Earnings Release FY 2015

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1 ODH ( Orascom Development Holding ) (SIX ODHN.SW), (EGX ODHN.EY) has released its consolidated financial results for its twelve Months ended 31 st of December Orascom Development Holding (ODH) records a 22.2% increase in revenues over last year, bottom line, in line with earlier communicated guidance, was impacted by the increase from losses of associates, one time provisions and foreign exchange losses Revenues increased by 22.2% to reach CHF compared to CHF million in FY Adjusted EBITDA reached CHF 80.8 million, a 228.5% increase from the CHF 24.6 million recorded in FY Net loss of CHF 19.0 million mainly impacted by the increase in ODH s share of losses from Andermatt Swiss Alps (ASA) and Orascom Housing Communities (OHC). Achieved the net sales target of the year for our Egyptian subsidiary of CHF 75.0 million. Total contracted sales for the Group reached CHF million compared to CHF 87.6 million in FY Hotels segment closed the year positively, with a fall back starting 4Q 2015 as a result of the aircraft crash in the Sinai peninsula and the continuous travel bans on Taba, Egypt. Re-negotiating the refinancing package in Egypt, taking a 3 years grace period on principal and interest, to be finalized by Q Altdorf, 14 April 2016 Orascom Development Holding (ODH) revenues increased by 22.2% to CHF million compared to CHF million in FY The increase in revenues was mainly driven by the positive contribution of the Group's largest subsidiary, Orascom Hotels and Development (OHD), the new hotel opening in Oman and the delivery of the first 10 apartment buildings in Montenegro. Adjusted EBITDA, increased by 228.5% to reach CHF 80.8 million compared to CHF 24.6 million in FY 2014 mainly because of the high margins associated with the land sub-development agreements. During 2015, we signed two new sub-development agreements to sub-develop 110,196 m 2 of land in El Gouna for a total value of USD 22.0 million. The net losses attributable to the shareholders of the company reached CHF 19.0 million, The main contributors to the bottom-line losses include: (i) the increase in ODH's share of losses from Andermatt Swiss Alps (ASA) and Orascom Housing Communities (OHC), the Group's largest associate (non-consolidated) companies; (ii) the decrease in the profitability of the hotel's segment in Egypt as a result of the continued travel bans on Taba and the negative consequences of the plane crash in the Sinai Peninsula. (iii) prudence-related additional one-time provisions (iv) and foreign exchange losses due to weakening of the CHF and the devaluation of the EGP. Adjusted EBITDA, Margin (CHFmn,%) 9.8% 25 Revenue (CHFmn) % Real Estate: Sales witnessed an increase of 21.3% over the same period last year reaching CHF million compared to CHF 87.6 million in FY The boost was mainly driven by the significant increase in El Gouna sales reaching CHF 82.9 million in compared to CHF 48.7 million in FY In 2015, 4 new diversified projects in El Gouna with a total sellable inventory of USD 93.4 mn, were successfully launched. Controlling construction costs and speeding up its progress continues to be our focuses of the year, which will allow earlier recognition of revenues and earlier cash collection of the 10% client delivery payment. We are planning to deliver Joubal lagoon project in El Gouna, launched back in November 2014, during Q2 2016, 6 months ahead of schedule. 1

2 We have reached 75% of construction for the Byoum hotel in Fayoum, and expecting the opening to be during Q Ongoing efforts were taken in developing our Omani destinations, adding to the destinations livelihood to ultimately drive up real estate sales. We handed over 29 real estate units in Sifah and Salalah, finalizing the construction of the 9 holes golf course and working on a new marketing and positioning campaign for Salalah and Sifah. Demand for our Lustica Bay, Montenegro destination has continued to see pickup and the project has attracted a host of global buyers witnessed the completion of Lustica s first 10 apartment buildings in the Marina Village, welcoming Lustica s first residents and commencing the first operational summer season. Real Estate segment revenue reached CHF 66.4 million vs. CHF 72.9 million in FY Total deferred revenue from real estate that is yet to be recognized until 2018 reached CHF million in compared to CHF million in FY Hotels: Completed the 700-room phase I of our hotel development plan in Oman, with segment revenues increasing by 4.5% to reach CHF million (FY 2014: CHF million), yet bottom-line results were negatively impacted by the plane crash in Egypt during Q In Egypt, the optimization strategies that we applied in 2014 across our hotel portfolio, and the relatively strong performance of the first 9 months, contributed to a successful operation of the segment up until September Those strategies helped us close the year positively and limited the magnitude of the challenges that the world s tourism sector has witnessed in 2015 especially after the Russian aircraft incident that took place in October and the shootings that took place in Paris in November El Gouna continued to benefit from its safe haven and has been outperforming its competitors, closing the year at an occupancy of 68% compared to 60% in Makadi, operated at 30% of its capacity, after closing down 2 out of the 3 hotels we own. In Taba, we took some drastic measures to stop the bleeding of the destination and have shut down 5 out of the 6 hotels, only keeping the Sofitel hotel open (442 rooms). Our hotels in Oman witnessed a notable year-on-year growth. Occupancy grew from 33% to 51% and GOP PAR grew from CHF 3 to CHF 18. Salalah Beach, marked the completion of the 700-room phase one milestone of our Omani hotel development plan with the opening of Al Fanar Hotel & Residence, a 218-room, four star hotel. The hotel had its soft launch mid December 2015 with an occupancy of 46% and is now running at an average occupancy of 81% in Q Oman is now home to 767 rooms representing 10% of the total Group s inventory. In the UAE, the cut in the number of rooms affected the reported figures. 14% of the total Cove hotel inventory, was used as a housing facility for the Hotel s senior staff in replacement of the Housing Complex that was being renovated to serve as an extension for the Hotel. The new Housing facility was re-opened in November Adjusted EBITDA for the segment was within the same range of last year, reaching CHF 18.1 million compared to CHF 18.2 million in FY However, the segment s profitability was still negatively affected by the ongoing bans in Taba Heights along with the airplane crash incident. The net losses generated from Taba Heights hotels alone amounted to CHF 10.7 million Value of Contracted Units (CHF mn) 88 Value of Deferred Income (CHF mn) Hotels Financials (CHFmn) Revenues Adj.EBITDA 2

3 Subsequent events The Board of Directors of Orascom Development Holding AG (Orascom Development, ODH) has signed a six year advisory agreement with Accelero Capital Management Company Limited ("Accelero Capital") whereby Accelero Capital will provide advisory services to assist ODH in implementing an operational and financial turn-around under the guidance of the Board of Directors and management of ODH. The Board of Directors also announced that it has appointed Mr. Khaled Bichara as the new CEO effective 1 January Outlook for FY 2016 Corporate After having received approvals from all banks in Egypt on the initial rescheduling agreement to get a 2 years grace period, the Central Bank of Egypt issued a new initiative allowing tourism companies to obtain a 3 years grace period on principal and interest. We are now capitalizing on this initiative and re-negotiating with the banks to get a better deal which we expect to finalize by Q Real Estate We will continue executing our new development strategy, offering a wider range of products across our destinations. In Egypt, we launched the Fanadir Bay project, in El Gouna, with a total inventory of USD 60.0 million. We will also launch new products in Fayoum with a total inventory of USD 3.9 million and are currently finalizing the design for the Clubhouse in Makadi, to commence construction by Q We are also studying the possibility of entering the first and second home markets in Cairo and the North Coast. In Oman, we are revisiting Jebel Sifah s master plan and are planning to introduce two product types during Q We are also planning to start the construction of a new waterpark in Salalah Beach towards the end of the year with a capacity to hold up to 1,500 visitors. In Montenegro, we are progressing with the construction of the main marina works and have commenced on the next group of apartment buildings (F & G Buildings) and the exclusive Marina Villas. The F Buildings foresees the development of eight new buildings with 45 residential units, expected to be completed during Hotels On track with the construction of Ancient Sands hotel in El Gouna, and Byoum hotel in Fayoum, planned to open in Q2 and Q3 2016, respectively. We are studying the implementation of strict cost cutting measures across our hotels in Egypt, from centralization of services to suspension of operations at some hotels. We plan to capitalize on the high potentiality of Oman, especially after the significant demand that was witnessed during the ITB Berlin conference and are currently looking to add 80 more rooms in Al Fanar hotel & Residence in Salalah Beach. In the UAE, we are finalizing the construction of The Cove Rotana extension, adding 145 rooms to be opened during Finally in Montenegro, we are planning for the construction of the Promenade Condominium Hotel, planned to commence operation during the summer of Revenue by Business Segment 5% 11% 22% 21% 41% Hotels Real Estate Land Destination Management Other Operations 3

4 Key Figures for the Income Statement (CHF mn) FY 2014 Revenue Cost of sales (235.0) (213.0) Gross profit Gross profit margin 23.2% 15.0% Investment income Other gains and losses (7.0) 93.0 Administrative expenses (39.4) (45.2) Finance costs (33.6) (32.9) Share of associates losses (19.4) (9.3) Loss/Profit before tax (18.3) 46.9 Income tax expense (4.2) (10.8) Loss/Profit for the period (22.5) 36.1 Attributable to : Non-controlling interests (19.0) 41.9 ODH Shareholders (3.5) (5.8) Basic EPS (CHF) (0.68) 1.47 Balance Sheet (CHF mn) Property, plant and equipment Inventories Receivables Cash and bank balances Investments in associates Other assets Total assets 1, ,781.0 Borrowings Payables Provisions Other liabilities Total liabilities Non-controlling interests Equity attributable to ODH shareholders Total liabilities and equity 1, ,

5 Presentation The associated financial statements and presentation can be found on Orascom Developments website under the Investor Relations section. Telephone conference today at 1:30 pm CET Orascom Development invites you to its results conference call on 14 April 2016 at 1:30 pm CET. The call will start by a presentation from the CEO Khaled Bichara, the CFO Eskandar Tooma and Chief Hotels Officer Abdelhamid Abouyoussef, followed by a Q&A session. A registration is not required. Conference password: International: +44 (0) Switzerland Toll Free: Egypt Toll Free: UK Toll Free: US Toll Free: A replay of the conference call will be available for one week with the following dial in details: Access Code: # International: +44 (0) UK National : US Toll Free: Available until 21 April 2016 About Orascom Development Holding AG 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 eight jurisdictions (Egypt, UAE, Jordan, Oman, Switzerland, Morocco, Montenegro and United Kingdom), with a primary focus on touristic destinations. The Group currently operates eight destinations; four in Egypt El Gouna, Taba Heights, Makadi and Haram City, The Cove in United Arab Emirates, Jebel Sifah and Salalah Beach in Oman, and Andermatt in Switzerland. Orascom Development has a dual listing, with a primary listing on the SIX Swiss Exchange and a secondary listing on the EGX Egyptian Exchange. Contact for Investors: Sara El Gawahergy Head of Investor Relations Tel: Tel: ir@orascomdh.com Disclaimer & Cautionary Statement The information contained in this , 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 and the attached news release may be forwardlooking 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. 5

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