Orascom Development Holding AG
Orascom Development Holding AG
- ISIN: CH0038285679
- Land: Schweiz
Nachricht vom 30.03.2012 | 06:58
2011 results impacted by extraordinary events but adjusted operating result (adjusted EBITDA) still positive. Orascom Development remains positioned to return to growth once the MENA region improves.
Orascom Development Holding AG / Key word(s): Final Results 30.03.2012 06:58 Release of an ad hoc announcement pursuant to Art. 53 KR --------------------------------------------------------------------------- Press Release 2011 results impacted by extraordinary events but adjusted operating result (adjusted EBITDA) still positive. Orascom Development remains positioned to return to growth once the MENA region improves. - Group revenues declined by 50% to CHF 256.1 million - Reported EBITDA loss of CHF 40.1 million - Adjusted EBITDA of CHF 42.7 million - Funding of destinations secured for 2012 Altdorf/Cairo, 30 March 2012 - Results of Orascom Development in 2011 were affected by political events in the MENA region (Middle East and North Africa) and extraordinary transactions. These transactions amounted to CHF 82.8 million and include provisions (CHF 57.1 million), revaluations of investment properties (CHF 8.7 million), legal fees (CHF 5.0 million) resulting from the above mentioned events as well as currency revaluations from the appreciation of the Swiss Franc (CHF 12.0 million). Consolidated revenues declined by 50% to CHF 256.1 million (2010: CHF 516.1 million) and EBITDA also fell below last year's CHF 178.1 million to a loss of CHF 40.1 million. Adjusted for extraordinary transactions, an EBITDA of CHF 42.7 million resulted. Reported net loss (after non-controlling interests) amounted to CHF 69.7 million (2011: profit of CHF 94.9 million).Key figures (in CHF million) 2011 2010 % Change y/y Total revenues 256.1 516.1 (50%) EBITDA (reported) (40.1) 178.1 (123%) EBITDA (adjusted) 42.7 178.1 (76%) Net profit / (loss) after non- controlling interest (69.7) 94.9 (173%) EPS - Basic and diluted (in CHF) (2.46) 3.88 (163%) 2,093 Total assets (on balance sheet) 2,083.2 .4 (1%) 1,193 Shareholder's equity 1,095.2 .1 (8%) Net debt 1 456.8 235.3 94% Net asset value per share (in CHF) 2 29.93 35.29 (15%)1 Net debt it total debt less cash and cash equivalent 2 Net asset value is shareholders' equity excluding non-controlling interest divided by the number of shares outstanding Main Business Segments Hotels The hotel segment remained profitable in 2011. Revenues decreased by 29% to reach CHF 136.3 million (2010: CHF 193.1 million) or 53% of Group revenues. Segment EBITDA decreased by 50% to CHF 31.3 million with a 23.0% margin (2010: CHF 62.4 million, 32.3% margin). The decline in revenues and EBITDA is a combination of: (a) a month with virtually zero occupancy in El Gouna and Taba Heights, (b) pre-opening costs for 80 new rooms opened in 2011 and (c) a shift of hotel guests from five start hotels into four star hotels. Occupancy rates reached 56% (2010: 76%) mainly due to a drop in room occupancies in Egypt; occupancy in Jordan was mildly lower and higher in the UAE. Average Room Rates (ARR) declined to CHF 57 (2010: CHF 65). By the end of 2011, the Group operated 6,589 hotel rooms, up from 6,509 a year earlier, due to the opening of the Sifawy hotel in Jebel Sifah, Oman (55 rooms), La Maison Bleue in El Gouna, Egypt (12 rooms) and an expansion of our hotel in The Cove, UAE (11 rooms). Real Estate and Construction Segment revenues decreased by 71% and reached CHF 67.0 million (2010: CHF 229.0 million) or 26% of Group revenues. Revenues in particular were affected by a 50 days halt in construction activities in Egypt and a slowdown in demand for homes in the MENA region. Segment EBITDA decreased to CHF 14.9 million with a 22.3% margin (2010: CHF 113.0 million, 49.4% margin). By the end of 2011, deferred income amounted to CHF 262.2 million (2010: CHF 227.9 million). Main Countries and Destinations Egypt The Group exerted severe efforts with its banks to reschedule debt installments for its operations in Egypt. As at end 2011, we succeeded to reschedule installments of CHF 38.7 million by extending the maturity of existing loans by 6-12 months after the original maturity date. El Gouna remained a save destination during the turmoil in Egypt and was able to achieve an occupancy rate of 57%. Furthermore, Orascom Development opened the Boutique Hotel Maison Bleue hotel (12 rooms) in El Gouna. Switzerland At our Swiss destination Andermatt we managed to achieve several milestones. We completed the shell of the Hotel The Chedi Andermatt, concluded one-third of the construction work of the Podium and finalized the seeding works at the 18-hole course. The Group was able to achieve real estate sales of CHF 70.9 million. Oman In Jebel Sifah, the Group completed the construction of the marina and the commercial area with shops and apartments. During September 2011, the first hotel in Jebel Sifah, the Sifawy Boutique Hotel, with 55 rooms and suites was launched. In Salalah Beach, we completed the destination entrance and roads and built the marina which contains 174 berths. About 30% of the new hotel Rotana (396 rooms) has been built. We further plan to open the Juweira Hotel (65 rooms) during the second quarter of the current business year. Morocco During the first quarter of 2011, Orascom Development launched the first phase of real estate sales in Chbika, Morocco. In 2011, the company sold 31 units with a value of CHF 4.5 million. Furthermore, we commenced the construction of the town marina during the previous year. Performance improvements initiated Uncertainties regarding the political progress in the MENA region, the global economic development and international credit markets continue. Nevertheless, Orascom Development expects a more dynamic development in the second half of the year. While we remain committed to our proven business model, we created different initiatives to tackle these challenges to become more efficient, effective and transparent. During January 2012, credit agreements of CHF 125 million were finalized, which will enable the Group - together with existing cash reserves and credit lines, to finance all activities planned for 2012. The capital expenditure program for 2012 was reduced by 20-25% from previously announced CHF 180-190 million to CHF 140-150 million. Further, Orascom Development successfully prolonged its debt maturities at the beginning of 2012. To further diversify its destinations, the Group intends to work more closely with co-investors and sub-developers. Outlook 2012 Orascom Development estimates that the diversification of its revenues across different geographical areas will continue and thereby broaden its operations and diversify the risk. During January and February 2012 occupancy rates (45-50%) and Average Rooms Rates (CHF 55-60) in our hotel portfolio remained broadly at the same levels as in the same period of last year. Real Estate sales (total value of contracted units) of CHF 23.4 million during January and February 2012 were slightly ahead when compared to the same period last year (CHF 20.0 million). Earnings release and presentation The associated earnings release and presentation can be found on Orascom Developments' website www.orascomdh.com under the Investor Relations section. The Annual Report 2011 will be published on 4 April 2012. Telephone conference today at 3:00 pm CET A telephone conference for analysts and investors will be held in English today at 3:00 pm CET. CEO Dr. Gerhard Niesslein and CFO Mahmoud Zuaiter present the results 2011 and will be available to answer questions. A registration is not required. Dial-in details are as follows: - Conference password: 60 39 30 55 - International: +44 (0) 1452 55 55 66 - UK Toll Free: 0800 694 0257 - Switzerland Toll Free: 0800 828 006 - US Toll Free: 1866 966 9439 - Egypt Toll Free: 0800 000 0318 --------------------------------------------------------------------------- Information and Explaination of the Issuer to this News: About the Group Orascom Touristic Establishments (OTE) was established in 1989 setting the first step in building the Group's track record in the development of integrated towns. After some name changes and reorganization, the main business was held under Orascom Hotels & Development (OHD). Since the settlement of the public exchange offer by Orascom Development for OHD in May 2008, Orascom Development Holding AG (Orascom Development) became the new parent of OHD. Orascom Development has a dual listing, with a primary listing on the SIX Swiss Exchange and a secondary listing on the EGX Egyptian Exchange. Orascom Development is a leading developer of fully integrated destinations that include hotels, private villas and apartments, leisure facilities such as golf courses, marinas and supporting infrastructure. Orascom Development's diversified portfolio of destinations is spread over nine jurisdictions (Egypt, UAE, Jordan, Oman, Switzerland, Morocco, Montenegro, United Kingdom, Montenegro and Romania), with primary focus on touristic destinations and budget housing. The Group currently operates five destinations; three in Egypt El Gouna, Taba Heights and Haram City, The Cove in United Arab Emirates and Jebel Sifah in Oman. Investor Relations Contacts Till Leisner Head of Group Controlling & Investor Relations Tel: +41 41 874 88 07 Email: email@example.com Mamdouh Abdel Wahab Relations Director Investor Egypt Mobile: +20 122 315 3200 Email: firstname.lastname@example.org Media Contact Philippe Blangey Tel: +41 41 874 17 11 Email: email@example.com Disclaimer & Cautionary Statement The information contained in this e-mail, its attachment and in any link to our website indicated herein is not for use within any country or jurisdiction or by any persons where such use would constitute a violation of law. If this applies to you, you are not authorized to access or use any such information. Certain statements in this e-mail and the attached news release may be forward-looking statements, including, but not limited to, statements that are predications of or indicate future events, trends, plans or objectives. Forward-looking statements include statements regarding our targeted profit improvement, return on equity targets, expense reductions, pricing conditions, dividend policy and underwriting claims improvements. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results and Orascom Development Holding AG's plans and objectives to differ materially from those expressed or implied in the forward looking statements (or from past results). Factors such as (i) general economic conditions and competitive factors, particularly in our key markets; (ii) performance of financial markets; (iii) levels of interest rates and currency exchange rates; and (vii) changes in laws and regulations and in the policies of regulators may have a direct bearing on Orascom Development Holding AG's results of operations and on whether Orascom Development Holding AG will achieve its targets. Orascom Development Holding AG undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise. It should further be noted, that past performance is not a guide to future performance. Please also note that interim results are not necessarily indicative of the full-year results. Persons requiring advice should consult an independent adviser. 30.03.2012 News transmitted by EquityStory AG. The issuer is responsible for the contents of the release. EquityStory publishes regulatory releases, media releases on the capital market and press releases. The EquityStory Group distributes authentic and real-time financial news for over 1'300 listed companies. The Swiss news archive can be found at www.equitystory.ch/news --------------------------------------------------------------------------- Language: English Company: Orascom Development Holding AG Gotthardstraße 12 6460 Altdorf Switzerland Phone: +41 41 874 17 11 Fax: +41 41 874 17 12 E-mail: firstname.lastname@example.org Internet: www.orascomdh.com ISIN: CH0038285679 Swiss Security Number: A0NJ37 Listed: SIX End of Announcement EquityStory News-Service ---------------------------------------------------------------------------
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