FY 2017 Results 5 April 2018 1
Agenda FY 2017 Destination Progress Page 3 FY 2017 Key Highlights Page 7 Financial Review Page 15 Outlook 2018 Page 21 2
El Gouna, Egypt FY 2017 Highlights and Outlook: ▪ Net sales reached CHF 79.1mn in FY 2017 vs. CHF 80.6mn, despite the 50% devaluation of EGP to CHF. ▪ Hotels GOP surged by 67.6% to reach CHF 23.3mn vs. CHF 13.9mn in FY 2016. ▪ Successfully launched a new high-end real estate project over looking the marina called “Abu Tig Hills” in Q4 2017 with a total inventory of USD 22.0mn & was sold out completely. ▪ Continuing with the renovation work across some of our hotels with plans to be finalized during 2018. ▪ Successfully launched Phase II of G-Space by end of Dec. 2017; all offices were rented out. ▪ In Jan. 2018, we launched Tawila phase III with a total inventory of USD 44.1mn. Phase III compromise of town houses and apartments and showed a positive sales momentum. ▪ Planning to launch a new real estate project in April with a total inventory of USD 80.0mn. ▪ Looking into adding more hotel rooms and possibly a new hotel in 2019. Financials & KPIs FY 17* FY 16 % Chg Hotels Number of rooms 2,657 2,650 0.3% Occ. for available rooms (%) 75 57 31.6% TRevPAR (CHF) 50 46 8.7% GOP PAR (CHF) 24 14 71.4% Total Revenues (CHF mn) 49.8 44.9 10.9% Real Estate Net Contracted Units (CHF mn) 79.1 80.6 (1.9%) No of Contracted Units 258 197 31.0% Avg. Selling Price (CHF/m 2 ) 1,945 2,721 (28.5%) Total Revenues (CHF mn) 41.9 46.3 (9.5%) Deferred Revenue (CHF mn) 81.7 53.6 52.4% 3 * Figures are impacted by the devaluation of EGP against the CHF.
Hawana Salalah, Oman FY 2017 Highlights and Outlook: ▪ Net sales reached CHF 16.5mn vs. CHF 0.3mn in FY 2016 on the back of the great success of “Lagoon Project” that was launched in Q3 2017, with a total inventory of CHF 31.8mn . ▪ Hotels GOP increased by 19.5% to reach CHF 10.4mn vs. CHF 8.7mn in FY 16. ▪ Opened the 98 new rooms in Al Fanar Hotel and 22 new rooms in Rotana Hotel, by end of December 2017, making the total number of rooms in Hawana Salalah 904 rooms. ▪ The 120 new hotel rooms in Hawana Salalah, Oman were opened in December 2017 recording an occupancy rate of 93% in the first week of operations. ▪ Opened the Aqua Park in January 2018, the first Aqua Park in Oman. ▪ We are also planning to add more rooms and a new hotel in Hawana Salalah capitalizing on the huge demand we have. Financials & KPIs FY 17 FY 16 % Chg Hotels Number of rooms 904 851 6.2% Occ. for available rooms (%) 72 69 4.3% TRevPAR (CHF) 117 114 2.6% GOP PAR (CHF) 36 34 5.9% Total Revenues (CHF mn) 33.6 29.4 14.3% Real Estate Net Contracted Units (CHF mn) 16.5 0.3 5,400% 1 No of Contracted Units 140 13,900% Avg. Selling Price (CHF/m 2 ) 1,543 3,228 (52.2%) Total Revenues (CHF mn) 3.3 11.4 (71.1%) Deferred Revenue (CHF mn) 18.6 5.3 250.9% 4
Luštica Bay, Montenegro FY 2017 Highlights and Outlook: ▪ Net sales remained unchanged to reach CHF 17.2mn in FY 2017. ▪ The construction of the 5-star Chedi Hotel and the also the Marina are quickly progressing, with plans to be finalized and opened in July 2018. ▪ Delivered the new “F” and “G” buildings comprising 88 apartments in 2017. ▪ Successful launch of Centrale Phase 1a; the town center concept, with approx. 60% contracted and reserved. ▪ Opened the new access road to the marina village. ▪ Initiated construction of “E” and “B” building clusters comprising 68 apartments due for delivery in 2018 and early 2019; and over 1,000 sqm of marina retail due for delivery in summer 2018. Financials & KPIs FY 17 FY 16 % Chg Real Estate Net Contracted Units (CHF mn) 17.2 17.3 (0.6%) No of Contracted Units 56 37 51.4% Avg. Selling Price (CHF/m 2 ) 4,774 5,883 (18.5%) Total Revenues (CHF mn) 21.0 0.2 10,400% Deferred Revenue (CHF mn) 38.2 44.9 (14.9%) 5
Agenda FY 2017 Destination Progress Page 3 FY 2017 Key Highlights Page 7 Financial Review Page 15 Outlook 2018 Page 21 6
Key Highlights FY 2017 ODH Continues to Deliver Strong Results and Operational Growth Across its Business Segments Recording a Revenue Growth of 2.9% to reach CHF 244.4 million vs. CHF 237.4 million in FY 2016, increase in Adjusted EBITDA to reach CHF 33.4 million vs. CHF 19.6 million and reduction of losses to CHF 41.1 million vs. CHF 243.8 million in FY 2016. ➢ 9.5% increase in net real estate sales to CHF 126.2 million vs. CHF 115.2 million in FY 2016 with more contribution coming from El Gouna, Hawana Salalah, Sifah and Luštica . ➢ Revenues back to growth reaching CHF 244.4 million vs. CHF 237.4 million in FY 2016 accompanied by significant growth in the Egyptian subsidiary’s (ODE) revenues in EGP recording a 78.8% increase Y-o-Y. Yet, the jump was not hugely reflected in the Group’s revenues due to the 50.0% EGP devaluation against the CHF. ➢ 33.6% increase in Hotels Gross Operating Profits (GOP) to CHF 48.5 million vs. CHF 36.3 million in FY 2016. ➢ Adjusted EBITDA significantly increased by 70.4% to CHF 33.4 million vs. CHF 19.6 million in FY 2016. ➢ Net loss was tremendously reduced to CHF 41.1 million in FY 2017 vs. CHF 243.8 million in FY 2016. ➢ The OGM of ODE approved the sale of 3 hotels in Makadi destination which together with a sale of a land plot will generate cash proceeds of c. CHF 27.4 million and deconsolidate CHF 14.4 million of debt. ➢ Working on reducing the Debt of the Egyptian subsidiary by c. CHF 56.0 million, which will generate interest savings of c. CHF 33.3 million over the coming 6 years. ➢ In Egypt, we are holding several discussions to acquire a land plot in Cairo and the North Coast; marking our first entrance into the first and second homes market. 7
Business Segments FY 2017 Revenue EBITDA Adj. EBITDA 1 (CHF mn) FY 2017 FY 2016 Δ in % FY 2017 FY 2016 FY 2017 FY 2016 Hotels 131.5 120.2 9.4% 46.1 (9.4) 40.8 20.3 Real Estate 70.1 65.5 7.0% 19.3 50.2 19.0 20.8 Land - 2.0 - 25.4 2 - 2.4 - Town Management 3 27.0 31.1 (5.5) (2.8) (6.0) (3.0) (13.2%) Tamweel Group 15.8 18.6 (15.1%) 3.6 5.0 3.9 5.2 (223.1) 4 Corporate & Unallocated Items - - (38.6) (24.3) (26.1) - ODH Group 244.4 237.4 24.9 (154.7) 33.4 19.6 2.9% 1 Adjusted EBITDA: EBITDA adjusted for non cash items (which includes provisions & impairments, other gains and losses, FX gains & share in associates) 2 The amount represent FX gain from previous land sale that took place in 2015. 3 Town Management includes revenues from Utilities and services, Hospital, Marina , Golf, Rentals, Educational services, Limousine, and other town amenities. 4 The EBITDA losses in FY 2016 is mainly due to the devaluation of EGP that took place in November 2016. 8
Business Segments 4Q 2017 Revenue EBITDA Adj. EBITDA 1 (CHF mn) 4Q 2017 4Q 2016 Δ in % 4Q 2017 4Q 2016 4Q 2017 4Q 2016 Hotels 41.0 34.3 13.1 (16.6) 13.5 7.9 19.5% Real Estate 20.7 20.6 0.5% 10.1 26.4 10.3 4.6 Land - 18.3 2 - (0.8) - - - Town Management 3 (0.7) (0.4) (1.2) (0.4) 7.9 8.4 (6.0%) Tamweel Group 0.7 0.8 0.8 0.8 4.0 4.2 (4.8%) (168.6) 4 Corporate & Unallocated Items (14.0) (6.1) (6.4) - - - ODH Group 73.6 67.5 9.2 (140.1) 17.3 5.7 9.0% 1 Adjusted EBITDA: EBITDA adjusted for non cash items (which includes provisions & impairments, other gains and losses, FX gains & share in associates) 2 The amount represent FX gain from previous land sale that took place in 2015. 3 Town Management includes revenues from Utilities and services, Hospital, Marina , Golf, Rentals, Educational services, Limousine, and other town amenities. 4 The EBITDA losses in FY 2016 is mainly due to the devaluation of EGP that took place in November 2016. 9
Real Estate KPIs FY and 4Q 2017 Net value of contracted units Number of contracted Average selling price (CHF/m 2 ) (CHF mn) units Country Destination FY 17 FY 16 FY 17 FY 16 FY 17 FY 16 Egypt El Gouna 79.1 80.6 258 197 1,945 2,721 Fayoum 1.5 0.3 21 3 602 821 Makadi 0.1 0.1 2 1 267 477 Gardania - 0.8 - 1 - 1,276 Oman Jebel Sifah 11.8 15.9 61 79 1,835 1,948 Salalah Beach 16.5 0.3 140 1 1,543 3,228 Montenegro Luštica Bay 17.2 17.3 56 37 4,774 5,883 ODH Group 126.2 115.2 538 319 1,950 2,692 Country Destination 4Q 17 4Q 16 4Q 17 4Q 16 4Q 17 4Q 16 Egypt El Gouna 26.4 26.4 85 75 2,028 2,467 Fayoum 0.5 - 5 - 593 - Makadi - (0.2) (1) 1 - 365 Oman Jebel Sifah 2.9 15.6 16 77 2,336 1,775 Salalah Beach 6.2 (0.5) 53 1 1,595 5,809 Montenegro Luštica Bay 4.1 5.3 12 10 4,876 6,756 ODH Group 40.1 46.6 170 164 1,933 2,349 10
Deferred Revenue Recognition Schedule (CHF mn) Deferred Revenue Country Destination 2018 2019 2020 2021 Balance El Gouna 81.7 57.3 24.4 - - Egypt Fayoum 1.6 0.2 0.8 0.3 0.3 Makadi - - - - - Total Egypt 83.3 57.5 25.2 0.3 0.3 Jebel Sifah 31.3 25.5 1.8 4.0 - Oman Salalah Beach 18.6 6.1 11.8 0.6 - Total Oman 49.9 31.6 13.6 4.6 - Luštica Bay 38.2 34.2 4.0 - - Montenegro 171.4 123.3 42.8 4.9 0.3 ODH Group * Figures are rounded to the nearest decimal point. 11
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