA included contributions from Citadel Azur, Royal Azur and Club Azur hotels that were sold out and deconsolidated during 2018.

Altdorf, April 27th, 2020

4.9%

168.8

232.5

50.5

1.5

Hotels

Real Estate

Town Mgt.

Land

156.5

126.6

36.1

16.8

4.3

Hotels

Real Estate

Town Mgt.

Tamweel

Land

1%

FY 2019


Y-o-Y Revenue Analysis

46%37%

11%

5%

52%

11%

37%

Revenues by Segment FY 2018 (CHFmn) Revenues by Segment FY 2019 (CHFmn)

CHF 453.3mn

− Tamweel Group was deconsolidated in Q4 2018.

− Citadel Azur, Royal Azur and Club Azur Hotels were sold and deconsolidated during 2018.

CHF 340.3mn

49%

18%

7%

8%

6%

6%

3%

1% 2%

El Gouna

Hawana Salalah

O West

Lustica Bay

Jebal Sifah

UAE

Taba Heights

Makadi Heights

Others*

46%

15%

9%

11%

7%

6%3%

3%

El Gouna

Hawana Salalah

UAE

Lustica Bay

Others*

Jebal Sifah

Taba Heights

Makadi Heights

FY 2019


Y-o-Y Revenue Analysis

Revenues by Destination FY 2018 (CHFmn) Revenues by Destination FY 2019 (CHFmn)

CHF 453.3mn

− Others in FY 2018 included Tamweel Group, Citadel Azur, Oberoi Zahra, Fayoum &

Corporate.

CHF 340.3mn

− Others in FY 2019 included Oberoi Zahra, Fayoum & Corporate.

3. FY 2019 – Operational Highlights by Destination


Destinations

A leading fully integrated

developer with more than

30 years of experience

101.0 mn m2

of land bank across

7 countries

67.8 mn m2 remaining

land bank (67.1%)

9 operating destinations

with 33 Hotels

& 7,178 rooms

11

Egypt:

▪ El Gouna

▪ Taba Heights

▪ Makadi Heights

▪ Fayoum

– O-West

Oman:

▪ Hawana Salalah

▪ Jebal Sifah

– As Sodah Island

– City Walk

UAE:

▪ The Cove

Switzerland:

▪ Andermatt

Montenegro:

▪ Luštica Bay

United Kingdom:

– Eco – Bos

Morocco:

– Chbika

Portfolio

1

1

2

3

4

5

6

7

2

3

4

5

6

7

▪ Operating Destination


El Gouna, Egypt

Update FY 2019

− Finalized the renovation and officially

opened Cook’s Club Hotel (144 rooms) in

mid-August 2019.

− Official launch of Casa Cook Hotel (100

rooms) was at November 1st, 2019.

− Progressing with the construction of Abu Tig

Hill apartments and Tawila Phase 2 & 3.

− Opened phase 1 of the new concert &

conference center in first week of November

2019.

12

− Added more real estate inventory in

Ancient Sands Villas and Cyan , in

January 2020.

El Gouna, Egypt

Revenues per segment

FY 2019 (CHF mn)

65.1 75.1

63.9

106.928.5

38.4

0.1

1.5

FY 2018 FY 2019

Hotels Real Estate Destination Management Land

+40.8%

221.9

157.6

+34.7%

+67.3%

+15.4%

El Gouna, Egypt

KPIs

FY 2019 FY 2018 % Chg

Hotels

Total number of rooms* 2,702 2,649 2.0%

Occ. for available rooms (%) 81 80 1.3%

TRevPAR (CHF) 80 67 19.4%

GOP (CHFmn) 35.4 33.2 6.6%

GOP PAR(CHF) 38 35 8.6%

Real Estate

Net sales (CHFmn) 128.8 111.4 15.6%

No of contracted units 231 321 (28.0%)

Avg. selling price (CHF/m2) 3,013 2,251 33.9%

* The number of rooms in El Gouna increased mainly because

opening of Casa Cook Hotel (100 rooms) during Q4 2019.

13

+1,400%

Hawana Salalah, Oman

Update FY 2019

− Added CHF 43.0mn new inventory in

Forest Island real estate project. The

new phase includes standalone villas,

twin and town houses and apartments.

− Early handover of 162 units in Hawana

Lagoons commenced in August 2019.

− Started the construction of a new 400-

rooms, 5-star hotel with plans for soft

opening in Q4 2021. This will mark the

completion of the Group’s minimum built

obligations in the country and will allow

ODH to secure its land bank in Oman. 14

− During FY 2019, commercial rents of the

apartments to third parties rose 34% y-o-y.



FY 2019 (CHF mn)

41.4 44.4

9.2

35.81.2

1.5

FY 2018 FY 2019

Hotels Real Estate Destination Management

+57.7%

81.7

51.8

+25.0%

+289.1%

+7.2%


KPIs

FY 2019 FY 2018 % Chg

Hotels

Total number of rooms 1,081 1,081 –

Occ. for available rooms (%) 60 70 (14.3%)

TRevPAR (CHF) 112 124 (9.7%)

GOP (CHFmn) 16.4 15.0 9.3%

GOP PAR (CHF) 42 45 (6.7%)

Real Estate

Net sales (CHFmn) 32.2 23.5 37.0%

No. of contracted units 200 188 6.4%


15

Luštica Bay, Montenegro

Update FY 2019

− Started the design of the new Marina

Hotel (200 units).

− Construction for the real estate and

retail spaces are in progress in Marina

Village.

− Delivered in October 2019 two

apartment buildings in Centrale area.

16

− Design planning for the golf

neighborhood area intensified during

2019, with conceptual designs for first

phase real estate nearing completion.

− Added 3 pontoons with 35 new berths

thus raising the capacity of the

marina up to 85 boats.



FY 2019 (CHF mn)

2.04.8

35.6 28.9

0.6

1.9

FY 2018 FY 2019


-6.8%

35.6

38.2

-18.8%


KPIs

FY 2019 FY 2018 % Chg

Hotels

Total number of rooms 111 111 –

Occ. for available rooms (%)* 46% 45% 2.2%

TRevPAR (CHF) 146 152 (3.9%)

GOP (CHFmn) (0.3) (0.3) –

GOP PAR (CHF) (9) (22) 59.1%

Real Estate

Net sales (CHFmn) 31.8 34.9 (8.9%)

No of contracted units 83 53 56.6%

Avg. selling price (CHF/m2)** 4,878 6,284 (22.4%)

17

* It is important to note that the Chedi hotel was opened only starting from

Aug. 2018 for 4 month while in 2019 it was operational for 9 months.

** Avg. selling prices decreased vs. last year due to the change in product

mix, we sold more units in Centrale which targets a different market segment

than the high-end marina units.

+140.0%

+216.7%

O West, Egypt

Update FY 2019

− In Jan. 2020, we launched two new phases

“Whyt” & “Tulwa”. The two phases include

town and twin houses, villas & apartments with

a total inventory of CHF 186.4mn.

− Launched O Business District including unique

office buildings with a total inventory value of

CHF 27.0mn.

− No. of memberships in O West Club stood at

935 membership by the end of FY 2019.

− Signed an agreement with Kent College to open

its first campus in Egypt. The school planned

commencement of operations is expected to

start in Q3 2022.

− Formed a strategic alliance with Cairo for

Investment & Real Estate Development (CIRA)

for the development of two new international

schools in O West. Expected to be operational

in Q1 2021. − Render

18

− The education zone transactions that

we did resulted in securing a total of

c. CHF 19.2mn of cash inflows to

ODH.

− Started site mobilization, earthworks

and construction activities in

February 2020.

O West, Egypt

KPIs

FY 2019

Real Estate

Net sales (CHFmn) 255.7

No of contracted units 935

Avg. selling price (CHF/m2) 1,268

Total O West (CHFmn)

Total revenues 32.9

− Render

19

Andermatt, Switzerland

Update FY 2019

− Net sales reached CHF 62mn vs. CHF

110mn in 2018 (including Taurus bulk

deal of CHF 50mn).

− The SkiArena Andermatt-Sedrun is fully

connected and started with an increase

of guests by 5% from November until mid

of March, compared to the comparative

period in the prior year.

20

− Occupancy rate of The Chedi remains

stable at 54% in FY 2019, while for

Radisson Blu Reussen it stood at 36%.

− 20% more golfers came to play in

Andermatt.

− Hired a new CEO, Raphael Krucker, who

started on 1 January 2020.

− The Chedi and the Radisson Blu Hotels will

open their doors again on May 8, 2020, after

the Uri government imposed further

restrictions on tourist businesses as a results

of COVID-19.

− In May 2020; the Golf course and other sport

activities will resume operations, after they

were shut down due to COVID-19.

Andermatt, Switzerland


FY 2019 (CHF mn)

21

FY 2019 FY 2018 % Chg

Hotels

Total number of rooms 347 227 52.9%

Occ. for available rooms (%) 42% 53% (20.6%)

TRevPAR (CHF) 321 647 (50.4%)

GOP PAR (CHF) 12 25 (50.0%)

Real Estate

Net sales (CHFmn) 62 110* (43.6%)



167.3

135.7

+23.3%

26.938.9

90.9

101.4

17.9

27.0

FY 2018 FY 2019


+50.8%

+11.6%

+44.6%

* Net sales in 2018 included a bulk deal in the amount of CHF 50mn.

4. FY 2019 – Financials


FY 2019

23

Income Statement – Reported

(CHFmn) Q4 2019 Q4 2018 FY 2019FY 2018

Restated

Revenue 128.1 112.5 453.3 340.3

Cost of sales (98.4) (71.8) (339.2) (231.6)

Gross profit 29.7 40.7 114.1 108.7

Gross profit margin, (%) 23.2% 36.2% 25.2% 32.0%

Investment income 2.7 2.7 10.6 8.3

Administrative expenses (15.4) (18.9) (50.4) (46.7)

Adj. EBITDA 17.0 24.5 74.3 70.3

Adj. EBITDA margin, (%) 13.3% 21.8% 16.0% 20.7%

Other gains & losses (15.9) 2.2 (5.6) (6.4)

Share of associates losses (4.6) (5.1) (13.2) (17.2)

EBITDA (3.5) 21.5 55.5 46.6

Depreciation (7.3) (10.2) (29.9) (26.7)

Finance costs (9.4) (10.1) (39.8) (40.4)

Income tax expense (3.2) (17.4) (17.1) (25.3)

Net losses for the period (23.4) (16.3) (31.3) (45.9)

Attributed as follows:

ODH shareholders (1.8) (19.5) (15.7) (50.0)

Non-controlling interest (21.6) 3.2 (15.6) 4.1

EPS (CHF) (0.05) (0.49) (0.40) (1.26)

Notes

Revenues increased due to the enhanced operational performance

across all business segments in all destinations.

Increase in G&A expenses is mainly due to increase in the CEO

compensation.

Other gains & losses for FY 2019 includes FX gains amounting to

CHF 14.0mn, CHF 3.1mn investment properties revaluation and

prudence-related to additional one-time impairments (CHF 21.5mn).

Share of associates losses decreased due decrease in ASA losses

and increase in the profitability of Red Sea for Construction.

Depreciation increased due to the new hotel rooms additions during

the period.

Income Tax expense in FY 2018 included a tax payment related to

our Egyptian subsidiary.

FY 2018 restated: correction of CHF 8.5mn related to the

reclassification of the "Royal" property from owner occupied to

investment property; which was erroneously reclassified to profit or

loss for the FY 2018. Amount was correction in the restatement

resulting in an increase of the loss for the FY18 from CHF 37.4mn to

CHF 45.9mn, with no effect on the cash position or total equity

reported in 2018.

1

2

4

3

6

2

3

1

4

6

5

5

7

7


FY 2019

24

Income Statement – Pro Forma

(CHFmn)

FY 2019

Reported

FY 2018

Reported

FY 2018

pro forma

Revenue 453.3 340.3 315.1

Cost of sales (339.2) (231.6) (219.8)

Gross profit 114.1 108.7 95.3

Gross profit margin, (%) 25.2% 32.0% 30.3%

Investment income 10.6 8.3 8.2

Administrative expenses (50.4) (46.7) (46.8)

Adj. EBITDA 74.3 70.3 56.8

Adj. EBITDA margin, (%) 16.0% 20.7% 18.0%

Other gains & losses (5.6) (6.4) (5.4)

Share of associates losses (13.2) (17.2) (17.2)

EBITDA 55.5 46.6 34.2

Depreciation (29.9) (26.7) (23.0)

Finance costs (39.8) (40.4) (39.2)

Income tax expense (17.1) (25.3) (24.7)

Net losses for the period (31.3) (45.9) (52.7)

Notes

− Took out Tawmeel Group revenues in FY 2018 as it was

sold and deconsolidated in Q4 2018.

− Took out Royal Azur and Club Azur Hotels revenues in

FY 2018 as they were sold and deconsolidated in Q4 2018.

− Took out Citadel Azur Hotels revenues in FY 2018 as they

were sold and deconsolidated in May 2018.


FY 2019

25

Balance Sheet

Notes

Inventory increased as a result of the increase in the land

held for development (O West) to co-develop an integrated

community project with a total amount of CHF 397.7mn.

Receivables increased due to the increase in real estate

revenue across all destinations.

Cash & bank balances and borrowings increased mainly due

to the issuance of CHF 100mn bond.

Payables include accruals to the Egyptian government for

O West project.

Other liabilities increased due to the increase in customers

advance payments related to the real estate sales, in

addition, to the value of the non-cash (In-kind BUA) portion

due to the Egyptian government for O West project.

1

2

4

3

5

(CHFmn) 31.12.19 31.12.18

Property, plant and equipment 814.4 761.8

Inventory 516.4 118.5

Receivables 154.7 138.6

Cash and bank balances 186.0 138.3

Investments in associates 29.3 43.6

Other assets 134.2 129.6

Non-current assets held for sale 5.8 5.5

Total assets 1,840.8 1,335.9

Borrowings 429.9 372.4

Payables 388.4 68.5

Provisions 33.6 62.6

Other liabilities 421.6 256.1

Liabilities related to assets held for sale 0.6 0.5

Total liabilities 1,274.1 760.1

Non-controlling interests 160.3 167.1

Equity to ODH shareholders 406.4 408.7

Total liabilities and equity 1,840.8 1,335.9

2

3

1

3

4

5


Financing profile

26

Cost of Debt: 7.2%

FY 2019 Balance: CHF 429.9mn

EGP9%

USD37%

EUR5%

AED5%

OMR22%

CHF23%

EGP

USD

EUR

AED

OMR

CHF

47%

22%

5%3%

23%

Egypt

Oman

UAE

Montenegro

Switzerland

Current Debt by CountryCurrent Debt by CurrencyMaturity Profile & Balance

13

4348

5764

124

81

CF 2020 2021 2022 2023 2024 2025 -2032


FY 2019


Cash Flow Statement

Notes

Cash flow from operations increased due to the enhanced

operational performance across all business segments

during the period.

Includes a one-time tax settlement payment for the Egyptian

subsidiary in 2019.

Payments for PP&E include construction activities in El

Gouna, Lustica and Oman.

Change in Borrowings resulting mainly from:

(-) Debt repayment of CHF 43.5mn.

(+) Debt proceeds of CHF 109.8mn.

3

(CHF mn) FY 2019 FY 2018

Cash from operations 80.9 56.2

Interest paid (36.3) (40.5)

Taxes paid (24.4) (7.5)

Operating Cash Flow 20.2 8.2

Payments for PP&E (74.6) (60.2)

Other items 29.1 41.3

Investing Cash Flow (45.5) (18.9)

Change in Borrowings 63.1 6.6

Proceeds from disposal of noncontrolling interest

of consolidated subsidiary- 41.4

Other Items 3.5 (2.0)

Financing Cash Flow 66.6 46.0

Net change in cash/equivalents 41.3 35.2

Cash & bank balances beginning of period 138.3 103.7

Effects of FX changes 6.4 (0.6)

Cash & bank balances end of period* 186.0 138.3

1

2

3

* Includes cash related to assets held for sale.

1

2

4

4

5. Outlook 2020


29

Outlook FY 2020

• The necessary drastic measures undertaken by governments and countries worldwide, and the constantly changing situation amid COVID-19,

makes it impossible to provide an accurate outlook on the ramifications on 2020 operational and financial results. Accordingly, the Group decided

to abstain at the time being from providing full-year guidance on its 2020 results; however, we intend to provide an update of the evolving situation

during all our upcoming quarterly results calls and market communications as needed.

• It is important to note that ODH has managed to pass through hard and somehow similar times before. We managed to overcome the hit from the

Arab spring in 2011 and the Egyptian revolution in 2013 and still learned how to successfully operate with minimum OPEX, reduce spending and

preserve cash to the longest periods possible.

• With this acquired knowhow, coupled by the significant enhancement of the Group’s operational performance over the past couple of years, we

believe ODH is well positioned to weather the current dynamics of COVID-19. We have a strong operating model, a solid cash position and

balance sheet with a diversified revenue stream, to keep us comfortable for the coming period.

• It is important to highlight that ODH has a diversified portfolio of businesses, which includes (Real Estate, Hotels, Town Management, Rental

portfolio & Land monetization). For FY 2019, the hotels revenue contribution was only 37% out of the total Group revenues decreasing from 46%

for the FY 2018. We expect this percentage to continue to decrease in 2020, because of the increase in the revenue contribution from O West, in

addition to the Group’s focus of accelerating its land bank monetization, whereby, we have secured c. CHF 19.2 million of cash inflows to ODH.


30

Subsequent Events

In 2020

Covid-19 Initial Start:

▪ January and February 2020, all the Group’s business segments were operating normally. Only in early March, when COVID-19

reprecussions started to impact the company’s results, as global governments took actions to encourage social distancing.

▪ The deterioration accelerated towards the end of March as the pandemic spread further and the number of countries and

localities adopting restrictive measures meaningfully increased, of which travel restrictions and flight suspensions around the

world have been implemented.

▪ Governments have instructed the closure of hotels in the touristic destinations and other imposed a partial curfew on its citizens.


ODH‘s Initiatives Taken

31

Impact of COVID-19 on Q1 2020 KPIs


Management has undertaken several precautionary measures in light of the current global circumstances and economic downturn.

These measures purpose is to reduce spending and preserve cash to the longest period possible to ensure stability of the Group’s

destinations, to enable the destinations to resume their operations and planned investments once business is back.

We have studied the possibility of two scenarios; Base case and Worst case scenarios.

Both scenarios undertake the following intiaitves

Initiatives taken across the board include:

1. Reduction in capex to keep only the necessary committed items, making sure not to breach any minimum built obligations, which

results in savings between CHF 120-125mn from the planned budget.

2. Postponement of debt service across all the destinations we operate in for 6 months as per the Central Bank’s decrees. Which results

in deferred cash expense CHF c. 30mn.

3. Postponement and freezing of new hires.

4. Reduction in all expenses to the minimum required and reduction in all marketing expenses across all destinations.

5. Postponement of some of the governments’ dues where possible to reflect governments’ initiatives to support companies.6. Studying how to benefit from the government initiatives to support the tourism companies in the destinations in which we operate.

Q1 2020


Real Estate Sales KPIs

Net value of contracted units

(CHF mn)Number of contracted units

Country Destination Q1 2020 Q1 2019 Δ in % Q1 2020 Q1 2019 Δ in %

Egypt El Gouna 27.6 24.6 12.2% 52 64 (18.8%)

Fayoum 0.6 0.9 (33.3%) 3 7 (57.1%)

Makadi Heights 5.6 7.7 (27.3%) 37 66 (43.9%)

O West* 60.3 53.0 13.8% 148 174 (14.9%)

Oman Jebel Sifah 3.9 5.0 (22.0%) 26 21 23.8%

Hawana Salalah 6.8 9.7 (29.9%) 40 65 (38.5%)

Montenegro Luštica Bay 2.9 4.9 (40.8%) 3 10 (70.0%)

ODH Group 107.7 105.8 1.7% 309 407 (24.1%)

* The value of contacted units in Q1 2020 includes CHF 18.5mn from Commercial sales (schools development agreements).

Q1 2020


Hotels KPIs

Occ. for available

rooms (%)

ARR

(CHF)

TRevPAR

(CHF)

GOP PAR

(CHF)

Destination Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019 Q1 2020 Q1 2019

El Gouna 62 83 66 63 59 75 24 39

Taba Heights 28 37 26 25 12 16 (7) (2)

Fayoum 32 36 89 73 45 40 19 18

Hawana Salalah 73 96 125 123 135 175 59 89

Jebal Sifah 41 60 123 131 94 136 10 41

UAE 63 77 109 144 118 185 36 82

Montenegro 4 9 111 100 14 27 (65) (96)

6. Appendix


FY 2019


Revenue Analysis

Revenue EBITDA Adj. EBITDA1

(CHF mn) FY 19 FY 18 Δ in % FY 19 FY 18 Δ in % FY 19 FY 18 Δ in %

Hotels* 168.8 156.5 7.9% 45.4 50.3 (9.7%) 46.7 55.0 (15.1%)

Real Estate 232.5 126.6 83.6% 75.2 42.6 76.5% 66.4 42.2 57.3%

Land 1.5 4.3 (65.1%) 2.6 4.0 (35.0%) 3.0 4.0 (25.0%)

Town Management2 50.5 36.1 39.9% 2.4 (3.5) 168.6% 0.4 (3.0) 113.3%

Tamweel Group* – 16.8 – – 4.9 – – 5.2 –

Corporate & Unallocated Items – – – (70.1) (51.7) (35.6%) (42.2) (33.2) (27.1%)

ODH Group 453.3 340.3 33.2% 55.5 46.6 19.1% 74.3 70.2 5.8%

1 Adjusted EBITDA: EBITDA adjusted for Non-cash items (which includes provisions & impairments, other gains and losses, FX gains & share in associates)2 Town Management include revenues from Utilities & services, Hospital, Marina, Golf, Rentals, Educational services, Limousine, & other town amenities.

• FY 2018 figures include Tamweel Group, Citadel Azur, Royal and Club Azur, deconsolidated in during 2018.

• The EBITDA of the hotels in 2019 were impacted by 1) FX Losses due to the appreciation of the Egyptian pound against foreign currencies; 2) The shorter Omani Khareef Season

which affected our hotels margins; 3) Royal & Club Azur hotels were rented out during 2018, whereby rent was pure EBITDA that hit the bottom line, until they were sold in Q4

2018.

FY 2019





Average selling price

(CHF/m2)

Country Destination FY 19 FY 18 Δ in % FY 19 FY 18 Δ in % FY 19 FY 18 Δ in %

Egypt El Gouna 128.8 111.4 15.6% 231 321 (28.0%) 3,013 2,251 33.9%

Fayoum 1.5 0.7 114.3% 11 6 83.3% 806 819 (1.6%)

Makadi Heights* 23.7 13.7 73.0% 192 163 17.8% 716 919 (22.1%)

O West 255.7 – – 935 – – 1,268 – –

Oman Jebel Sifah 10.2 17.3 (41.0%) 46 108 (57.4%) 2,448 1,948 25.7%

Hawana Salalah 32.2 23.5 37.0% 200 188 6.4% 2,021 1,769 14.2%

Montenegro Luštica Bay * 31.8 34.9 (8.9%) 83 53 56.6% 4,878 6,284 (22.4%)

ODH Group 483.9 201.4 140.3% 1,698 839 102.4%

* Average selling prices decreased compared to last year due to the change in product mix – whereby in Makadi more apartments have been sold compared to

standalone units the year before and in Lustica Bay, Montenegro – we sold more units in Centrale which targets a different market segment than the high end marina

units.

FY 2019


Hotels KPIs

Total number of

rooms

Occ. for available

rooms (%) ARR (CHF) TRevPAR (CHF) GOP PAR (CHF)

Destination FY 19 FY 18 FY 19 FY 18 FY 19 FY 18 FY 19 FY 18 FY 19 FY 18

El Gouna1 2,702 2,649 81 80 70 57 80 67 38 35

Taba Heights2 2,365 2,365 48 33 35 26 25 15 (1) (1)

Fayoum 53 53 29 25 67 63 32 26 9 6

Floating Hotel3 – 27 – 31 – 502 – 202 – 82

Hawana Salalah 1,081 1,081 60 70 126 119 112 124 42 45

Jebal Sifah 67 67 42 38 126 133 98 98 12 5

UAE 475 475 69 74 136 140 155 174 56 65

Montenegro 111 111 46 45 182 195 146 152 (9) (22)

ODH Group 6,854 6,828

1 In FY 2019 we added a new 100 rooms hotel Casa Cook and finalized the renovation of Arena Inn hotel into Cooks Club Hotel, whereby Arena Inn hotel number of rooms in FY 2018 were 177 rooms while after the

renovation it reached 144 rooms.2 During FY 2019, only 4 hotels were operating with 1,319 rooms (Mosaique with 442 rooms, Strand Beach Hotel with 503 rooms, El Wekala Hotel with 215 rooms and Bay View Hotel with 160 out of 394 existing

rooms. This compares with 1,260 rooms in operation in FY 2018.3 Oberoi Zahra the floating hotel was sold out in 1H 2019 and was deconsolidated.

Taba Heights currently has 1,319 room in FY 2019 vs. 1,260 room in FY 2018 operating out of the total 2,365 rooms

Q4 2019


Revenue Analysis

Revenue EBITDA Adj. EBITDA1

(CHF mn) Q4 2019 Q4 2018 Δ in % Q4 2019 Q4 2018 Δ in % Q4 2019 Q4 2018 Δ in %

Hotels* 46.8 46.6 0.4% 9.9 13.0 (23.8%) 8.7 17.1 (49.1%)

Real Estate 65.6 47 39.6% 27.0 12.1 123.1% 17.5 10.4 68.3%

land 1.5 4.3 (65.1%) 1.5 4.0 (62.5%) 1.6 4.0 (60.0%)

Town Management2 14.2 10.5 35.2% 4.3 (1.5) 386.7% 2.1 (1.2) 275.0%

Tamweel Group* – 4.1 – – 2.0 – – 2.0 –

Corporate & Unallocated Items – – – (46.2) (8.1) (470.4%) (12.9) (7.9) (63.3%)

ODH Group 128.1 112.5 13.9% (3.5) 21.5 (116.3%) 17.0 24.4 (30.3%)

1 Adjusted EBITDA: EBITDA adjusted for Non-cash items (which includes provisions & impairments, other gains and losses, FX gains & share in associates)2 Town Management include revenues from Utilities & services, Hospital, Marina, Golf, Rentals, Educational services, Limousine, & other town amenities.

• Q4 2018 figures include Tamweel Group, Citadel Azur, Royal and Club Azur, deconsolidated in during 2018.

• The EBITDA of the hotels in Q4 2018 were impacted by; 1) FX Losses due to the appreciation of the Egyptian pound against foreign currencies; 2) Royal & Club Azur hotels were

rented out during 2018, whereby rent was pure EBITDA that hit the bottom line, until they were sold in Q4 2018.

Q4 2019





Average selling price

(CHF/m2)

Country Destination Q4 19 Q4 18 Δ in % Q4 19 Q4 18 Δ in % Q4 19 Q4 18 Δ in %

Egypt El Gouna 30.7 27.0 13.7% 37 72 (48.6%) 3,371 2,342 43.9%

Fayoum – 0.4 – – 2 – – 1,090 –

Makadi Heights* 4.8 3.4 41.2% 41 32 28.1% 1,158 1,251 (7.4%)

O West 50.9 – – 173 – – 1,401 – –

Oman Jebel Sifah 3.4 1.0 240.0% 13 4 225.0% 2,643 2,277 16.1%

Hawana Salalah 6.2 4.0 55.0% 38 29 31.0% 2,157 2,054 5.0%

Montenegro Luštica Bay* 6.6 8.1 (18.5%) 32 15 113.3% 3,419 5,604 (39.0%)

ODH Group 102.6 43.9 134.2% 334 154 116.9%

* Average selling prices decreased compared to last year due to the change in product mix – whereby in Makadi more apartments have been sold compared to

standalone units the year before and in Lustica Bay, Montenegro – we sold more units in Centrale which targets a different market segment than the high end marina

units.

Q4 2019


Hotels KPIs

Total number of

rooms

Occ. for available

rooms (%) ARR (CHF) TRevPAR (CHF) GOP PAR (CHF)

Destination Q4 19 Q4 18 Q4 19 Q4 18 Q4 19 Q4 18 Q4 19 Q4 18 Q4 19 Q4 18

El Gouna1 2,702 2,649 76 83 78 65 84 79 38 41

Taba Heights2 2,365 2,365 46 27 35 26 23 12 (7) (3)

Fayoum 53 53 28 39 84 61 37 41 13 18

Floating Hotel3 – 27 – 49 – 555 – 347 – 194

Hawana Salalah 1,081 1,081 75 86 122 115 142 155 59 61

Jebal Sifah 67 67 48 48 128 144 122 129 27 25

UAE 475 475 82 81 138 150 180 205 79 92

Montenegro4 111 111 27 23 84 164 51 85 (52) (84)

ODH Group 6,854 6,828

Taba Heights currently has 1,319 room in Q4 2019 vs. 1,260 room in Q4 2018 operating out of the total 2,365 rooms

1 In FY 2019 we added a new 100 rooms hotel Casa Cook and finalized the renovation of Arena Inn hotel into Cooks Club Hotel, whereby Arena Inn hotel number of rooms in FY 2018 were 177 rooms while after the

renovation it reached 144 rooms.2 During FY 2019, only 4 hotels were operating with 1,319 rooms (Mosaique with 442 rooms, Strand Beach Hotel with 503 rooms, El Wekala Hotel with 215 rooms and Bay View Hotel with 160 out of 394 existing

rooms.

This compares with 1,260 rooms in operation in FY 2018.3 Oberoi Zahra the floating hotel was sold out in 1H 2019 and was deconsolidated.

Eco Bos, UK

ODH’s newest addition to its towns’ portfolio

3% only will be launched from

a total of 6.5mn m2

Cash flow positive and profitable

FY 2022Delivering Phase 1:

Q4 2023

− Render

41

▪ First Phase: West Carclaze Garden Village

(WCGV).mixed-use residential development

▪ Includes 1,500 homes, 210 place primary school,

office park, village center” with a mix of retail, F&B

and community service buildings and 7-megawatt

solar energy farm

▪ The launched phase will use 196,604 m2, total

number of residential units is 286 in the form of

detached and attached homes as well as

apartments.

▪ Breaking ground in February 2020.

▪ Launching bulk sales in June 2020 and retail sales

in February 2021.

▪ Estimated cumulative losses before turning into

profits, are within the range of ca. £1.0mn - £2.0mn

(ca. CHF 1.3mn – CHF 2.6mn)* until 2022.

* GBP/CHF rate used as of 3/11/2019.

Phase 1 Highlights:

CHF 101 mnExpected sales from this launch

Eco Bos, UK

ODH’s newest addition to its towns’ portfolio

− Render

42

5005STUNNING

LAKES

7PARKMW SOLARACTIVITIES

WALKING TRAILS CYCLE PATHS BRIDLE PATHS WATERSPORTS

AMENITIESSHOPPING | CAFES RESTAURANTS | PUB COMMUNITY CENTRE ACRES

1,000NEW EMPLOYMENT OPPORTUNITIES

1,500ENERGY EFFICIENT HOMES

210PLACE PRIMARY SCHOOL & NURSERY

Taba Heights, Egypt

Update FY 2019

− Bayview, Strand, Mosaique & Wekala

operated at full capacity and we started soft

renovation work across these hotels to

increase the quality.

− In 2019; Itaka the Polish tour operator

operated 2 flights weekly from Poland &

added one more flight in May 2019 from

Czech Republic.

− In April 2019, Satur a new Slovakian tour

operator started operating one flight on a

weekly basis (189 seats).

− Taba Heights used to generate USD 20mn of

Adj. EBITDA back in 2010.

43

− As Covid-19 outbreak, the main tour

operating partner, suspended all

existing and planned operation starting

March 11 and through May 2020.

Taba Heights, Egypt


FY 2019 (CHF mn)

6.9

11.7

1.9

1.2

FY 2018 FY 2019

Hotels Destination Management

+69.6%

-36.8%

12.9

8.8

+46.6%

Taba Heights, Egypt

KPIs

FY 2019 FY 2018 % Chg

Hotels

Total number of rooms 2,365 2,365 –

Number of rooms available 1,319 1,260 4.7%

Occ. for available rooms (%) 48% 33% 45.5%

TRevPAR (CHF) 25 15 66.7%

GOP (CHFmn) (0.2) (0.3) 33.3%

GOP PAR (CHF) (1) (1) –

44

Jebal Sifah, Oman

Update FY 2019

− Launched a new real estate project “The Beachfront” in end of Nov.

with a total inventory of CHF 49.0mn. The project offers Villas, Twins,

Townhouses and Studios.

− Finalized the construction of Jebal Sifah Heights Phase 1 which was

delivered to clients by early November 2019.

− Finalized the construction and delivered Golf Lake project to clients.

− Successfully hosted Jebel Sifah’s Spartan TRIFECTA Race on

November 15 & 16, 2019, which featured Oman’s first Hurricane Heat

race with more than 1,500 participants.45

Jebel Sifah, Oman


FY 2019 (CHF mn)

2.4 2.4

16.6

24.7

1.0

2.1

FY 2018 FY 2019


+46.0%

29.2

20.0

+110.0%

+48.8%

-

Jebel Sifah, Oman

KPIs

FY 2019 FY 2018 % Chg

Hotels


Occ. for available rooms (%) 42% 38% 10.5%

TRevPAR (CHF) 98 98 –

GOP (CHFmn) 0.3 0.1 200.0%

GOP PAR (CHF) 12 5 140.0%

Real Estate

Net sales (CHFmn) 10.2 16.3 (37.4%)



46

Makadi Heights, Egypt

Update FY 2019

− The excavation and leveling works of the

upcoming phase started in 2H2019 and have

been completed in December 2019.

− Delivered 94 units from phase 1 of Makadi

Heights.− Render

47

− In December 2019, hosted “Makadi Heights

Rally’19” the first mega event in Makadi

Heights, with more than 700 visitors.

− Opened the first Makadi Heights Sales

office in the destination in Q4 2019.



FY 2019 (CHF mn)

** FY 2018 revenues included revenues from Royal Azur and Club Azur hotels that were sold out and deconsolidated in Q4 2018 in

addition to the land revenue coming from the sale of a land plot in Makadi area..

3.3

0.9

0.3

1.8

1.0

1.4

4.2

FY 2018** FY 2019

Hotels Real Estate Destination Management Land

8.8

4.1

–53.4%

+40.0%

+500.0%

–72.7%


KPIs

FY 2019 FY 2018 % Chg

Real Estate

Net sales (CHFmn) 23.7 13.7 73.0%

No of contracted units 192 163 17.8%

Avg. selling price (CHF/m2)* 716 919 (22.1%)

* Avg Selling prices decreased as a results of offering more

apartments this year vs. more town houses in FY 2018.

** FY 2018 revenues included revenues from Royal Azur and

Club Azur hotels that were sold out and deconsolidated in Q4

2018.

*** The CHF 4.2mn in FY 2018 in the land revenue represent

the revenue coming from the sale of a land plot in Makadi area.

48

The Cove, UAE

Update FY 2019

− Market conditions continue to challenge The Cove

Rotana, resulting in decline in revenues and GOP.

− From year 2020, The Cove Rotana will be managed

by Orascom Hotels Management (OHM) under a

Rotana franchise agreement.

49

The Cove, UAE


FY 2019 (CHF mn)

30.1

27.0

1.9

2.1

FY 2018 FY 2019

Hotels Destination Management

29.1

32.0

-9.1%

-10.3%

+10.5

The Cove, UAE

KPIs

FY 2019 FY 2018 % Chg

Hotels


Occ. for available rooms (%) 69% 74% (6.8%)

TRevPAR (CHF) 155 174 (10.9%)

GOP (CHFmn) 9.6 11.3 (15.0%)

GOP PAR(CHF) 56 65 (13.8%)

50

IR Dashboard Calendar & Contact


IR Dashboard Calendar & Contact

Investor Relations Contact

Sara El Gawahergy

Head of Investor Relations

Head of Strategic Projects Management

Phone EGY: +20 (0)22 461 89 61

Mobile CH: +41 179 156 78 49

E-Mail: [email protected]

52

Date Event

April 28th, 2020 Annual Report On Website

May 20th, 2020 FY 2019 AGM

June 15th, 2020 1Q 2020 Results

August 19th, 2020 1H 2020 Results

November 11th, 2020 9M 2020 Results

Investor Relations Calendar

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