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Orascom Development Holding AG: announces preliminary unaudited KPIs for the 9M 2021. Real estate sales for the 9M 2021 reaches CHF 444.9 million, an increase of 51.1% y-o-y

10/12/2021 | 01:02am EST

EQS Group-Ad-hoc: Orascom Development Holding AG / Key word(s): Miscellaneous/Miscellaneous Orascom Development Holding AG: announces preliminary unaudited KPIs for the 9M 2021. Real estate sales for the 9M 2021 reaches CHF 444.9 million, an increase of 51.1% y-o-y 12-Oct-2021 / 07:00 CET/CEST Release of an ad hoc announcement pursuant to Art. 53 LR The issuer is solely responsible for the content of this announcement.


Ad hoc announcement pursuant to Art. 53 LR. Press Release

Orascom Development Holding (ODH); announces preliminary unaudited KPIs for the 9M 2021. Real estate sales for the 9M 2021 reaches CHF 444.9 million, an increase of 51.1% y-o-y.

Altdorf, 12 October 2021 - Orascom Development Holding (ODH) announces its preliminary real estate and hotels KPIs' for the 3Q 2021. The 9M 2021 full results will be announced mid-November 2021.

Real Estate 9M 2021 KPIs: New sales for the 3Q 2021 reached CHF 166.5 million, a 62.3% increase from CHF 102.6 million in 3Q 2020. That brings our 9M 2021 sales value to CHF 444.9 million, a 51.1% increase over 9M 2020. The positive momentum that we continued to witness in the third quarter of the year further solidifies the company's strong positioning in the industry and its ability to take advantage of the existing demand in the local market with its well-tailored products.

2021 has been a year where we continued to strengthen our positioning, focused on execution, and further horizon expansions. Even during the midst of the pandemic, all our residential projects received strong interest across our destinations. We also continue to leverage consumer insights, identifying the emerging buying behavior trends post pandemic and accordingly designing an array of products that will potentially cater to their needs.

El Gouna continues to affirm its position as the «destination of choice» and records a 67.3% increase in net real estate sales to CHF 177.5 million in 9M 2021 (9M 2020: CHF 106.1 million). Makadi Heights, our rising star destination on the Red Sea, continues to deliver excellent sales performance since the beginning of 2021. Net sales increased by 146.0% to CHF 49.7 million from CHF 20.2 million in 9M 2020. O West, recorded CHF 134.3 million in sales for the 9M 2021, a growth of 40.3% compared to CHF 95.7 million in 9M 2020.

Our destinations in Oman managed to maintain healthy sales volumes through the 9M 2021, despite the lockdowns that are still in place. Jebel Sifah sales increased by 66.2% to CHF 24.6 million (9M 2020: CHF 14.8 million), Hawana Salalah sales also increased by 2.9% to CHF 10.7 million for the 9M 2021.

Lustica Bay, Montenegro continued its positive sales momentum since the beginning of 2021. The destination sales were up 5.4x to CHF 47.7 million in 9M 2021 from CHF 8.8 million in 9M 2020.

The increase in sales across all destinations was a factor of both, our ability to increase the average selling prices and the number of units sold.

9M 2021 vs. 9M 2020 Real Estate KPIs:

                            Net value of contracted units (CHF   Number of contracted       Average selling price (CHF/ 
                            mn)                                  units                      m^2) 
Country       Destination   9M 21      9M 20      ? in %         9M 21   9M 20   ? in %     9M 21    9M 20    ? in % 
Egypt         El Gouna      177.5      106.1      67.3%          293     187     56.7%      3,516    3,337    5.4% 
              Makadi        49.7       20.2       146.0%         255     132     93.2%      1,739    1,002    73.6% 
              O West        134.3      95.7       40.3%          428     336     27.4%      1,741    1,434    21.4% 
              Land sales*   -          37.5       -              -       -       -          -        -        - 
Oman          Jebel Sifah   24.6       14.8       66.2%          76      86      (11.6%)    2,291    2,173    5.4% 
              Salalah       10.7       10.4       2.9%           70      63      11.1%      2,038    2,130    (4.3%) 
Montenegro    Lustica Bay   47.7       8.8        442.0%         82      13      530.8%     5,260    5,283    (0.4%) 
ODH Group**                 444.9      294.4      51.1%          1,207   822     46.8% 

* Land sales in 9M 20 includes CHF 6.4mn of land sales in Gouna and CHF 31.1mn in O West. ** Net sales value for 9M 21 includes 3 units sold in Fayoum for CHF 0.4mn (9M 20: CHF 0.9mn, with 5 units sold).

Hotels 9M 2021 KPIs: Demand for the hospitality segment started to improve during the second half of 2021, as vaccine deployment accelerated and lockdowns eased across the nations, our portfolio continued to gather revenue momentum through Q3 2021. It has been such a positive sight to see our teams welcome more guests back into our hotels, with domestic leisure bookings leading our occupancies, followed by MICE (Meetings, Incentives, Conferences and Exhibitions) business events and slight uptick from our foreign tourists returning back to our destinations.

In Egypt, as per the governmental decree, hotels increased their operational capacity to 70% since July 4, 2021. Our hotels in El Gouna and in Taba Heights have benefited from this uptick with occupancies for the 9M 2021 reaching 37% and 10% respectively and 52% and 22% for Q3 2021. We started receiving some charter flights from Germany and some Eastern European countries in El Gouna. Foreigners represented c. 35% of our total occupancy in Gouna during Q3 2021. We remain optimistic for our Egyptian destinations and foresee a continued positive trend for the Q4 2021.

Our Omani hotels continued to be profoundly impacted by the restrictions and the locally enforced lockdowns imposed by the government due to Covid-19 for the 9M 2021. Hawana Salalah had only one hotel operational with an occupancy of 9% for the 9M 2021. The Good news is that the Country has finally opened its international borders in September which gives us positive expectations for Q4 2021, with charter flights from East Europe set to resume.

The Cove, UAE, continues to one the best performing hotels across the group with occupancy rate up 12ppt to 49% in 9M 2021 compared to 37% in 9M 2020. The enhanced operational performance is driven by transient local market, while we see a steady pick-up from our international markets mainly from Germany and Russia.

Lustica Bay, Montenegro witnessed extra-ordinary progress during 9M 2021. The additional activities to enhance the overall appeal of the destination, supported by the regional sales efforts as well as favorable weather conditions, contributed to the general improvement of the destination with occupancy rate reaching 45% up from 18% in 9M 2020.

9M 2021 vs. 9M 2020 Hotels KPIs:

                Occupancy %       ARR (CHF)         TRevPAR (CHF)     GOP PAR (CHF) 
Destination     9M 2021 9M 2020   9M 2021 9M 2020   9M 2021 9M 2020   9M 2021 9M 2020 
El Gouna        37%     27%       86      72        43      28        16      3 
Taba Heights    10%     13%       31      28        5       6         (3)     (6) 
Fayoum          15%     14%       69      77        16      18        (2)     1 
Salalah         9%      26%       102     118       11      46        (14)    4 
Jebal Sifah     39%     25%       99      106       70      51        (3)     (8) 
UAE             49%     37%       129     117       98      70        16      11 
Montenegro      45%     18%       211     145       158     58        23      (47) 

About Orascom Development Holding (ODH):

ODH is a leading developer of fully integrated destinations that include hotels, private villas and apartments, leisure facilities such as golf courses, marinas and supporting infrastructure. ODH's destinations are distributed over seven different countries (Egypt, UAE, Oman, Switzerland, Morocco, Montenegro, and United Kingdom), with primary focus on touristic destinations. ODH currently operates nine destinations: four in Egypt (El Gouna, Taba Heights, Makadi Heights and Byoum), The Cove in the United Arab Emirates, Jebel Sifah and Hawana Salalah in Oman, Lustica Bay in Montenegro, and Andermatt in Switzerland. ODH recently launched O West, the latest addition to its portfolio and its first project in Cairo, Egypt, located on the Sixth of October City. Contact for Investors: Sara El Gawahergy Head of Investor Relations & Strategic Projects Management Tel: +202 246 18961 Tel: +41 418 74 17 11 Mob: +41 79 156 78 49 Email: ir@orascomdh.com Contact for Media Relations: Philippe Blangey Partner Dynamics Group AG Tel: +41 432 68 32 35 Email: prb@dynamicsgroup.ch Disclaimer and 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'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

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Net income 2021 - - -
Net Debt 2021 252 M 273 M 273 M
P/E ratio 2021 17,6x
Yield 2021 -
Capitalization 425 M 462 M 461 M
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Orascom Development Holding AG Technical Analysis Chart | ODHN | CH0038285679 | MarketScreener
Technical analysis trends ORASCOM DEVELOPMENT HOLDING AG
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Mean consensus OUTPERFORM
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Last Close Price 10,58 CHF
Average target price 12,10 CHF
Spread / Average Target 14,4%
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Omar El-Hamamsy Chief Executive Officer
Ashraf Suriel Nessim Chief Financial Officer
Samih Onsi Naguib Sawiris Executive Chairman
Carolina MŘller-M÷hl Non-Executive Director
Franz Egle Non-Executive Director
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