Orascom Development Holding AG / Key word(s): Quarter Results/Quarter Results
Press release: Orascom Development Holding AG: Orascom Development Egypt (ODE); the Largest Egyptian Subsidiary of Orascom Development Holding announces its Q1 2018 earnings results.
CEO Khaled Bichara commented on the results "I am very pleased with the performance and results of our Egyptian subsidiary; ODE recording its best operational quarter one ever in Egyptian Pound.
So far, we have successfully delivered on the initiatives that we have been communicating to the market. Most recently we announced that we have signed the sale of 3 hotels in Makadi area on the Red Sea; owned by ODE, for a total EV of CHF 49.0 million, which will result in total cash proceeds of CHF 27.4 million and the deconsolidation of CHF 14.4 million of debt.
In addition to this sale we have also sold at the ODH level, our 100% stake in "Citadel Azur Hotel" located in Sahl Hashish, Egypt, for an EV of CHF 48.5 million. This sale resulted in cash proceeds of c. CHF 31.0 million and the deconsolidation of c. CHF 17.5 million of debt.
Those two sale transactions combined resulted in a total EV value of CHF 97.5 million, which further strengthens our financing position and solidifies our thesis that our asset's true value are not adequately reflected in our stock.
In 2018, we will continue to wisely invest our capital to drive growth, and prioritize our time and resources to build a stronger and sustainable organization."
Orascom Development Holding Q1 2018 results will be announced as scheduled on the 6th of June at 7:00 am CET.
Orascom Development Holding (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. Orascom Development's diversified portfolio of destinations is spread over seven jurisdictions (Egypt, UAE, Oman, Switzerland, Morocco, Montenegro and United Kingdom), with primary focus on touristic destinations. The Group currently operates ten destinations; five in Egypt (El Gouna, Taba Heights, Fayoum Makadi, and Harram City), The Cove in the United Arab Emirates, Jebel Sifah and Hawana Salalah in Oman, Luštica Bay in Montenegro and Andermatt in Switzerland. The shares of Orascom Development Holding (ODH) are listed on the SIX Swiss Exchange.
Contact for Investors:
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'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's results of operations and on whether Orascom Development Holding will achieve its targets. Orascom Development Holding 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.
End of ad hoc announcement
|Company:||Orascom Development Holding AG|
|Phone:||+41 41 874 17 17|
|Fax:||+41 41 874 17 07|
|Listed:||SIX Swiss Exchange|
|End of Announcement||EQS Group News Service|