Altdorf, August 19th, 2020 1H 2020 Results · 1H 2020 Results –Analyst & Investor Presentation...

1H 2020 Results

Analyst & Investor Presentation

Altdorf, August 19th, 2020

1. Executive Summary

2. 1H 2020 – Key Highlights

3. 1H 2020 – Operational Highlights by Destination

4. 1H 2020 – Financials

5. Outlook 2020

6. Appendix

Table of Contents

Altdorf, August 19th, 20201H 2020 Results – Analyst & Investor Presentation 2

1. Executive Summary 1H 2020


Executive Summary

4

Revenues

− Down 26.4% in 1H

2020 vs. CHF

222.9mn in 1H

2019.

− Largely impacted

by the closure and

limited occupancy

of our hotels

segment.

CHF

164.1mn

Adj. EBITDA

− Down 34.6% in 1H

2020 vs. CHF 41.6mn

in 1H 2019.

CHF

27.2mnCash and bank

balances

− Cash and bank

balances reached

CHF 180.1mn in 1H 2020.

CHF

180.1mn

Net losses

− Net loss of CHF

19.2mn in 1H

2020 vs. a loss

of CHF 1.5mn in

1H 2019.

CHF (19.2)mn

Land Monetization

− Executing on our land

bank monetization

strategy,

− Signed three School

Development

Agreements in O West,

securing CHF 32.2mn of

cash flows to ODH.

− Sold a 40,654.5 m2 of

land in El Gouna for

CHF 6.4mn.

− Land revenues

recognized YTD reached

CHF 14.2mn.

Monetization

Financing

− Working diligently with

the Egyptian banks to

restructure the current

debt securing more

flexible terms.

Debt Restructure

Altdorf, August 19th, 20201H 2020 Results – Analyst & Investor Presentation

2. 1H 2020 – Key Highlights


116.8

89.8

33.1 29.7

1H 2019 1H 2020

Real Estate Financials (CHF mn)

Revenues Adj. EBITDA

403.5

551.7

1H 2019 1H 2020

512.0

667.1

1H 2019 1H 2020

284.6

191.8

1H 2019 1H 2020

Net Real Estate Sales (CHF mn)

1H 2020

1H 2020 Results – Analyst & Investor Presentation 6

Key Segment Financials & KPIs

32.6% 30.3%

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

36.7%

23.1%

10.3%83.6

37.332.13.5

1H 2019 1H 2020

Hotel Financials (CHF mn)

Revenues GOP

55.4% 22.5 22.8

(1.6) (0.5)

1H 2019 1H 2020

Town Management Financials (CHF mn)

Revenues Adj. EBITDA

68.8%

1.3%

Altdorf, August 19th, 2020

89.1%

37.3

89.8

22.8

14.2

Hotels

Real Estate

Town Mgt.

Land

14%

83.6

116.8

22.5

Hotels

Real Estate

Town Mgt.

1H 2020


Y-o-Y Revenue Analysis

38%52%

10%

55%

8%

23%

Revenues by Segment 1H 2019 (CHFmn) Revenues by Segment 1H 2020 (CHFmn)

CHF 164.1mnCHF 222.9mn

61%17%

8%

5%4%

2%1% 1% 1%

El Gouna

Hawana Salalah

O West

Lustica Bay

UAE

Jebal Sifah

Taba Heights

Makadi Heights

Others*

45%

20%

11%

7%

7%

6%

2%1% 1%

El Gouna

Hawana Salalah

O West

UAE

Jebal Sifah

Lustica Bay

Taba Heights

Others*

Makadi Heights

1H 2020


Y-o-Y Revenue Analysis

Revenues by Destination 1H 2019 (CHFmn) Revenues by Destination 1H 2020 (CHFmn)

CHF 164.1mn

− Others in 1H 2019 included, Oberoi Zahra, Fayoum & Corporate.

CHF 222.9mn

− Others in 1H 2020 Fayoum & Corporate.

3. 1H 2020 – 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

& 7,176 rooms

10

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 1H 2020

− Speeding up construction pace, complemented by

all the necessary precautionary and safety

measures.

− Increased construction budget for the destination

this year to CHF 64.7 million, which is expected to

generate real estate revenues within the range of

CHF 112-123mn for 2020.

− Planning to deliver 254 units in 2020 with main

deliveries happening in Abu Tig Hill, Tawila,

Ancient Sands, Cyan and Sabina.

− In Q4 2020, planning to launch a new real

estate product with a total inventory of

CHF 80.2mn.

− Sold a 40,654.5 sqm of land for a total

value of CHF 6.4mn as an extension to

“Mangroovy for Hotels”. The land plot will

encompass different types of services to

serve residences and guests.

11

− On June 2, 2020, the hotels were

operating at a 50%, capacity as per the

government instructions.

− The Gouna Film Festival is scheduled to

take place in October 2020. New location

is ready to accommodate the event, with

virtual capabilities in place for guests

who are not able to attend physically.

El Gouna, Egypt

Revenues per segment

1H 2020 (CHF mn)

35.8

15.3

47.8

59.8

17.9

18.7

6.4

1H 2019 1H 2020

Hotels Real Estate Destination Management Land

-1.3%

100.2101.5

+4.5%

+25.1%

-57.3%

El Gouna, Egypt

KPIs

1H 2020 1H 2019 % Chg

Hotels

Total number of rooms* 2,694 2,606 3.4%

Occ. for available rooms (%) 32% 84% (61.9%)

TRevPAR (CHF) 31 80 (61.3%)

GOP (CHFmn) 1.6 17.9 (91.1%)

GOP PAR(CHF) 3 40 (92.5%)

Real Estate

Net sales (CHFmn) 74.6 67.3 10.8%

No of contracted units 131 151 (13.2%)

Avg. selling price (CHF/m2) 3,388 2,716 24.7%

* The number of rooms in El Gouna increased mainly because

opening of Casa Cook Hotel (100 rooms in November 2019.

12

Hawana Salalah, Oman

Update 1H 2020

− Accelerating construction progress and

started the handover of some units in

Forest Island project. Full handover is

expected before the end of the year (202

units).

− Construction of “Lily and Laguna

Gardens”, real estate projects, are

progressing as scheduled, with on-time

delivery in Q2 and Q4 2021.

− Hotel restaurants, pools and the Hawana

Aqua Park continue to be closed.

− The Governorate of Dhofar, where

Hawana Salalah is located, is in

lockdown until further notice with no

access from other governorates.

− Interest for the winter season from our

traditional tour operator partners remains

positive.

13

− Progressing with the construction of

the new 400-rooms, 5-star hotel with

plans for soft opening in Q4 2021.

− All major tour operators cancelled their

operation as of March 11, 2020.

− Marina re-opened on May 20th, both the

Salalah Rotana Resort and the Fanar

Hotel & Residences re-opened on July

1st. reliance on domestic tourism only.



1H 2020 (CHF mn)

23.3

13.3

20.5

13.2

0.8

1.2

1H 2019 1H 2020

Hotels Real Estate Destination Management

-37.9%

27.7

44.6

+50.0%

-35.6%

-42.9


KPIs

1H 2020 1H 2019 % Chg

Hotels

Total number of rooms 1,081 1,081 –


TRevPAR (CHF) 68 119 (42.9%)

GOP (CHFmn) 3.6 9.3 (61.3%)

GOP PAR (CHF) 18 47 (61.7%)

Real Estate

Net sales (CHFmn) 8.4 21.9 (61.6%)

No. of contracted units 49 136 (64.0%)


14

Luštica Bay, Montenegro

Update 1H 2020

− The Chedi Lustica Bay developed an extended

entertainment program for the summer season

as Montenegro initially reported close to zero

Covid-19 cases and allowed hotels to open as

of June 15. Unfortunately, July has seen a rise

in the rate of new infections and further

restrictions in travel across the region are

expected during the summer months.

− Concept design of Marina Hotel (200 rooms)

complete – main design for Phase 1 initiated.

15

− Finalized the construction of two new

apartment buildings (23 apartments) in the

Centrale area and one apartment building

(10 apartments) in the Marina Village.

− Finishing works on the main marina

completed and the main design for golf

course has been completed.

− Upgraded the main beach and opened a

new beach club.



1H 2020 (CHF mn)

1.5 0.2

11.0

8.0

0.2

0.4

1H 2019 1H 2020


-32.2%

8.6

12.7

-27.3%


KPIs

1H 2020 1H 2019 % Chg

Hotels

Total number of rooms 111 111 –


TRevPAR (CHF) 19 98 (80.6%)

GOP (CHFmn) (1.0) (0.9) (11.1%)

GOP PAR (CHF) (88) (62) (41.9%)

Real Estate

Net sales (CHFmn) 3.6 13.5 (73.3%)


Avg. selling price (CHF/m2) 5,150 5,154 (0.1%)

16

-86.7%

+100.0%

O West, Egypt

Update 1H 2020

− 213 new memberships were added to O West Club

(membership fee is EGP 150K), bringing the total

No. of memberships in O West Club stood to 1,148.

− Continuing to speed up the construction progress,

we received construction permits for phase 1 and

signed its construction contract. Phase 1 will include

445 villas expected to be delivered end of June 2021.

− Total cash flow secured from the three school

development agreements was CHF 32.2mn. We

booked CHF 7.8mn of land revenues in Q2 from the

education zone transactions. The rest will kick in

during 2H 2020.

17

O West, Egypt

KPIs

− Render

18

1H 2020 1H 2019 % Chg

Real Estate

Net sales (CHFmn)* 92.5 160.6 (42.4%)

No. of contracted units 213 590 (63.9%)


* The value of contacted units in 1H 2020 includes CHF 31.1mn

from Commercial sales (schools development agreements).

O West, Egypt


1H 2020 (CHF mn)

-41.2%

23.8

14.0

23.8

6.2

7.8

1H 2019 1H 2020

Real Estate Land

Eco Bos, UK

ODH’s newest addition to its towns’ portfolio

− Render

− Work on site never stopped unlike many

other sites across the UK which paused

construction because of Covid-19

− Withdrew £3mn out of the £18mn

Shawbrook facility that is geared towards

the construction of 296 homes.

− Received £300K in support of Covid-19 assigned

by the Council to homes England.

− On the positive side, the accelerating trend of

early retirement and work from home, in

addition to the low interest rates and mortgage

availability, all strongly support the Cornish

housing market and particularly projects of our

nature.

19

4. 1H 2020 – Financials


(CHFmn) Q2 2020 Q2 2019 1H 2020 1H 2019

Revenue 71.2 124.8 164.1 222.9

Cost of sales (51.1) (93.7) (120.5) (161.7)

Gross profit 20.1 31.1 43.6 61.2

Gross profit margin, (%) 28.2% 24.9% 26.6% 27.5%

Investment income 1.4 3.4 2.7 5.3

Administrative expenses (9.5) (13.5) (19.1) (24.9)

Adj. EBITDA 12.0 21.0 27.2 41.6

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

Other gains & losses (4.2) 4.4 (5.1) 7.9

Share of associates losses (2.9) (3.3) (3.2) (5.7)

EBITDA 4.9 22.1 18.9 43.8

Depreciation (7.3) (7.4) (14.4) (14.9)

Finance costs (8.9) (10.1) (17.9) (20.9)

Income tax expense (3.7) (7.2) (5.8) (9.5)

Net losses for the period (15.0) (2.6) (19.2) (1.5)

Attributed as follows:

ODH shareholders (12.2) (4.0) (17.1) (6.0)

Non-controlling interest (2.8) 1.4 (2.1) 4.5

EPS (CHF) (0.30) (0.10) (0.43) (0.15)

1H 2020

21

Income Statement – Reported

Notes

Revenues and gross profit decreased, due to the shelter in place

restrictions that were adapted by the governments and its

implications on our business operations, heightened by the

complete shut down of our hotels business most of Q2 and to

date in some destinations.

We were able to maintain our gross profit margin levels, as a

result of our quick implementations of the cost savings initiatives.

Decrease in G&A expenses is mainly due to the cost savings

initiatives implemented in response to the Covid-19 pandemic.

Other gains & losses for 1H 2020 includes FX losses of

CHF 2.2mn vs. FX gains of CHF 7.9mn in 1H 2019.

Share of associates losses decreased due to the decrease in ASA

losses and increase in the profitability of OHC & Red Sea Co.

Decrease in finance cost is mainly due to decrease in interest

rates in Egypt in addition to the decrease in Libor rates.

Income Tax expense decreased due to the decrease of the

profitability of the subsidiaries.

1

2

3

5

3

4

1

5

6

4


1

2

6

7

7

1H 2020

22

Balance Sheet

Notes

Inventory mainly includes a total amount of CHF 405.4mn for the

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

community project.

Receivables decreased mainly due to the enhanced

Real Estate collection activity during the period.

Investment in associates increased due to the increase of the share

capital of ASA. ODH participated in this capital increase according to

its interest of 49% by contributing CHF 34.3mn.

Borrowings mainly includes:

(+) CHF 9.9mn- Net proceeds

(+) CHF 9.0mn- Deferred interest payments.

(-) CHF 5.0mn- Debt payment

(-) CHF 6.5mn- FX gain

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) 30.06.20 31.12.19

Property, plant and equipment 803.9 814.4

Inventory 542.2 516.4

Receivables 149.9 154.7

Cash and bank balances 180.1 186.0

Investments in associates 56.7 29.3

Other assets 142.6 134.2

Non-current assets held for sale 5.5 5.8

Total assets 1,880.9 1,840.8

Borrowings 437.3 429.9

Payables 397.5 388.4

Provisions 33.7 33.6

Other liabilities 473.4 421.6

Liabilities related to assets held for sale 0.5 0.6

Total liabilities 1,342.4 1,274.1

Non-controlling interests 159.0 160.3

Equity to ODH shareholders 379.5 406.4

Total liabilities and equity 1,880.9 1,840.8

2

1

4

5

6


3

6

23

Cost of Debt: 6.4%

1H 2020 Balance: CHF 437.3mn

EGP10%

USD36%

EUR5%

AED4%

OMR21%

GBP1%

CHF23%

EGP

USD

EUR

AED

OMR

GBP

CHF

48%

21%

4%

3%1%

23%

Egypt

Oman

UAE

Montenegro

UK

Switzerland

Current Debt by CountryCurrent Debt by Currency* Current Maturity Profile & Balance

Planned Maturity Profile & Balance

Planned Balance: CHF 490.1mn

16 1847 57 63

145

90

CF 2020 2021 2022 2023 2024 2025 -2032

EGP21%

USD17%

EUR19%

AED4%

OMR19%

GBP1%

CHF20%

EGP

USD

EUR

AED

OMR

GBP

CHF

16 4 9 21 42

153

246

CF 2020 2021 2022 2023 2024 2025 -2032

53%

19%

4%3%

1%

20%

Egypt

Oman

UAE

Montenegro

UK

Switzerland

Planned Debt by CountryPlanned Debt by Currency

*Balance reflects the 6 months postponement of debt

repayments, as per the Governments directive.

Financing Profile


1H 2020


Cash Flow Statement

Notes

Cash flow from operations decreased as a result of the shelter in place

restrictions imposed by the government and its effect on our hospitality

segment.

Interest paid decreased as a result of the adaption of the deferred

interest payments initiative by the governments where we operate.

Taxes paid decreased as a result of the adaption of the deferred tax

payments initiative by the governments.

Payments for PP&E include construction activities in El Gouna, UK

and Oman.

Other items in 1H 2019 included CHF 16.7mn in proceeds from

Tamweel sale which is not present in 2020.

Change in Borrowings resulting mainly from:

(-) Debt repayment of CHF 6.4mn.

(+) Debt proceeds of CHF 11.8mn.

3

(CHF mn) 1H 2020 1H 2019

Cash from operations 8.7 19.9

Interest paid (3.8) (14.8)

Taxes paid (2.7) (5.6)

Operating Cash Flow 2.2 (0.5)

Payments for PP&E (18.7) (15.6)

Other items 4.5 18.8

Investing Cash Flow (14.2) 3.2

Change in Borrowings 5.4 (23.8)

Non-controlling interests shares in changes of

equity for consolidated subsidiaries3.6 1.6

Other Items 0.4 1.0

Financing Cash Flow 9.4 (21.2)

Net change in cash/equivalents (2.6) (18.5)

Cash & bank balances beginning of period 186.0 138.3

Effects of FX changes (3.3) (4.3)

Cash & bank balances end of period* 180.1 115.5

1

2

3

* Includes cash related to assets held for sale.

1

2

4

4

5

6

5

6

5. Outlook 2020


26

Outlook FY 2020

▪ Appointment of Omar El Hamamsy; as the new Chief Executive Officer of the Group, as of September 1, 2020.

▪ ODH still stands with its earlier position and abstains from providing full-year guidance on its 2020 results; however, we remain diligent in providing updates

of the evolving situation during all our quarterly results calls and market communications as needed.

▪ We have witnessed a pickup in our real estate sales momentum across El Gouna, O West and Makadi in Egypt for the month of July, showing a positive

trend uptake. Whereby total contracted and reserved units for July 2020 reached CHF 44.5 million vs. contracted sales of CHF 21.9 million for July 2019.

▪ Outstanding reservations are taking longer than expected to convert into contracts due to social distancing procedures put in place for the Covid-19.

▪ Relaxing health-related measures following the decrease in the number of Covid-19 cases, along with the ongoing normalization of economic activity, and

government initiatives to stimulate consumption created the trajectory to further rebound in the coming period.

▪ In El Gouna, we had 887 hotel rooms opened for Eid break and secured an occupancy of 82% for those rooms.

▪ In Oman, the government has announced that flights from Muscat to Salalah will be operational starting September 1, 2020.

▪ Andermatt emerged as our best performing destination in 2020 so far. The Chedi Andermatt and Radisson Blu Reussen Andermatt re-opened in April 2020

after a 3-week closure stipulated by local government. In May and June, the Hotels in the destination benefitted from pent up demand for local travel and

recorded their historically highest occupancy levels. Furthermore, forward bookings for summer look promising.


July 2020 July 2019 Δ in %

Egypt 44.5 21.9 102.9%

6. Appendix


1H 2020

28

Revenue Analysis

Revenue EBITDA Adj. EBITDA1

(CHF mn) 1H 20 1H 19 Δ in % 1H 20 1H 19 Δ in % 1H 20 1H 19 Δ in %

Hotels 37.3 83.6 (55.4%) 0.5 26.3 (98.1%) 2.0 27.8 (92.8%)

Real Estate 89.8 116.8 (23.1%) 28.0 32.7 (14.4%) 29.7 33.1 (10.3%)

Land 14.2 – – 11.7 1.1 963.6% 11.6 1.2 866.7%

Town Management2 22.8 22.5 1.3% (0.5) (1.9) 73.7% (0.5) (1.6) 68.8%

Corporate & Unallocated Items – – – (20.8) (14.4) (44.4%) (15.6) (18.9) 17.5%

ODH Group 164.1 222.9 (26.4%) 18.9 43.8 (56.8%) 27.2 41.6 (34.6%)

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.


1H 2020


Real Estate Sales KPIs

Net value of contracted units

(CHF mn)Number of contracted units

Average selling price

(CHF/m2)

Country Destination 1H 2020 1H 2019 Δ in % 1H 2020 1H 2019 Δ in % 1H 2020 1H 2019 Δ in %

Egypt El Gouna 74.6 67.3 10.8% 131 151 (13.2%) 3,388 2,027 67.1%

Fayoum 0.7 1.4 (50.0%) 3 11 (72.7%) 747 788 (5.2%)

Makadi Heights 7.1 13.0 (45.4%) 46 108 (57.4%) 1,010 566 78.4%

O West* 92.5 160.6 (42.4%) 213 590 (63.9%) 1,426 1,229 16.0%

Oman Jebel Sifah 4.9 6.7 (26.9%) 32 30 6.7% 2,221 2,393 (7.2%)

Hawana Salalah 8.4 21.9 (61.6%) 49 136 (64.0%) 2,151 2,004 7.3%

Montenegro Luštica Bay 3.6 13.5 (73.3%) 4 32 (87.5%) 5,150 5,154 (0.1%)

ODH Group 191.8 284.6 (32.6%) 478 1,058 (54.8%)

* The value of contacted units in 1H 2020 includes CHF 31.1mn from Commercial sales (schools development agreements).

1H 2020


Hotels KPIs

Occ. for available

rooms (%)

ARR

(CHF)

TRevPAR

(CHF)

GOP PAR

(CHF)

Destination 1H 2020 1H 2019 1H 2020 1H 2019 1H 2020 1H 2019 1H 2020 1H 2019

El Gouna 32 84 67 67 31 80 3 40

Taba Heights 14 39 26 32 6 20 (7) (0.3)

Fayoum 16 29 88 73 23 32 6 11

Hawana Salalah 37 65 125 123 68 119 18 47

Jebal Sifah 20 46 123 129 48 105 (10) 19

UAE 38 71 102 142 68 168 13 65

Montenegro 4 34 127 151 19 98 (88) (62)

Q2 2020

31

Revenue Analysis

Revenue EBITDA Adj. EBITDA1

(CHF mn) Q2 20 Q2 19 Δ in % Q2 20 Q2 19 Δ in % Q2 20 Q2 19 Δ in %

Hotels 1.7 37.4 (95.5%) (9.2) 9.2 (200.0%) (8.1) 9.9 (181.8%)

Real Estate 45.5 75.3 (39.6%) 16.5 20.7 (20.3%) 17.5 20.8 (15.9%)

Land 14.2 – – 11.7 1.1 963.6% 11.4 1.2 850.0%

Town Management2 9.8 12.1 (19.0%) (1.3) (0.8) (62.5%) (1.4) (0.7) (100.0%)

Corporate & Unallocated Items – – – (12.8) (8.1) (58.0%) (7.4) (10.2) 27.5%

ODH Group 71.2 124.8 (42.9%) 4.9 22.1 (77.8%) 12.0 21.0 (42.9%)

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.


Q2 2020


Real Estate Sales KPIs

Net value of contracted units

(CHF mn)Number of contracted units

Average selling price

(CHF/m2)

Country Destination Q2 2020 Q2 2019 Δ in % Q2 2020 Q2 2019 Δ in % Q2 2020 Q2 2019 Δ in %

Egypt El Gouna 47.0 42.7 10.1% 79 87 (9.2%) 3,428 2,917 17.5%

Fayoum – 0.6 – – 4 – – 631 –

Makadi Heights 1.5 5.3 -71.7% 9 42 (78.6%) 961 346 177.7%

O West* 32.2 107.6 -70.1% 65 416 (84.4%) 1,469 1,222 20.2%

Oman Jebel Sifah 1.0 1.6 -37.5% 6 9 (33.3%) 2,160 2,143 0.8%

Hawana Salalah 1.7 12.2 -86.1% 9 71 (87.3%) 2,194 2,010 9.2%

Montenegro Luštica Bay 0.7 8.7 -92.0% 1 22 (95.5%) 5,865 5,081 15.4%

ODH Group 84.1 178.7 -52.9% 169 651 (74.0%)

* The value of contacted units in Q2 2020 includes CHF 12.7mn from Commercial sales (schools development agreements).

Q2 2020


Hotels KPIs

Occ. for available

rooms (%)

ARR

(CHF)

TRevPAR

(CHF)

GOP PAR

(CHF)

Destination Q2 2020 Q2 2019 Q2 2020 Q2 2019 Q2 2020 Q2 2019 Q2 2020 Q2 2019

El Gouna 1 85 131 71 3 84 (18) 42

Taba Heights 1 41 36 38 0.4 23 (7) 1

Fayoum 1 21 50 73 1 25 (8) 4

Hawana Salalah – 33 – 126 – 64 – 19

Jebal Sifah – 33 – 126 – 74 – (11)

UAE 23 65 67 141 33 151 (16) 74

Montenegro 9 57 198 159 75 164 (349) (53)

Deferred Revenue Balance Schedule

34

Country Destination

Total deferred

revenue balance 2020 2021 2022 2023 2024

Egypt El Gouna 169.1 63.5 68.5 37.1 – –

Fayoum 1.5 0.7 0.2 0.4 0.1 –

Makadi Heights 44.9 9.5 14.7 14.7 6.0 –

O West 266.2 26.1 64.2 72.3 63.0 40.8

Total Egypt 481.6 99.7 147.5 124.4 69.1 40.8

Oman Jebel Sifah 11.2 1.8 7.5 1.9 – –

Hawana Salalah 25.2 9.7 13.3 2.2 – –

Total Oman 36.3 11.5 20.8 4.1 – –

Montenegro Luštica Bay 14.4 4.6 9.7 – – –

ODH Group 532.2 115.8 178.0 128.5 69.1 40.8

• Figures are rounded to the nearest decimal point.

• It is also important to note that deferred revenue balance includes also deferred interest income.

(CHF mn)


35

Covid-19 Effect on the Group

In 2020


Covid-19 progression:

ODH:

▪ January and February 2020, all the Group’s business segments were operating normally. Only in early March, when Covid-19 repercussions 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 adopting restrictive measures increased, of

which travel restrictions and flight suspensions around the world have been implemented.

Egypt:

▪ On March 16, 2020; The government suspended all flights into and out of the country's airports starting March 19, 2020.

▪ On March 19, 2020; The government instructed the closure of hotels in the touristic destinations and imposed a partial curfew effective March 25, 2020 to date.

▪ On May 3, 2020; The government has officially allowed the reopening of hotels and resorts starting 15 May 2020 for domestic tourism only, after being closed

since March 19, 2020. Hotels will be permitted to operate at a maximum capacity of 25% until 1 June 2020 then at 50% by June 2, 2020.

▪ On June 23, 2020: The government allowed the re-opening of cafes & restaurants & places of worship with 25% capacity & lift out the curfew that was previously

imposed.

▪ On July 1, 2020: The government has officially allowed the reopening its airports for International flights.

▪ Positive Talks and Pre-bookings from other German and Dutch tour operators to return charter flights to Egypt by Q4 2020.

Montenegro:

▪ On March 16, 2020: The Government has instructed closure of all hotels.

▪ On April 29, 2020: The Government announced that it will reopen all hotels as of May 18, 2020.

36Altdorf, August 19th, 20201H 2020 Results – Analyst & Investor Presentation

Oman:

▪ On March 1, 2020: The Government suspended commercial flights to and from Italy from Salalah Airport.

▪ On March 18, 2020: Oman closed all tourist sites and banned gatherings in public places including beaches and parks.

▪ On March 24, 2020: The Government suspend international and domestic flights from March 29, 2020.

▪ On March 27, 2020: We closed all our hotels in Jebal Sifah and Hawana Salalah as a result of Covid-19 pandamic spread.

▪ Governorate of Dhofar is in lockdown (since end of June) until further notice (no access from other governorates)

▪ Oman has been in lock down from July 25th where no cross-governorate access is permitted. The lockdown was removed on Saturday August 8th (except for Dhofar).

▪ All governorates had curfews from 7pm – 6am. This curfew will be extended till August 15th, to be from 9pm – 5am.

▪ Governorate of Dhofar is in lockdown (since end of June) until further notice (no access from other governorates).

▪ Hotels generally have started opening starting July 1st , but no pools, beach access or restaurants are open. Hotel guests are only able to have in-room dining.

Andermatt:

▪ On March 13, 2020: The SkiArena Andermatt-Sedrun was forced to stop operating immediately.

▪ On March 16, 2020: The Federal Council decided that all restaurants, bars, swimming pools and fitness centers in all of Switzerland must remain closed as of March 17, 2020.

▪ On March 18, 2020: Radisson Blu Reussen Hotel was closed.

▪ On March 22, 2020: The Chedi Andermatt hotel was closed.

▪ On May 8, 2020: Reopening of hotels and rental apartments on 8 May. Operations to follow a strict Covid-19 security concept to optimally protect guests and employees, with

promising occupancy rates.

▪ On May 11, 2020: Excellent start to the golf season.

Covid-19 Effect on the Group

In 2020

Taba Heights, Egypt

Update 1H 2020

− Only Strand Beach & Golf Resort hotel is

opened. The hotel has a total of 503

rooms. Only 251 rooms are opened, as per

the 50% capacity the government put in

place.

37

Taba Heights, Egypt


1H 2020 (CHF mn)

4.6

1.5

0.7

0.3

1H 2019 1H 2020

Hotels Destination Management

-67.4%

-57.1%

1.8

5.3

-66.0%

Taba Heights, Egypt

KPIs

1H 2020 1H 2019 % Chg

Hotels

Total number of rooms* 2,349 2,365 (0.7%)


TRevPAR (CHF) 6 20 (70.0%)

GOP (CHFmn) (1.7) (0.06) 2733.3%

GOP PAR (CHF) (7) (0.3) 2233.3%

38

* During 1H 2020 we converted 16 rooms in Mosaique hotel to

suites thus reducing the number of rooms to 2,349.

Jebal Sifah, Oman

Update 1H 2020

− The Sifawy Boutique Hotel resumed its operations

on July 5th. All access to beaches and pools

continues to be prohibited.

− Golf course is operational for golf members only,

as per the government decrees.

− Marina resumed its operations on May 23rd and

applying all hygiene and safety precautions.

39

− Most of Jebel Sifah Heights; 150 sold-out apartment,

have been handed over successfully, as well as the

completion of landscaping and amenities.

− The construction and ground-breaking of 115 units

comprising Phase I of “The Beachfront project”, will

start beginning of Q4 2020.

Jebel Sifah, Oman


1H 2020 (CHF mn)

1.3 0.6

13.1

1.8

1.0

0.9

1H 2019 1H 2020


-78.6%

3.3

15.4

-10.0%

-86.3%

-53.8%

Jebel Sifah, Oman

KPIs

1H 2020 1H 2019 % Chg

Hotels

Total number of rooms 67 67 –


TRevPAR (CHF) 48 105 (54.3%)

GOP (CHFmn) (0.12) 0.23 (152.2%)

GOP PAR (CHF) (10) 19 (152.6%)

Real Estate

Net sales (CHFmn) 4.9 6.7 (26.9%)

No of contracted units 32 30 6.7%

Avg. selling price (CHF/m2) 2,221 2,393 (7.2%)

40

Makadi Heights, Egypt

Update 1H 2020

− During 2020, we launched two new phases

“Bayou” & “Jade”. The two phases include

fully finished twin villas & apartments with a

total inventory of CHF 7.1mn.

− Progressing with the construction of Phase 2

of the project with plans to deliver in 2022.

Revenues will start to kick in over the next

quarters.

− Render

41

− Opened the first Football court in the Club

House and finalizing the construction of the

tennis courts.



1H 2020(CHF mn)

0.5

0.2

0.5

0.5

0.5

0.5

1H 2019 1H 2020


1.51.2

-20.0%

-

-

-60.0%


KPIs

1H 2020 1H 2019 % Chg

Real Estate

Net sales (CHFmn) 7.1 13.0 (45.4%)


Avg. selling price (CHF/m2)* 1,010 566 78.4%

42

The Cove, UAE

Update 1H 2020

− Market conditions continue to be challenging

given the current pandemic conditions and

travel shutdown during Q2 2020.

− Hotel occupancy is gradually increasing since

the beginning of July, driven by local demand

out of Dubai on the weekends.

43

The Cove, UAE


1H 2020 (CHF mn)

15.4

5.9

1H 2019 1H 2020

Hotels

5.9

15.4

-61.7%

-61.7%

The Cove, UAE

KPIs

1H 2020 1H 2019 % Chg

Hotels

Total number of rooms 473 475 (0.4%)


TRevPAR (CHF) 68 168 (59.5%)

GOP (CHFmn) 1.1 5.5 (80.0%)

GOP PAR(CHF) 13 65 (80.0%)

44

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]

46

Date Event

November 11th, 2020 9M 2020 Results

Investor Relations Calendar

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PERSON WHO IS NOT A RELEVANT PERSON MUST NOT ACT OR RELY ON THIS COMMUNICATION OR ANY OF ITSCONTENTS. ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS COMMUNICATION RELATES IS AVAILABLE

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