, 2019 9m 2019 results...122.0 166.9 36.3 hotels real estate town mgt. 109.9 79.6 25.6 12.7 real...

9M 2019 Results

Analyst & Investor Presentation

Altdorf, November 13th, 2019

1. Executive Summary

2. 9M 2019 – Key Highlights

3. 9M 2019 – Operational Highlights by Destination

4. 9M 2019 – Financials

5. Outlook 2019

6. Appendix

Table of Contents

Altdorf, November 13th, 20199M 2019 Results – Analyst & Investor Presentation 2

1. Executive Summary 9M 2019


Executive Summary

4

Revenues

− Up 42.7% to CHF

325.2mn in 9M 2019

vs. CHF 227.8mn

(Reported).

− Up 55.5% in 9M

2019 vs. CHF

209.1mn in 9M 2018

(Pro-forma)* .

+42.7%

Pro-forma Adj.

EBITDA

− Up 48.8% to CHF

57.3mn in 9M 2019

vs. CHF 38.5mn in

9M 2018 (Pro-

forma)*

− Up 25.1% to CHF

57.3mn in 9M 2019

vs. CHF 45.8mn

(Reported).

+48.8%

Cash from

Operations

− Cash from

operations surged

by 34.5% to CHF

41.7mn vs. CHF

31.0mn in 9M 2018.

+34.5%

Net losses

− ODH reported a net

loss of CHF 7.9mn

in 9M 2019 vs. a

loss of CHF 29.7mn

in 9M 2018

(Reported).

− 9M 2019 net losses

of CHF 7.9mn vs. a

loss of CHF 33.9mn

in 9M 2018 (Pro

forma)*.

CHF (7.9)mn

Financing

− In Sep. 2019; ODH

successfully issued a

listed CHF100mn bond

with a coupon of

3.25% & a 5 years

tenor

− First public bond issue

for ODH.

− Proceeds will be used

for further development

of Oman, Montenegro

& for general corporate

purposes.

Bond Issuance

New Destination

− On 4th Nov, ODH

announced the launch

and development of the

First Phase of Eco-Bos,

Cornwall ,UK

Launch of Eco-Bos

Altdorf, November 13th, 20199M 2019 Results – Analyst & Investor Presentation

* Pro-forma excludes the contributions from Tamweel, Citadel Azur, Royal Azur and Club Azur hotels that were sold out and deconsolidated during 2018.

2. 9M 2019 – Key Highlights


79.6

166.9

31.8 50.3

9M 2018 9M 2019

Real Estate Financials (CHF mn)

Revenues Adj. EBITDA

228.7

446.3

9M 2018 9M 2019

296.2

566.9

9M 2018 9M 2019

157.6

381.3

9M 2018 9M 2019

Net Real Estate Sales (CHF mn)

9M 2019


Key Segment Financials & KPIs

142.0% 91.4%

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

95.1%

109.7%

58.2%109.9

122.0

37.9 38.0

9M 2018 9M 2019

Hotel Financials (CHF mn)*


11.0%

0.3%25.6

36.3

(1.8) (1.6)

9M 2018 9M 2019

Town Management Financials (CHF mn)


11.1%

41.8%

* 9M 2018 revenues and Adj. EBITDA included contributions from Citadel Azur, Royal Azur and Club Azur hotels that were sold out and deconsolidated during 2018.

122.0

166.9

36.3

Hotels

Real Estate

Town Mgt.

109.9

79.6

25.6

12.7

Hotels

Real Estate

Town Mgt.

Tamweel

9M 2019


Y-o-Y Revenue Analysis

48%35%

11%

6%

51%

11%

38%

Revenues by Segment 9M 2018 (CHFmn) Revenues by Segment 9M 2019 (CHFmn)

CHF 325.2mn

− Tamweel Group was deconsolidated in Q4 2018.

− Citadel Azur, Royal Azur and Club Azur Hotels were sold and deconsolidated during 2018.

CHF 227.8mn

47%

19%

8%

8%

7%

6%

3%

1% 1%

El Gouna

Hawana Salalah

O West

Lustica Bay

Jebal Sifah

UAE

Taba Heights

Makadi Heights

Others*

48%

15%

10%

8%

8%

6%

3%

2%

El Gouna

Hawana Salalah

UAE

Lustica Bay

Others*

Jebal Sifah

Taba Heights

Makadi Heights

9M 2019


Y-o-Y Revenue Analysis

Revenues by Destination 9M 2018 (CHFmn) Revenues by Destination 9M 2019 (CHFmn)

CHF 325.2mn

− Others in 9M 2018 included Tamweel Group, Citadel Azur, Oberoi Zahra, Fayoum &

Corporate.

CHF 227.8mn

− Others in 9M 2019 included Oberoi Zahra, Fayoum & Corporate.

3. 9M 2019 – Operational Highlights by Destination


Destinations

A leading fully integrated

developer with 30 years of

experience

101.0 mn m2

of land bank across

7 countries

68.5 mn m2 remaining

land bank (67.8%)

9 operating destinations

with 33 Hotels

& 7,183 rooms


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

Eco Bos, UK

ODH’s newest addition to its towns’ portfolio

Total land area

6.5million sqm divided

over 6 separate sites

JV between

ODH (75%)

& Imery’s Mineral Limited

(25%)

− Render

11

▪ A highly qualified executive team has been

appointed to manage Eco-Bos. It is headed by

Maher Maksoud who joined as CEO in November

2018.

▪ Since his appointment Maher has retained an

efficiently sized but high qualified team of

managers and executives combining international

industry experience with local UK/Cornwall know

how appropriate to the delivery of Eco-Bos’s

anticipated project pipeline.

5005STUNNING

LAKES

7PARKMW SOLARACTIVITIES

WALKING TRAILS CYCLE PATHS BRIDLE PATHS WATERSPORTS

AMENITIESSHOPPING | CAFES RESTAURANTS | PUB COMMUNITY CENTRE DOCTORS | DENTISTS

ACRES

1,000NEW EMPLOYMENT OPPORTUNITIES

1,500-1,800ENERGY EFFICIENT NEW HOMES

420PLACE PRIMARY SCHOOL & NURSERY

12

Eco Bos, UK

ODH’s newest addition to its towns’ portfolio UK

3% only launched from a

total of 6.5mn m2

Cash flow positive and profitable

FY 2022Delivering Phase 1:

Q3 2024

− Render

13

▪ First Phase: West Carclaze Garden Village

(WCGV).mixed-use residential development

▪ Includes 1,500 - 1,800 homes, 420 place primary

school, office park, village center” with a mix of

retail, F&B and community service buildings and 7-

megawatt solar energy farm

▪ The launched phase uses 196,604 m2 , Total

number of residential units is 270 in the form of

detached and attached homes as well as

apartments.

▪ Breaking ground in February 2020.

▪ Launching bulk sales in June 2020 and retail sales

in February 2021.

▪ Estimated cumulative losses before turning into

profits, are within the range of ca. £1.0mn - £2.0mn

(ca. CHF 1.3mn – CHF 2.6mn)* until 2022.

* GBP/CHF rate used as of 3/11/2019.

Phase 1 Highlights:

CHF 101 mnExpected sales from this launch

El Gouna, Egypt

Update 9M 2019

− Finalized the construction & held the soft

opening of Casa Cook Hotel (100 rooms)

in end of Oct. 2019.

− Looking in adding 200 new hotel rooms in

the existing hotels in 2020.

− In end of Sep, we launched “Fanadir

Marina” with an inventory of USD 29mn &

managed to sell more than 90% in 2 weeks.

− Progressing with the construction of Abu

Tig Hills apartments & deliver all remaining

units in Tawila Phase 2 & 3 in Q1 2020.

− Successfully Hosted the 3rd edition of

El Gouna Film Festival in Sep. 2019.

− Opened phase 1 of the new concert &

conference center in first week of Nov.

2019. Construction of the concert hall

building will commence in Q1 2020.

14

El Gouna, Egypt

Revenues per segment

9M 2019 (CHF mn)

46.354.6

43.5

69.4

20.5

28.1

9M 2018 9M 2019

Hotels Real Estate Destination Management

+37.9%

152.1

110.3

+37.1%

+59.5%

+17.9%

El Gouna, Egypt

KPIs

9M 2019 9M 2018 % Chg

Hotels

Total number of rooms* 2,607 2,650 (1.6%)

Occ. for available rooms (%) 83% 79% 5.1%

TRevPAR (CHF) 79 64 23.4%

GOP (CHFmn) 26.1 23.4 11.5%

GOP PAR(CHF) 38 32 18.8%

Real Estate

Net sales (CHFmn) 98.1 84.4 16.2%

No of contracted units 194 249 (22.1%)

Avg. selling price (CHF/m2) 2,923 2,303 26.9%

* The number of rooms in El Gouna decreased mainly because some of the rental contract for units in Ancient Sands had been cancelled during the quarter.15

Hawana Salalah, Oman

Update 9M 2019

− Planning to add new inventory in Forest

Island real estate project. The new phase

will include, standalone villas, twin and

town houses and apartments with a total

inventory of CHF 43.0mn.

− Early delivery for our real estate project

Hawana Lagoons.

− Hotels performance on track despite the

seasonality.

16

− Planning to add a new 5-star hotel with c.

350 rooms in 2021.



9M 2019 (CHF mn)

28.1 30.3

6.0

30.0

0.6

1.1

9M 2018 9M 2019


+76.9%

61.4

34.7

+83.3%

+400.0%

+7.8%


KPIs

9M 2019 9M 2018 % Chg

Hotels

Total number of rooms 1,081 904 19.6%

Occ. for available rooms (%) 55% 64% (14.1%)

TRevPAR (CHF) 103 114 (9.6%)

GOP (CHFmn) 10.5 9.8 7.1%

GOP PAR (CHF) 36 40 (10.0%)

Real Estate

Net sales (CHFmn) 26.1 19.5 33.8%

No. of contracted units 162 159 1.9%


17

Luštica Bay, Montenegro

Update 9M 2019

− In Marina Village: we are constructing

several villas, town houses, an

apartment building (10 apts.) and retail

spaces to be completed in 2020

− Added a new pontoon with 35 new

berths. The final phase of the marina will

accommodate up to 176 boats

− Preparing the planning documents for

the new Marina Hotel (200-240 units). 18

− In the Centrale area: we are currently

constructing 4 apt buildings with 58 apts., two

of which were handed by end of Oct. & the

other two by summer 2020.

− Opened an outdoor amphitheater in the

marina, with a capacity of 200 seats, to

accommodate concerts, theater productions,

movie nights etc.

− Working on the primary irrigation system for

the golf course.



9M 2019 (CHF mn)

4.4

18.7

18.9

1.2

9M 2018 9M 2019


+31.0%

24.5

18.7

+1.1%


KPIs

9M 2019 9M 2018 % Chg

Hotels

Total number of rooms 111 111 –

Occ. for available rooms (%)* 52% 65% (20.0%)

TRevPAR (CHF) 174 213 (18.3%)

GOP (CHFmn) 0.1 0.2 (50.0%)

GOP PAR (CHF) 3 34 (91.2%)

Real Estate

Net sales (CHFmn) 25.2 26.8 (6.0%)

No of contracted units 51 38 34.2%

Avg. selling price (CHF/m2) 5,486 6,567 (16.5%)

19

It is important to note that the Chedi hotel was opened only

starting from August 2018 for 4 month while in 2019 it was

operational for the 9 months

O West, Egypt

Update 9M 2019

− In November, we are planning to launch a

new high-end real estate apartment with a

total inventory of c. CHF 35.0mn.

− First commercial launched in Sept.19 with an

Inventory of c. CHF 27mn & sales are on

track

− No. of memberships in O West Club stood at

720 membership by the end of 9M 2019.

− First British International School to be signed

by year end.

− Render

20

O West, Egypt

KPIs

9M 2019

Real Estate

Net sales (CHFmn) 204.9

No of contracted units 762

Avg. selling price (CHF/m2) 1,238

Total O West (CHFmn)

Total revenues 27.7

− Render

21

Taba Heights, Egypt

Update 9M 2019

− At Taba Heights we are anticipating a

substantial increase in tourist arrivals starting

Nov. 2019 as several European countries will

increase charter services to Taba airport.

− We remain focused on accelerating our growth

initiatives by building an even stronger

promotional base in all European markets.

− Planning to increase the room rates next year.

− Started maintenance work across our 6 hotels to

increase the quality.

− Planning to re-open 40 more rooms in Bay View hotel in

Q1 2020.

− Taba Heights will turn profitable in 2020.

− A full relaunch plan for Taba is currently understudy.22

Taba Heights, Egypt


9M 2019 (CHF mn)

5.5

9.0

1.6

1.2

9M 2018 9M 2019

Hotels Destination Management

+63.6%

-25.0%

10.2

7.1

43.7%

Taba Heights, Egypt

KPIs

9M 2019 9M 2018 % Chg

Hotels

Total number of rooms 2,365 2,365 –

Number of rooms available 1,319 1,260 4.7%



GOP (CHFmn) 0.5 0.1 400.0%

GOP PAR (CHF) 1.4 0.3 366.7%

23

4. 9M 2019 – Financials


9M 2019

25

Income Statement – Reported

(CHFmn) Q3 2019 Q3 2018 9M 2019 9M 2018

Revenue 102.3 72.2 325.2 227.8

Cost of sales (79.1) (53.7) (240.8) (159.8)

Gross profit 23.2 18.5 84.4 68.0

Gross profit margin, (%) 22.7% 25.6% 25.9% 29.9%

Investment income 2.6 2.0 7.9 5.6

Administrative expenses (10.1) (9.7) (35.0) (27.8)

Adj. EBITDA 15.7 10.8 57.3 45.8

Adj. EBITDA margin, (%) 15.4% 15.0% 17.6% 20.1%

Other gains & losses 2.4 (0.6) 10.3 (8.6)

Share of associates losses (2.9) (4.6) (8.6) (12.1)

EBITDA 15.2 5.6 59.0 25.1

Depreciation (7.7) (5.4) (22.6) (16.5)

Finance costs (9.6) (11.0) (30.4) (30.3)

Income tax expense (4.3) (2.4) (13.9) (7.9)

Net losses for the period (6.4) (13.2) (7.9) (29.6)

Attributed as follows:

ODH shareholders (7.9) (12.8) (13.9) (30.5)

Non-controlling interest 1.5 (0.4) 6.0 0.9

EPS (CHF) (0.20) (0.32) (0.35) (0.77)

Notes

Revenues increased due to the enhanced

operational performance across all business

segments in all destinations.

Increase in G&A expenses is mainly due to

increase the CEO new compensation.

Other gains & losses for 9M 2019 includes FX

gains amounting to CHF 10.2mn.

Share of associates losses decreased due

decrease in ASA losses and increase in the

profitability of Red Sea for Construction.

Depreciation increased mainly due to the new

hotel rooms additions during the period.

Income Tax expense increased due to the

increase of the profitability of the subsidiaries.

1

2

4

3

6

2

3

1

4

6

5

5


9M 2019


Income Statement – Pro Forma

(CHFmn)

9M 2019

Reported

9M 2018

Reported

9M 2018

pro forma

Revenue 325.2 227.8 209.1

Cost of sales (240.8) (159.8) (148.3)

Gross profit 84.4 68.0 60.8

Gross profit margin, (%) 25.9% 29.9% 29.1%

Investment income 7.9 5.6 5.5

Administrative expenses (35.0) (27.8) (27.8)

Adj. EBITDA 57.3 45.8 38.5

Adj. EBITDA margin, (%) 17.6% 20.1% 18.4%

Other gains & losses 10.3 (8.6) (7.5)

Share of associates losses (8.6) (12.1) (12.2)

EBITDA 59.0 25.1 18.8

Depreciation (22.6) (16.5) (16.3)

Finance costs (30.4) (30.3) (29.1)

Income tax expense (13.9) (7.9) (7.3)

Net losses for the period (7.9) (29.6) (33.9)

Notes

− Took out Tawmeel Group revenues in 9M 2018 as it was

sold and deconsolidated in Q4 2018.

− Took out Royal Azur and Club Azur Hotels revenues in

9M 2018 as they were sold and deconsolidated in Q4 2018.

− Took out Citadel Azur Hotels revenues in 9M 2018 as they

were sold and deconsolidated in May 2018.

9M 2019


Balance Sheet

Notes

Inventory increased as a result of the increase in the land

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

community project with a total amount of CHF 377.8mn.

Receivables increased mainly due to the increase in real estate

revenue across all destinations.

Cash & bank balances decreased due to the payment of the

CHF 18.8 million related to ODE bank pre-payments.

Borrowings decreased mainly due to payment of CHF 18.8

million related to ODE bank pre-payments.

Payables are mainly related to accruals to the Egyptian

government for O West project in Cairo to co-develop an

integrated community project.

Other liabilities increase mainly due to the increase in customers

advance payments related to the real estate sales.

1

2

4

3

5

(CHFmn) 30.09.19 31.12.18

Property, plant and equipment 805.8 761.8

Inventory 525.3 118.5

Receivables 158.4 138.6

Cash and bank balances 111.5 138.3

Investments in associates 35.9 43.6

Other assets 148.5 129.6

Non-current assets held for sale 5.9 5.5

Total assets 1,791.3 1,335.9

Borrowings 353.2 372.4

Payables 442.3 68.5

Provisions 50.9 62.6

Other liabilities 347.5 256.1

Liabilities related to assets held for sale 0.6 0.5

Total liabilities 1,194.5 760.1

Non-controlling interests 184.3 167.1

Equity to ODH shareholders 412.5 408.7

Total liabilities and equity 1,791.3 1,335.9

2

3

1

4

5

6

6

28

Cost of Debt: 8.5%

9M 2019 Balance: CHF 353.2mn

12%

47%6%6%

29%EGP

USD

EUR

AED

OMR

62%

28%

6%4%

Egypt

Oman

UAE

Montenegro

8%

37%

4%

5%

23%

23%

EGP

USD

EUR

AED

OMR

CHF

46%

23%

5%

3%

23%Egypt

Oman

UAE

Montenegro

Switzerland

Current Debt by CountryCurrent Debt by CurrencyMaturity Profile & Balance

Cost of Debt: 6.8%

Post debt rescheduling: CHF 433.8mn

10%

37%

5%4%

22%

22%

EGP

USD

EUR

AED

OMR

CHF

48%

22%

5%3%

22%Egypt

Oman

UAE

Montenegro

Switzerland

Cost of Debt: 7.3%

9M 2019 Balance after Bond: CHF 453.2mn

13 10

44 50 59 66

26

86

CF 2019 2020 2021 2022 2023 2024 2025 -2032

13 1044 50 59 66

126

86

CF 2019 2020 2021 2022 2023 2024 2025 -2032

13 735 34 36

77

143

86

CF 2019 2020 2021 2022 2023 2024 2025 -2032

Debt rescheduling package and CHF 100mn Corporate Bond in Switzerland.


9M 2019


Cash Flow Statement

Notes

Cash flow from operations increased due to the enhanced

operational performance across all business segments

during the period.

Payments for PP&E mainly due construction activities in El

Gouna, Lustica and Oman.

Change in Borrowings resulting mainly from:

(-) Debt repayment of CHF 34.5mn.

(+) Debt proceeds of CHF 3.1mn.

3

(CHF mn) 9M 2019 9M 2018

Cash from operations 41.7 31.0

Interest paid (19.4) (23.0)

Taxes paid (23.0) (6.0)

Operating Cash Flow (0.7) 2.0

Payments for PP&E (39.1) (33.4)

Other items 28.4 29.6

Investing Cash Flow (10.7) (3.8)

Change in Borrowings (27.2) (11.6)

Proceeds from disposal of noncontrolling interest

of consolidated subsidiary– 32.7

Other Items 3.3 2.4

Financing Cash Flow (23.9) 23.5

Net change in cash/equivalents (35.3) 21.7

Cash & bank balances beginning of period 138.3 103.7

Effects of FX changes 8.5 (0.9)

Cash & bank balances end of period* 111.5 124.5

1

2

3

* Includes cash related to assets held for sale.

1

2

5. Outlook 2019



Revenues

Adj. EBITDA

Real Estate Sales

CHF 340mn CHF 319mn

CHF 62mn

CHF 201mn

CHF 400mn

CHF 74mn –77mn

CHF 445mn–470mn

CHF 70mn

FY 2018 Actual Reported FY 2018 Pro-forma * FY 2019 Target

* FY 2018 Pro-forma excludes the contribution of Citadel Azur, Royal Azur, Club Azur hotels & Tamweel Group identified as non-core assets.

Hotels In end of October we opened Casa Cook hotel with 100 extra rooms’ in El Gouna to bring its total keys to 2,748.

Rebranded and opened Arena Inn Hotel to become a Cook's Club Hotel with 144 keys in mid-August.

Guidance FY 2019

6. Appendix


9M 2019


Revenue Analysis

Revenue EBITDA Adj. EBITDA1

(CHF mn) 9M 19 9M 18 Δ in % 9M 19 9M 18 Δ in % 9M 19 9M 18 Δ in %

Hotels* 122.0 109.9 11.0% 35.5 37.3 (4.8%) 38.0 37.9 0.3%

Real Estate 166.9 79.6 109.7% 49.3 30.5 61.6% 50.3 31.8 58.2%

Town Management2 36.3 25.6 41.8% (1.9) (2.0) 5.0% (1.6) (1.8) 11.1%

Tamweel Group* – 12.7 – – 2.9 – – 3.2 –

Corporate & Unallocated Items – – – (23.9) (43.6) 45.2% (29.4) (25.3) (16.2%)

ODH Group 325.2 227.8 42.7% 59.0 25.1 135.1% 57.3 45.8 25.1%

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.

* 9M 2018 figures include Tamweel Group, Citadel Azur, Royal and Club Azur, deconsolidated in during 2018.

9M 2019


Real Estate Sales KPIs

Net value of contracted units

(CHF mn)Number of contracted units

Average selling price

(CHF/m2)

Country Destination 9M 19 9M 18 Δ in % 9M 19 9M 18 Δ in % 9M 19 9M 18 Δ in %

Egypt El Gouna 98.1 84.4 16.2% 194 249 (22.1%) 2,923 2,303 26.9%

Fayoum 1.5 0.3 400.0% 11 4 175.0% 796 575 38.4%

Makadi Heights* 18.8 10.3 82.5% 151 131 15.3% 652 845 (22.9%)

O West 204.9 – – 762 – – 1,238 – –

Oman Jebel Sifah 6.7 16.3 (58.9%) 33 104 (68.3%) 2,359 1,932 22.1%

Hawana Salalah 26.1 19.5 33.8% 162 159 1.9% 1,991 1,720 15.8%

Montenegro Luštica Bay * 25.2 26.8 (6.0%) 51 38 34.2% 5,486 6,567 (16.5%)

ODH Group 381.3 157.6 142.0% 1,364 685 99.1%

* Average selling prices decreased compared to last year due to the change in product mix – whereby in Makadi more apartments have been sold compared to

standalone units the year before and in Lustica Bay, Montenegro – we sold more units in Centrale which targets a different market segment than the high end marina

units.

9M 2019


Hotels KPIs

Total number of

rooms

Occ. for available

rooms (%) ARR (CHF) TRevPAR (CHF) GOP PAR (CHF)

Destination 9M 19 9M 18 9M 19 9M 18 9M 19 9M 18 9M 19 9M 18 9M 19 9M 18

El Gouna1 2,607 2,650 83 79 67 54 79 64 38 32

Taba Heights2 2,365 2,365 48 35 36 26 25 16 1 0

Fayoum 53 53 29 20 62 65 31 20 8 2

Floating Hotel3 – 27 – 23 – 456 – 143 – 36

Hawana Salalah4 1,081 904 55 64 128 121 103 114 36 40

Jebal Sifah 67 67 40 35 124 128 89 87 7 (1)

UAE 475 475 65 72 136 136 147 163 48 56

Montenegro 111 111 52 65 197 205 174 213 3 34

ODH Group 6,759 6,652

1 The number of rooms decreased mainly because of the renovation of Arena Inn hotel into Cooks Club Hotel, whereby Arena Inn hotel in 9M 2018 was 177 rooms while after the renovation it will be 144 rooms.2 During 9M 2019, only 4 hotels were operating with 1,319 rooms (Sofitel with 442 rooms, Strand Beach Hotel with 503 rooms, El Wekala Hotel with 215 rooms and Bay View Hotel with 160 out of 394 existing rooms.

This compares with 1,260 rooms in operation in 9M 2018.3 Oberoi Zahra the floating hotel was sold out in 1H 2019 and was deconsolidated.4 177 new rooms were added in Al Fanar Hotel in December 2018.

Taba Heights currently has 1,319 room in 9M 2019 vs. 1,260 room in 9M 2018 operating out of the total 2,365 rooms

Q3 2019


Revenue Analysis

Revenue EBITDA Adj. EBITDA1

(CHF mn) Q3 2019 Q3 2018 Δ in % Q3 2019 Q3 2018 Δ in % Q3 2019 Q3 2018 Δ in %

Hotels* 38.5 36.6 5.2% 9.2 11.7 (21.4%) 10.3 11.7 (12.0%)

Real Estate 50.0 21.6 131.5% 15.5 8.1 91.4% 16.0 8.2 95.1%

Town Management2 13.8 9.8 40.8% (0.04) (1.0) 96.0% (0.1) (1.0) 90.0%

Tamweel Group* – 4.2 – – 0.9 – – 1.2 –

Corporate & Unallocated Items – – – (9.5) (14.1) 32.6% (10.5) (9.3) (12.9%)

ODH Group 102.3 72.2 41.7% 15.2 5.6 171.4% 15.7 10.8 45.4%

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.

* Q3 2018 figures include Tamweel Group, Citadel Azur, Royal and Club Azur, deconsolidated in during 2018.

Q3 2019


Real Estate Sales KPIs

Net value of contracted units

(CHF mn)Number of contracted units

Average selling price

(CHF/m2)

Country Destination Q3 19 Q3 18 Δ in % Q3 19 Q3 18 Δ in % Q3 19 Q3 18 Δ in %

Egypt El Gouna 30.8 25.9 18.9% 43 83 (48.2%) 3,385 2,265 49.4%

Fayoum – 0.1 – – 2 – – 575 –

Makadi Heights 5.8 4.3 34.9% 43 50 (14.0%) 980 829 18.2%

O West 44.3 – – 172 – – 1,276 – –

Oman Jebel Sifah 0.1 2.7 (96.3%) 3 14 (78.6%) 906 2,327 (61.1%)

Hawana Salalah 4.2 7.7 (45.5%) 26 64 (59.4%) 1,928 1,807 6.7%

Montenegro Luštica Bay* 11.6 18.3 (36.6%) 19 22 (13.6%) 5,926 6,619 (10.5%)

ODH Group 96.8 59.0 63.9% 306 235 30.2%

* Average selling prices decreased in Lustica Bay, Montenegro as we sold more units in Centrale which targets a different market segment than the high end marina

units.

Q3 2019


Hotels KPIs

Total number of

rooms

Occ. for available

rooms (%) ARR (CHF) TRevPAR (CHF) GOP PAR (CHF)

Destination Q3 19 Q3 18 Q3 19 Q3 18 Q3 19 Q3 18 Q3 19 Q3 18 Q3 19 Q3 18

El Gouna1 2,607 2,650 81 81 68 59 78 69 34 33

Taba Heights2 2,365 2,365 65 61 40 26 36 28 5 4

Fayoum 53 53 31 15 40 60 27 14 2 (4)

Floating Hotel – 27 – 19 – 393 – 102 – (21)

Hawana Salalah3 1,081 904 35 52 145 153 70 107 13 37

Jebal Sifah 67 67 27 27 108 107 59 62 (17) (24)

UAE 475 475 55 66 119 126 107 138 15 34

Montenegro4 111 111 78 65 226 205 286 213 100 34

ODH Group 6,759 6,652

1 The number of rooms decreased mainly because of the renovation of Arenna Inn hotel into Cooks Club Hotel, whereby Arenna Inn hotel in 9M 2018 was 177 rooms while after the renovation it will be 144 rooms.2 During Q3 2019, only 4 hotels were operating with 1,319 rooms (Sofitel with 442 rooms, Strand Beach Hotel with 503 rooms, El Wekala Hotel with 215 rooms and Bay View Hotel with 160 out of 394 existing rooms.

This compares with 1,260 rooms in operation in Q3 2018.3 Oberoi Zahra the floating hotel was sold out in Q2 2019 and was deconsolidated.4 177 new rooms were added in Al Fanar Hotel in December 2018.

Taba Heights currently has 1,319 room in 9M 2019 vs. 1,260 room in 9M 2018 operating out of the total 2,365 rooms

Deferred Revenue Balance Schedule


Country Destination

Total deferred

revenue balance 2019 2020 2021 2022 2023

Egypt El Gouna 169.5 27.6 65.8 76.1 – –

Fayoum 4.9 1.6 1.4 0.9 0.9 –

Makadi Heights 35.9 0.0 7.6 11.8 11.8 4.8

O West 174.8 – 7.4 56.4 67.7 43.3

Total Egypt 385.1 29.2 82.3 145.2 80.4 48.1

Oman Jebel Sifah 9.1 6.2 2.9 – – –

Hawana Salalah 30.3 9.5 20.9 – – –

Total Oman 39.4 15.6 23.8 – – –

Montenegro Luštica Bay 21.8 3.8 14.8 3.2 – –

ODH Group 446.3 48.6 120.9 148.4 80.4 48.1

• 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)

Jebal Sifah, Oman

Update 9M 2019

− Planning to launch a new real estate project in Q4 2019 with a

total inventory of CHF 49.0mn.

− Finalized the construction and delivered Phase 1 of Sifah

Heights real estate projects and the final phase of the Golf

Lake projects to the clients.

− Hosting Jebel Sifah’s Spartan TRIFECTA Race on November 15

& 16, 2019, which will feature Oman’s first Hurricane Heat race.

40

Jebel Sifah, Oman


9M 2019 (CHF mn)

1.6 1.7

11.2

19.7

0.8

1.5

9M 2018 9M 2019


+68.4%

22.9

13.6

+87.5%

+75.9%

+6.3%

Jebel Sifah, Oman

KPIs

9M 2019 9M 2018 % Chg

Hotels




GOP (CHFmn) 0.1 – –

GOP PAR (CHF) 7 (1) 800.0%

Real Estate

Net sales (CHFmn) 6.7 16.3 (58.9%)

No of contracted units 33 104 (68.3%)


41

Makadi Heights, Egypt

Update 9M 2019

− Started construction of the grading &

infrastructure to be completed by end 2019.

− Adding new real estate inventory amounting

CHF 4.9mn.

− Launched the first food service outlet by the

Club house pool.− Render

42

− Recently finalized the Club Gym

infrastructure & locker extension building

at the Club House.

− Planning to host a Mega event by end of

December 2019.

− Finalizing the legal documents for

Makadi Gardens Hotel that was sold for

c. CHF 6.4mn.



9M 2019 (CHF mn)

** 9M 2018 revenues included revenues from Royal Azur and Club Azur hotels that were sold out and deconsolidated in Q4 2018.

3.0

0.7

0.3

0.8

0.7

1.1

9M 2018** 9M 2019


4.0

2.6

–35.0%

+57.1%

+166.7%

–76.7%


KPIs

9M 2019 9M 2018 % Chg

Real Estate

Net sales (CHFmn) 18.8 10.3 82.5%

No of contracted units 151 131 15.3%

Avg. selling price (CHF/m2)* 652 845 (22.9%)

* Avg Selling prices decreased as a results of offering more

apartments this year vs. more town houses in 9M 2018.

** 9M 2018 revenues included revenues from Royal Azur and

Club Azur hotels that were sold out and deconsolidated in Q4

2018.

43

The Cove, UAE

Update 9M 2019

− Market conditions continue to challenge The Cove

Rotana, resulting in a slight decline in revenues

and GOP.

44

The Cove, UAE


9M 2019 (CHF mn)

21.2

19.1

1.3

1.4

9M 2018 9M 2019

Hotels Destination Management

20.522.5

-8.9%

-9.9%

+7.7%

The Cove, UAE

KPIs

9M 2019 9M 2018 % Chg

Hotels


Occ. for available rooms (%) 65% 72% (9.7%)

TRevPAR (CHF) 147 163 (9.8%)

GOP (CHFmn) 6.2 7.3 (15.1%)

GOP PAR(CHF) 48 56 (14.3%)

45

IR Dashboard Contact


IR Dashboard 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]

47

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, 2019 9m 2019 results...122.0 166.9 36.3 hotels real estate town mgt. 109.9 79.6 25.6 12.7 real...

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