Altdorf, November 16th, 2020
9M 2020 Results
Analyst & Investor Presentation
Table of Contents
- Executive Summary
- 9M 2020 - Key Highlights
- 9M 2020 - Operational Highlights by Destination
- 9M 2020 - Financials
- Outlook 2020
- Appendix
9M 2020 Results - Analyst & Investor Presentation | Altdorf, November 16th, 2020 | 2 |
1. Executive Summary 9M 2020
9M 2020 Results - Analyst & Investor Presentation | Altdorf, November 16th, 2020 | 3 |
Executive Summary: resilient performance, despite the challenges brought by Covid-19
CHF 260.4mn
Revenues
- Compared to CHF 325.2mn in 9M 2019, a decline of 19.9%. Impacted by the closure and limited occupancy of our hotels segment.
- Q3 2020; revenues were down 5.8% to CHF 96.4 vs. CHF 102.3mn in Q3 2019.
CHF 40.5mn
Adj. EBITDA
- Down 29.3% in 9M 2020 vs. CHF 57.3 in 9M 2019.
- Q3 2020; Adj. EBITDA decreased by 15.5% to CHF 13.3mn vs. CHF 15.7mn in Q3 2019.
CHF 197.8mn
Cash and bank balances
- Cash on hand increased by 6.3% from CHF 186.0mn in FY 2019, signaling a strong liquidity position.
CHF (26.6)mn
Net losses
- Net loss of CHF 26.6mn in 9M 2020 vs. a loss of CHF 7.9mn in 9M 2019.
- Q3 2020; losses reached CHF 7.4mn vs. CHF 6.4mn in Q3 2019.
Debt Restructure
Financing
- Working with the Egyptian banks to restructure the current debt securing more flexible terms.
* For presentation purposes, figures are rounded to the nearest decimal place. Percentages, percent changes and absolute variances, however, are calculated based on the exact figures as shown in the financial statements.
9M 2020 Results - Analyst & Investor Presentation | Altdorf, November 16th, 2020 | 4 |
2. 9M 2020 - Key Highlights
9M 2020 Results - Analyst & Investor Presentation | Altdorf, November 16th, 2020 | 5 |
9M 2020
Key Segment Financials & KPIs
Net Real Estate Sales (CHF mn)*
381.3 | |
294.4 | |
22.8% | |
9M 2019 | 9M 2020 |
Real Estate Financials (CHF mn)
Real Estate Deferred Revenue Balance (CHF mn)
535.8 | |
428.0 | |
25.2% | |
9M 2019 | 9M 2020 |
Hotel Financials (CHF mn)
Real Estate Receivables Portfolio (CHF mn)
704.2 | |
566.9 | |
24.2% | |
9M 2019 | 9M 2020 |
Town Management Financials (CHF mn)
6.3%
166.9
10.4%
149.5 2.9%
122.0 | 60.7% |
89.1%
36.3 | 34.0 |
12.5%
48.947.5
9M 2019 | 9M 2020 | |
Revenues | Adj. EBITDA | |
32.1 | 48.0 | 3.5 |
9M 2019 | 9M 2020 |
Revenues GOP
(1.6) | (1.8) |
9M 2019 | 9M 2020 |
Revenues | Adj. EBITDA | ||
* 9M 2020 figures includes CHF 37.5 million of commercial sales.
9M 2020 Results - Analyst & Investor Presentation | Altdorf, November 16th, 2020 | 6 |
9M 2020
Y-o-Y Revenue Analysis
Revenues by Segment 9M 2019 (CHFmn)
11%
36.3
Hotels | ||
122.0 | ||
CHF 325.2mn | Real Estate | |
51% | 38% | Town Mgt. |
166.9 |
Revenues by Segment 9M 2020 (CHFmn)
11%
13% | 28.9 | 48.0 | 18% |
34.0 | Hotels | ||
CHF 260.4mn | Real Estate | ||
Town Mgt. |
58%
Land
149.5
9M 2020 Results - Analyst & Investor Presentation | Altdorf, November 16th, 2020 | 7 |
9M 2020
Y-o-Y Revenue Analysis
Revenues by Destination 9M 2019 (CHFmn)
3% | 1% | 1% | |||
8% | El Gouna | ||||
Hawana Salalah | |||||
7% | O West | ||||
UAE | |||||
6% | 47% | Jebal Sifah | |||
CHF 325.2mn | |||||
Lustica Bay | |||||
9% | Taba Heights | ||||
Others* |
Makadi Heights
19%
- Others in 9M 2019 included, Oberoi Zahra, Fayoum & Corporate.
Revenues by Destination 9M 2020 (CHFmn)
1% | 1% | ||
2% | 3% | ||
5% | El Gouna | ||
3% | |||
Hawana Salalah | |||
O West | |||
15% | UAE | ||
CHF 260.4mn | Jebal Sifah | ||
57% | Lustica Bay | ||
Taba Heights |
13% | Others* |
Makadi Heights | |
- Others in 9M 2020 Fayoum & Corporate.
9M 2020 Results - Analyst & Investor Presentation | Altdorf, November 16th, 2020 | 8 |
3. 9M 2020 - Operational Highlights by Destination
9M 2020 Results - Analyst & Investor Presentation | Altdorf, November 16th, 2020 | 9 |
Destinations
Portfolio
A leading fully integrated developer with more than 30 years of experience
101.0 mn m2
of land bank across 7 countries
67.8 mn m2 remaining land bank (67.1%)
9 operating destinations with 33 Hotels
- 7,176 rooms
- Operating Destination
1 Egypt:
- El Gouna
- Taba Heights
- Makadi Heights
- Fayoum
- O-West
2 Oman:
- Hawana Salalah
- Jebal Sifah
- As Sodah Island
- City Walk
- UAE:
- The Cove
- Switzerland:
- Andermatt
- Montenegro:
- Luštica Bay
-
United Kingdom:
- Eco - Bos - Morocco:
- Chbika
6
4
5
7
13
2
9M 2020 Results - Analyst & Investor Presentation | Altdorf, November 16th, 2020 | 10 |
El Gouna, Egypt
Update 9M 2020
- Continuing to accelerate construction activity, keeping our real estate delivery schedule on track, delivering 254 units by the end of 2020.
- Finalizing the construction of a bank branch, an entertainment hub and a mega supermarket, all to be delivered in Q4 2020.
- In August 2020; added new inventory in "Ancient Sands Villas" for a total value of CHF 27.7mn.
- In November 2020; we launched "Fanadir Sea Front" real estate project with a total inventory of CHF 79.5mn.
- Hotels are still operating at a 50% capacity as per the government instructions. We had 958 rooms opened during the reported period which then increased to 1,346 rooms in October 2020.
- Completed the renovation of the first phase of Rihanna Inn Hotel (84 rooms).
- Occupancy rate for "El Gouna Homes" in (July-Aug) reached 70% & 79%, respectively.
- Successfully hosted the 4th edition of El Gouna Film Festival in Oct. 2020 in our new Plaza Hall.
11
El Gouna, Egypt
KPIs
9M 2020 9M 2019 % Chg |
Hotels |
El Gouna, Egypt
Revenues per segment 9M 2020 (CHF mn)
-3.2%
147.3
Total number of rooms* | 2,692 | 2,607 | 3.3% |
Occ. for total rooms (%) | 27% | 83% | (67.5%) |
152.1
28.1
4.9
TRevPAR (CHF) | 28 | 79 | (64.6%) |
GOP (CHFmn) | 1.9 | 26.1 | (92.7%) |
-1.1%27.8
GOP PAR(CHF) | 3 | 38 | (92.1%) |
Real Estate | |||
Net sales (CHFmn) | 112.5 | 98.1 | 14.7% |
No of contracted units | 187 | 194 | (3.6%) |
Avg. selling price (CHF/m2) | 3,337 | 2,923 | 14.2% |
69.4
+35.6%
54.6-62.5%
94.1
20.5
*The number of rooms increased due to opening of Casa Cook Hotel (100 rooms) In November 2019.
Hotels Real Estate Destination Management Land
12
Hawana Salalah, Oman
Update 9M 2020
- Construction progress and real estate deliveries are continuing at a steady speed across multiple projects.
- More handovers of "Forest Island" units took place in October after Salalah airport was opened on October 1st.
- Planning to deliver 213 units in 2020, already delivered 103 units.
- Marina-siderestaurants are receiving more footfall from Salalah-based residents, primarily during weekends, and excluding periods where the curfew was implemented.
- Oct 9th: The Supreme Committee of Oman announced a 2 weeks curfew & closure of beach access till further notice throughout the Sultanate. Events continue to be prohibited in Oman.
- Hotel occupancy to date is limited, depending mainly on the Salalah-based market, with minimal interest from Muscat residents.
- Juweira Boutique Hotel re-opened its doors on Oct. 4th, while Al Fanar Hotel has temporarily closed its operations. While Rotana Salalah is still opened.
13
Hawana Salalah, Oman
KPIs
9M 2020 | 9M 2019 | % Chg | |
Hotels | |||
Total number of rooms | 1,081 | 1,081 | - |
Occ. for total rooms (%) | 26% | 55% | (52.7%) |
TRevPAR (CHF) | 46 | 103 | (55.3%) |
GOP (CHFmn) | 1.3 | 10.5 | (87.6%) |
GOP PAR (CHF) | 4 | 36 | (88.9%) |
Real Estate | |||
Net sales (CHFmn) | 10.4 | 26.1 | (60.2%) |
No. of contracted units | 63 | 162 | (61.1%) |
Avg. selling price (CHF/m2) | 2,130 | 1,991 | 7.0% |
Hawana Salalah, Oman
Revenues per segment 9M 2020 (CHF mn)
-44.6%
61.4 | |
1.1 | 34.0 |
30.0 +54.5%
1.7
-37.7%
18.7
30.3-55.1%
13.6 | |
9M 2019 | 9M 2020 |
Hotels | Real Estate | Destination Management | ||
14
Luštica Bay, Montenegro
Update 9M 2020
- The Chedi Lustica was opened again on June 15th. Unfortunately, July has seen a rise in the rate of new infections and further restrictions in travel across the region which impacted the summer season operation.
- The Chedi Hotel was able to close August and September with 48% & 40% occupancy rates, respectively and a positive GOP for both months.
- We have sales reservations of CHF 9.1mn. Outstanding reservations are taking longer to be converted into contracts, due to social distancing and travel ban procedures imposed related to Covid-19.
- Construction in Lustica is progressing with plans to deliver 45 units in 2020, already 33 units were delivered in the Centrale and the Marina Village areas.
- Finishing works on the main marina is completed and the main design for the golf course has been completed.
- Upgraded the main beach and opened a new beach club.
15
Luštica Bay, Montenegro
KPIs
9M 2020 | 9M 2019 | % Chg | |
Hotels | |||
Total number of rooms | 111 | 111 | - |
Occ. for total rooms (%) | 18% | 52% | (65.4%) |
TRevPAR (CHF) | 58 | 174 | (66.7%) |
GOP (CHFmn) | (1.0) | 0.1 | (1,100%) |
GOP PAR (CHF) | (47) | 3 | (1,668%) |
Real Estate | |||
Net sales (CHFmn) | 8.8 | 25.2 | (65.1%) |
No of contracted units | 13 | 51 | (74.5%) |
Avg. selling price (CHF/m2) | 5,283 | 5,486 | (3.7%) |
Luštica Bay, Montenegro
Revenues per segment 9M 2020 (CHF mn)
-42.0%
24.5
14.2
1.2
18.9
-
1.2
-37.6%11.8
4.4-72.7%
1.2 | ||||||
9M 2019 | 9M 2020 | |||||
Hotels | Real Estate | Destination Management | ||||
16
O West, Egypt
Update 9M 2020
- Speeding up construction pace - 133 villa skeleton keys are already being visible out of the planned 445 villa keys of phase 1.
- Planning to start the construction of the three schools in Q4 2020, subject to the approval of the related authorities.
- Finalizing the development of O West Club's masterplan.
- In September 2020; we added CHF 29mn of new inventory in "Whyt" and "Tulwa" projects.
- 336 new memberships were added to O West Club (membership fee is CHF 8,6k), bringing the total no. of memberships in the club to 1,271, securing a steady recurring income flow once it is opened.
- During 9M 2020, we increased the average selling prices by 15.8% to CHF 1,434 per sqm.
17
O West, Egypt
KPIs
9M 2020 | 9M 2019 | % Chg | |
Real Estate | |||
Net sales (CHFmn)* | 126.8 | 204.9 | (38.1%) |
No. of contracted units | 336 | 762 | (55.9%) |
Avg. selling price (CHF/m2) | 1,434 | 1,238 | 15.8% |
- The value of contracted units in 9M 2020 includes CHF 31.1mn from Commercial sales (schools development agreements).
O West, Egypt
Revenues per segment 9M 2020 (CHF mn)
+40.4%
38.9
27.7
24.0
27.7 -46.2%
14.9 | ||||
9M 2019 | 9M 2020 | |||
Real Estate | Land | |||
18
4. 9M 2020 - Financials
9M 2020 Results - Analyst & Investor Presentation | Altdorf, November 16th, 2020 | 19 |
9M 2020
Income Statement - Reported
(CHFmn) | Q3 2020 | Q3 2019 | 9M 2020 | 9M 2019 | |
Revenue | 96.4 | 102.3 | 1 | 260.4 | 325.2 |
Cost of sales | (74.6) | (79.1) | (195.1) | (240.8) | |
Gross profit | 21.8 | 23.2 | 1 | 65.3 | 84.4 |
Gross profit margin, (%) | 22.6% | 22.7% | 2 | 25.1% | 25.9% |
Investment income | 1.3 | 2.6 | 4.1 | 7.9 | |
Administrative expenses | (9.8) | (10.1) | 3 | (28.9) | (35.0) |
Adj. EBITDA | 13.3 | 15.7 | 40.5 | 57.3 | |
Adj. EBITDA margin, (%) | 13.8% | 15.4% | 16.0% | 17.6% | |
Other gains & losses | 0.9 | 2.4 | 4 | (4.2) | 10.3 |
Share of associates losses | (2.2) | (2.9) | 5 | (5.4) | (8.6) |
EBITDA | 12.0 | 15.2 | 30.9 | 59.0 | |
Depreciation | (7.1) | (7.7) | (21.5) | (22.6) | |
Finance costs | (9.0) | (9.6) | 6 | (26.9) | (30.4) |
Income tax expense | (3.3) | (4.3) | 7 | (9.1) | (13.9) |
Net losses for the period | (7.4) | (6.4) | (26.6) | (7.9) | |
Attributed as follows: | |||||
ODH shareholders | (8.3) | (7.9) | (25.4) | (13.9) | |
Non-controlling interest | 0.9 | 1.5 | 8 | (1.2) | 6.0 |
EPS (CHF) | (0.21) | (0.20) | (0.63) | (0.35) | |
Notes
- Revenues and gross profit decreased, due to the lockdown measures restrictions that were implemented by the governments and their implications on our business operations.
- Successfully maintained healthy gross profit margin levels, as a result of our quick implementations of the cost savings initiatives and the pickup in real estate and land segments during 9M 2020.
- Decrease in G&A expenses is mainly due to the absence of the previous CEO contingent compensation and the cost savings initiatives implemented in response to the Covid-19 pandemic.
-
Other gains & losses for 9M 2020 mainly includes:
I. FX gains of CHF 0.7mn vs. FX gains of CHF 10.2mn in 9M 2019.
- Provisions of CHF 5.7mn in 9M 2020 vs. CHF 1.7mn in 9M 2019.
- Share of associates losses decreased due to the decrease in losses of ASA, OHC & increase in the profitability of Red Sea for Construction Co.
- Decrease in finance cost is mainly due to decrease in interest rates in Egypt in addition to the decrease in Libor rates.
- Income tax expense decreased due to the decrease in the profitability of the subsidiaries.
- Decrease in non-controlling interest was due to the increased loss contribution from the subsidiaries where we own minority stakes.
9M 2020 Results - Analyst & Investor Presentation | Altdorf, November 16th, 2020 | 20 |
9M 2020
Balance Sheet
(CHFmn) | 30.09.20 | 31.12.19 | |
Property, plant and equipment | 794.7 | 814.4 | |
Inventory | 1 | 545.1 | 516.4 |
Receivables | 2 | 165.6 | 154.7 |
Cash and bank balances | 3 | 197.8 | 186.0 |
Investments in associates | 4 | 53.9 | 29.3 |
Other assets | 128.2 | 134.2 | |
Non-current assets held for sale | 5.5 | 5.8 | |
Total assets | 1,890.8 | 1,840.8 | |
Borrowings | 5 | 435.5 | 429.9 |
Payables | 6 | 405.4 | 388.4 |
Provisions | 31.4 | 33.6 | |
Other liabilities | 7 | 495.5 | 421.6 |
Liabilities related to assets held for sale | 0.5 | 0.6 | |
Total liabilities | 1,368.3 | 1,274.1 | |
Non-controlling interests | 158.4 | 160.3 | |
Equity to ODH shareholders | 364.1 | 406.4 | |
Total liabilities and equity | 1,890.8 | 1,840.8 | |
Notes
- Inventory mainly includes a total amount of CHF 405.7mn for the land held for development (O West) to co-develop an integrated community project.
- Receivables increased due to the increase in real estate revenue across all destinations.
- Cash & bank balances increased mainly due to increase in real estate cash collection.
-
Investment in associates increased due to the increase of our capital share in ASA. ODH participated in ASA's capital increase, contributing
CHF 34.3mn to maintain its 49% stake. - Borrowings mainly includes:
- CHF 14.9mn - Net proceeds.
- CHF 9.7mn - Deferred interest payments.
(-) CHF 4.9mn - Debt settlement.
(-) CHF 14.1mn - FX.
- Payables include accruals to the Egyptian government for O West project.
- Other liabilities increased due to the increase in customers advance payments related to the real estate sales, in addition, to the value of the non-cash(In-kind BUA) portion due to the Egyptian government for O West project.
9M 2020 Results - Analyst & Investor Presentation | Altdorf, November 16th, 2020 | 21 |
Financing Profile
* Current Maturity Profile & Balance
9M 2020 Balance: CHF 435.4mn
Cost of Debt: 6.4% | ||||||
147 | ||||||
63 | 89 | |||||
47 | 59 | |||||
14 | 16 | |||||
CF | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 - |
2032 | ||||||
*Balance reflects the 6 months postponement of debt | ||||||
repayments, as per the Governments directive. | ||||||
Planned Maturity Profile & Balance | ||||||
Planned Balance: CHF 487.5mn | 220 | |||||
Current Debt by Currency
EGP
CHF 11% 23%
GBP
1%
USD
OMR35%
21% | |
AED | EUR |
4% | 5% |
Planned Debt by Currency
CHF EGP
EGP
USD
EUR
AED
OMR
GBP
CHF
EGP
USD
Current Debt by Country
23%
1%48%
3%
4%
21%
Planned Debt by Country
20%
Egypt
Oman
UAE
Montenegro
UK
Switzerland
Egypt
Oman
164 |
GBP 1%
20% 20%
EUR
AED
1%
3%
UAE
Montenegro
14 | 32 | 47 | ||||
2 | 9 | |||||
CF | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 - |
2032 |
OMR | USD |
17% | |
18% | |
EUR
AED19% 3%
OMR
GBP
CHF
4%54%
18%
UK
Switzerland
9M 2020 Results - Analyst & Investor Presentation | Altdorf, November 16th, 2020 | 22 |
9M 2020
Cash Flow Statement
Notes | ||||||||
(CHF mn) | 9M 2020 | 9M 2019 | ||||||
Cash from operations | 1 | 32.1 | 41.7 | 1 | Cash flow from operations decreased as a result of the lockdown | |||
Interest paid | 2 | (5.2) | (19.4) | measures restrictions imposed by the governments and their effect on | ||||
our hospitality segment. | ||||||||
Taxes paid | 3 | (8.5) | (23.0) | |||||
2 | Interest paid decreased as a result of the deferred interest payments | |||||||
Operating Cash Flow | 18.4 | (0.7) | ||||||
initiative - instituted by the governments where we operate. | ||||||||
Payments for PP&E | 4 | (21.8) | (39.1) | |||||
3 | Taxes paid in 9M 2019 includes CHF 12.9mn one-time tax settlement | |||||||
Other items | 5 | 6.3 | 28.4 | |||||
payment for the Egyptian subsidiary. | ||||||||
Investing Cash Flow | (15.5) | (10.7) | ||||||
4 | Payments for PP&E include construction activities in Gouna, O West, | |||||||
Change in borrowings | 6 | 10.6 | (27.2) | |||||
UK and Oman. | ||||||||
Non-controlling interests shares in changes of | 3.9 | 1.9 | ||||||
Other items in 9M 2019 included CHF 16.7mn as proceeds from the | ||||||||
equity for consolidated subsidiaries | 5 | |||||||
Other Items | 0.3 | 1.4 | sale of Tamweel which is not present in 2020. | |||||
Financing Cash Flow | 14.8 | (23.9) | 6 | Change in borrowings mainly includes: | ||||
Net change in cash/equivalents | 17.8 | (35.3) | (-) Debt repayment of CHF 6.2mn. | |||||
(+) Debt proceeds of CHF 16.8mn. | ||||||||
Cash & bank balances beginning of period | 186.0 | 138.3 | ||||||
Effects of FX changes | (5.9) | 8.5 | ||||||
Cash & bank balances end of period* | 197.8 | 111.5 | ||||||
9M 2020 Results - Analyst & Investor Presentation | Altdorf, November 16th, 2020 | 23 |
5. Outlook 2020
9M 2020 Results - Analyst & Investor Presentation | Altdorf, November 16th, 2020 | 24 |
Outlook FY 2020
ODH:
- Looking into the fourth quarter, visibility remains limited as demand may still be impacted by the ongoing fluid circumstances resulting from the pandemic. Accordingly, ODH still stands with its earlier position and abstains from providing full-year guidance on its 2020 results; however, we remain diligent in providing updates of the evolving situation during all our quarterly results calls and market communications as needed.
- Working with the Egyptian banks to restructure the current debt securing more flexible terms.
Hotels:
- Tourism business continues to be profoundly impacted by Covid-19. While we understand that the full recovery from pandemic will take time, the current pick up in local travel reinforces our view that when people feel safe, travelling demand returns quickly. We are continuing to implement several cost saving initiatives across our hotels and will continue to increase marketing efforts to create local demand for our destinations until international travel recovers.
- The travel ban in Oman was lifted on October 1st, 2020; yet as Covid-19 cases in the country has started to increase the Sultanate of Oman has re- entered into night-time lockdown (from 8:00pm to 5:00am) effective October 9th, 2020 until October 24th, 2020.
- Total hotel portfolio includes 7,150 rooms, of which 35% (2,485 rooms) were open as of the 9M 2020.
Real Estate:
- Continuing to accelerate our real estate construction pace across all our projects, planning to meet our contractual delivery dates.
- We continue to witness pent-up demand for our real estate products across El Gouna, O West and Makadi Heights in Egypt and Jebal Sifah in Oman, showing a positive trend uptake.
- Real estate cash collections is on track.
9M 2020 Results - Analyst & Investor Presentation | Altdorf, November 16th, 2020 | 25 |
6. Appendix
9M 2020 Results - Analyst & Investor Presentation | Altdorf, November 16th, 2020 | 26 |
9M 2020
Revenue Analysis
Revenue | EBITDA | Adj. EBITDA1 | |||||||||||
(CHF mn) | 9M 2020 | 9M 2019 | in % | 9M 2020 | 9M 2019 | in % | 9M 2020 | 9M 2019 | in % | ||||
Hotels | 48.0 | 122.0 | (60.7%) | (4.9) | 35.5 | (113.8%) | (1.9) | 38.0 | (105.0%) | ||||
Real Estate | 149.5 | 166.9 | (10.4%) | 44.3 | 48.2 | (8.1%) | 47.5 | 48.9 | (2.9%) | ||||
Land | 28.9 | - | 100.0% | 20.3 | 1.1 | 1,745.5% | 20.3 | 1.4 | 1,350.0% | ||||
Town Management2 | 34.0 | 36.3 | (6.3%) | (2.3) | (1.9) | 21.1% | (1.8) | (1.6) | 12.5% | ||||
Corporate & Unallocated Items | - | - | - | (26.5) | (23.9) | 10.9% | (23.6) | (29.4) | (19.7%) | ||||
ODH Group | 260.4 | 325.2 | (19.9%) | 30.9 | 59.0 | (47.6%) | 40.5 | 57.3 | (29.3%) | ||||
- Adjusted EBITDA: EBITDA adjusted for Non-cash items (which includes provisions & impairments, other gains and losses, FX gains & share in associates).
- Town Management include revenues from Utilities & services, Hospital, Marina, Golf, Rentals, Educational services, Limousine, & other town amenities.
9M 2020 Results - Analyst & Investor Presentation | Altdorf, November 16th, 2020 | 27 |
9M 2020
Real Estate Sales KPIs
Country | Destination |
Egypt | El Gouna* |
Fayoum | |
Makadi Heights | |
O West** | |
Oman | Jebel Sifah |
Hawana Salalah | |
Montenegro | Luštica Bay |
ODH Group | |
Net value of contracted units
(CHF mn)
9M 2020 | 9M 2019 | in % |
112.5 | 98.1 | 14.7% |
0.9 | 1.5 | (40.0%) |
20.2 | 18.8 | 7.4% |
126.8 | 204.9 | (38.1%) |
14.8 | 6.7 | 120.9% |
10.4 | 26.1 | (60.2%) |
8.8 | 25.2 | (65.1%) |
294.4 | 381.3 | (22.8%) |
Number of contracted units
9M 2020 | 9M 2019 | in % |
187 | 194 | (3.6%) |
5 | 11 | (54.5%) |
132 | 151 | (12.6%) |
336 | 762 | (55.9%) |
86 | 33 | 160.6% |
63 | 162 | (61.1%) |
13 | 51 | (74.5%) |
822 | 1,364 | (39.7%) |
Average selling price
(CHF/m2)
9M 2020 | 9M 2019 | in % |
3,337 | 2,923 | 14.2% |
797 | 796 | 0.1% |
1,002 | 652 | 53.7% |
1,434 | 1,238 | 15.8% |
2,173 | 2,359 | (7.9%) |
2,130 | 1,991 | 7.0% |
5,283 | 5,486 | (3.7%) |
* The value of contracted units includes CHF 6.4mn from El Gouna land sale.
**The value of contracted units includes CHF 31.1mn from Commercial sales (schools development agreements).
9M 2020 Results - Analyst & Investor Presentation | Altdorf, November 16th, 2020 | 28 |
9M 2020
Hotels KPIs
Total number of | Number of | Occ. for total | ||||||||||||||||||
rooms | operating rooms | number of rooms | ARR (CHF) | TRevPAR (CHF) | GOP PAR (CHF) | |||||||||||||||
(%) | ||||||||||||||||||||
Destination | 9M 2020 | 9M 2019 | 9M 2020 | 9M 2019 | 9M 2020 | 9M 2019 | 9M 2020 | 9M 2019 | 9M 2020 | 9M 2019 | 9M 2020 | 9M 2019 | ||||||||
El Gouna1 | 2,692 | 2,607 | 958 | 2,607 | 27 | 83 | 72 | 67 | 28 | 79 | 3 | 38 | ||||||||
Taba Heights2 | 2,349 | 2,365 | 412 | 2,365 | 13 | 48 | 28 | 36 | 6 | 25 | (6) | 1 | ||||||||
Fayoum | 53 | 53 | 25 | 53 | 14 | 29 | 77 | 62 | 18 | 31 | 1 | 8 | ||||||||
Hawana Salalah | 1,081 | 1,081 | 1,017 | 1,081 | 26 | 55 | 118 | 128 | 46 | 103 | 4 | 36 | ||||||||
Jebal Sifah | 68 | 67 | 68 | 67 | 25 | 40 | 106 | 124 | 51 | 89 | (8) | 7 | ||||||||
UAE | 472 | 475 | 472 | 475 | 37 | 65 | 117 | 136 | 70 | 147 | 11 | 48 | ||||||||
Montenegro | 111 | 111 | 111 | 111 | 18 | 52 | 145 | 197 | 58 | 174 | (47) | 3 | ||||||||
ODH Group | 6,826 | 6,759 | 3,063 | 6,759 | ||||||||||||||||
9M 2020 Results - Analyst & Investor Presentation | Altdorf, November 16th, 2020 | 29 |
Q3 2020
Revenue Analysis
Revenue | EBITDA | Adj. EBITDA1 | |||||||||||
(CHF mn) | Q3 20 | Q3 19 | in % | Q3 20 | Q3 19 | in % | Q3 20 | Q3 19 | in % | ||||
Hotels | 10.7 | 38.4 | (72.1%) | (5.4) | 9.2 | (158.7%) | (3.9) | 10.3 | (137.9%) | ||||
Real Estate | 59.7 | 50.1 | 19.2% | 16.2 | 15.4 | 5.2% | 17.9 | 15.7 | 14.0% | ||||
Land | 14.8 | - | 100.0% | 8.6 | 0.1 | 8,500.0% | 8.8 | 0.2 | 4,300.0% | ||||
Town Management2 | 11.2 | 13.8 | (18.8%) | (1.8) | (0.04) | 4,400% | (1.4) | (0.1) | 1,300.0% | ||||
Corporate & Unallocated Items | - | - | - | (5.6) | (9.5) | (41.1%) | (8.1) | (10.4) | (22.1%) | ||||
ODH Group | 96.4 | 102.3 | (5.8%) | 12.0 | 15.2 | (20.8%) | 13.3 | 15.7 | (15.5%) | ||||
- Adjusted EBITDA: EBITDA adjusted for Non-cash items (which includes provisions & impairments, other gains and losses, FX gains & share in associates).
- Town Management include revenues from Utilities & services, Hospital, Marina, Golf, Rentals, Educational services, Limousine, & other town amenities.
9M 2020 Results - Analyst & Investor Presentation | Altdorf, November 16th, 2020 | 30 |
Q3 2020
Real Estate Sales KPIs
Net value of contracted units | Number of contracted units | Average selling price | ||||||||||||
(CHF mn) | (CHF/m2) | |||||||||||||
Country | Destination | Q3 2020 | Q3 2019 | in % | Q3 2020 | Q3 2019 | in % | Q3 2020 | Q3 2019 | in % | ||||
Egypt | El Gouna* | 37.9 | 30.8 | 23.1% | 56 | 43 | 30.2% | 3,221 | 3,385 | (4.8%) | ||||
Fayoum | 0.2 | - | 100.0% | 2 | - | 100.0% | 974 | - | 100.0% | |||||
Makadi Heights | 13.1 | 5.8 | 125.9% | 86 | 43 | 100.0% | 996 | 980 | 1.6% | |||||
O West | 34.3 | 44.3 | (22.6%) | 123 | 172 | (28.5%) | 1,448 | 1,276 | 13.5% | |||||
Oman | Jebel Sifah | 9.9 | 0.1 | 9,800% | 54 | 3 | 1,700% | 2,149 | 906 | 137.3% | ||||
Hawana Salalah | 2.0 | 4.2 | (52.4%) | 14 | 26 | (46.2%) | 2,049 | 1,928 | 6.2% | |||||
Montenegro | Luštica Bay | 5.2 | 11.6 | (55.2%) | 9 | 19 | (52.6%) | 5,378 | 5,926 | (9.2%) | ||||
ODH Group | 102.6 | 96.8 | 6.0% | 344 | 306 | 12.4% | ||||||||
- The value of contracted units in Q3 2020 includes CHF 6.4mn from El Gouna land sale.
9M 2020 Results - Analyst & Investor Presentation | Altdorf, November 16th, 2020 | 31 |
Q3 2020
Hotels KPIs
Total number of | Number of | Occ. for total | ||||||||||||||||||
rooms | operating rooms | number of rooms | ARR (CHF) | TRevPAR (CHF) | GOP PAR (CHF) | |||||||||||||||
(%) | ||||||||||||||||||||
Destination | Q3 2020 | Q3 2019 | Q3 2020 | Q3 2019 | Q3 2020 | Q3 2019 | Q3 2020 | Q3 2019 | Q3 2020 | Q3 2019 | Q3 2020 | Q3 2019 | ||||||||
El Gouna1 | 2,692 | 2,607 | 958 | 2,607 | 19 | 81 | 89 | 68 | 21 | 78 | 1 | 34 | ||||||||
Taba Heights2 | 2,349 | 2,365 | 412 | 2,365 | 10 | 65 | 34 | 40 | 5 | 36 | (5) | 5 | ||||||||
Fayoum | 53 | 53 | 25 | 53 | 10 | 31 | 39 | 40 | 7 | 27 | (7) | 2 | ||||||||
Hawana Salalah | 1,081 | 1,081 | 1,017 | 1,081 | 6 | 35 | 43 | 145 | 4 | 70 | (23) | 13 | ||||||||
Jebal Sifah | 68 | 67 | 68 | 67 | 35 | 27 | 87 | 108 | 58 | 59 | (6) | (17) | ||||||||
UAE | 472 | 475 | 472 | 475 | 36 | 55 | 149 | 119 | 73 | 107 | 8 | 15 | ||||||||
Montenegro | 111 | 111 | 111 | 111 | 33 | 78 | 147 | 226 | 100 | 286 | (2) | 100 | ||||||||
ODH Group | 6,826 | 6,759 | 3,063 | 6,759 | ||||||||||||||||
9M 2020 Results - Analyst & Investor Presentation | Altdorf, November 16th, 2020 | 32 |
Deferred Revenue Balance Schedule
(CHF mn) | |||||||
Total deferred | |||||||
Country | Destination | revenue balance | 2020 | 2021 | 2022 | 2023 | 2024 |
Egypt | El Gouna | 164.0 | 45.6 | 77.0 | 41.4 | - | - |
Fayoum | 1.6 | 0.7 | 0.2 | 0.4 | 0.3 | - | |
Makadi Heights | 47.7 | 10.0 | 15.9 | 15.9 | 5.9 | - | |
O West | 279.6 | 20.6 | 78.1 | 69.8 | 62.4 | 48.7 | |
Total Egypt | 492.9 | 76.9 | 171.2 | 127.5 | 68.6 | 48.7 | |
Oman | Jebel Sifah | 15.7 | 1.4 | 12.0 | 2.3 | - | - |
Hawana Salalah | 17.7 | 5.2 | 12.2 | 0.3 | - | - | |
Total Oman | 33.4 | 6.6 | 24.2 | 2.6 | - | - | |
Montenegro | Luštica Bay | 9.5 | 1.3 | 8.2 | - | - | - |
ODH Group | 535.8 | 84.8 | 203.6 | 130.1 | 68.6 | 48.7 | |
- Figures are rounded to the nearest decimal point.
9M 2020 Results - Analyst & Investor Presentation | Altdorf, November 16th, 2020 | 33 |
Covid-19 Effect on the Group
In 2020
Covid-19 progression:
ODH:
- January and February 2020, all the Group's business segments were operating normally. Only in early March, when Covid-19 repercussions started to impact the company's results, as global governments took actions to encourage social distancing.
- The deterioration accelerated towards the end of March, as the pandemic spread further and the number of countries adopting restrictive measures increased, of which travel restrictions and flight suspensions around the world have been implemented.
Egypt:
- On March 16; The government suspended all flights into and out of the country's airports starting March 19, 2020.
- On March 19; The government instructed the closure of hotels in the touristic destinations and imposed a partial curfew effective March 25, 2020 to date.
- On May 3; The government has officially allowed the reopening of hotels and resorts starting 15 May 2020 for domestic tourism only, after being closed since March 19. Hotels will be permitted to operate at a maximum capacity of 25% until 1 June 2020, then at 50% by June 2, 2020.
- On June 23: The government allowed the re-opening of cafes, restaurants & places of worship with 25% capacity & and lifted the curfew that was imposed.
- On July 1: The government has officially allowed the reopening its airports for International flights.
- On July 22: The government allowed restaurants & cafes to increase their occupancy capacity to 50% from the previous 25%.
- On September 21; The government has allowed wedding ceremonies and cultural events to be held in open-air venues.
- On September 21; Passengers travelling to Egypt must be in possession of negative PCR test certificate for (Covid-19), maximum 72 hours (before flight departure time). International Passengers who are travelling directly to (Sharm El Sheikh/Taba/Hurghada /Marsa Alam) airports who failed to submit a valid PCR test, shall undergo the PCR test upon arrival to those airports with charge of USD 30.
9M 2020 Results - Analyst & Investor Presentation | Altdorf, November 16th, 2020 | 34 |
Covid-19 Effect on the Group
In 2020
Oman:
- On March 1: The Government suspended commercial flights to and from Italy from Salalah Airport.
- On March 18: Oman closed all tourist sites and banned gatherings in public places including beaches and parks.
- On March 24: The Government suspend international and domestic flights from March 29, 2020.
- On March 27: We closed all our hotels in Jebal Sifah and Hawana Salalah as a result of Covid-19 pandamic spread.
- Governorate of Dhofar is in lockdown (since end of June) until October 1st (no access from other governorates).
- On July 22: Following a new spike in Covid-19 cases, Oman has decided to impose new restrictions in the country that will come into force on 25 July, in addition to implementing a two-week lockdown that will overlap the Islamic feast of Eid Al Adha, between 25 July and 8 August 8.
- On August 14: The nightly curfew ban on unnecessary movement between 9:00pm to 05:00am would be lifted from, August 15, 2020.
- Hotels generally have started opening starting July 1st , but no pools, beach access or restaurants are open. Hotel guests are only able to have in-room dining.
- On September 7: The Omani government has announced the resumption of international flights effective October 1st, 2020.
- On October 9: The Omani government as Covid-19 cases in the country has started to increase the Sultanate of Oman has re-entered into night-time lockdown (from 8:00pm to 5:00am) effective October 9th, 2020 until October 24th, 2020. The curfew applies to both the public and to commercial outlets. Beaches will also be closed till further notice.
Montenegro:
- On March 16: The Government has instructed closure of all hotels.
- On April 29: The Government announced that it will reopen all hotels as of May 18, 2020.
9M 2020 Results - Analyst & Investor Presentation | Altdorf, November 16th, 2020 | 35 |
Covid-19 Effect on the Group
In 2020
Andermatt:
- On March 13: The SkiArena Andermatt-Sedrun was forced to stop operating immediately.
- On March 16: The Federal Council decided that all restaurants, bars, swimming pools and fitness centers in all of Switzerland must remain closed as of March 17, 2020.
- On March 18: Radisson Blu Reussen Hotel was closed.
- On March 22: The Chedi Andermatt hotel was closed.
- On May 8: Reopening of hotels and rental apartments on 8 May. Operations to follow a strict Covid-19 security concept to optimally protect guests and employees, with promising occupancy rates.
- On May 11: Excellent start to the golf season.
- On October 23: Andermatt's flagship mountain, the Gemsstock, has opened for the winter season starting from October 31, 2020. In the first phase, skiing will be possible on the sunny slope; the other lifts and slopes including the valley run will be successively opened.
9M 2020 Results - Analyst & Investor Presentation | Altdorf, November 16th, 2020 | 36 |
Taba Heights, Egypt
Update 9M 2020
- Taba Heights continues to struggle. Borders with Jordan remain closed since March 2020.
- In Q3 2020, hotels revenues reached CHF 0.6mn up from CHF 0.05mn in Q2 2020.
- Occupancy rates reached 10% in Q3 2020 from 1% in Q2 2020.
- During Q3 2020 two hotels were opened, the hotels have a total of 929 rooms, with only 412 rooms opened, as per the 50% capacity the government has in place. On October 9, we closed one hotel, to date we have only one hotel opened with 252 rooms.
- Our short-medium term strategy for Taba Heights remains focused on developing and promoting existing and potential business opportunities with local operators.
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Taba Heights, Egypt
KPIs
9M 2020 | 9M 2019 | % Chg | |
Hotels | |||
Total number of rooms* | 2,349 | 2,365 | (0.7%) |
Occ. for total rooms (%) | 13% | 48% | (72.9%) |
TRevPAR (CHF) | 6 | 25 | (76.0%) |
GOP (CHFmn) | (2.3) | 0.5 | (560.0%) |
GOP PAR (CHF) | (6) | 1 | (700.0%) |
- During Q1 2020 we converted 16 rooms in Mosaique hotel to suites thus reducing the number of rooms to 2,349.
Taba Heights, Egypt
Revenues per segment 9M 2020 (CHF mn)
-76.5%
10.2
2.4 | ||||
1.2 | ||||
-75.0% | ||||
9.0 | 0.3 | |||
-76.7% | ||||
2.1 | ||||
9M 2019 | 9M 2020 | |||
Hotels | Destination Management | |||
38
Jebal Sifah, Oman
Update 9M 2020
- Delivery of Jebel Sifah Heights units is in its final stages. Planning to deliver 140 units for FY 2020 - delivered 103 units YTD.
- Phase 1 of the "Beachfront project" is 90% sold out with construction progressing per schedule.
- The construction and ground-breaking of 115 units in "Beachfront project", will start in the beginning of Q4 2020.
- Jebel Sifah witnessed an increased demand for short staycations at the Sifawy Boutique Hotel and rental apartments, during the months of Aug. and Sep. Unfortunately the re-imposed2-week curfew has now resulted in a decline in our apartment rentals & hotel bookings.
- There has been increased interest from potential tenants looking to rent commercial outlets in Jebel Sifah.
- On the retail front, more activity has already been witnessed with restaurants re-opening, and new ones' openings such as the "Crafty Kitchen".
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Jebel Sifah, Oman
KPIs
9M 2020 | 9M 2019 | % Chg | |
Hotels | |||
Total number of rooms | 68 | 67 | 1.5% |
Occ. for total rooms (%) | 25% | 40% | (37.5%) |
TRevPAR (CHF) | 51 | 89 | (42.7%) |
GOP (CHFmn) | (0.2) | 0.1 | (300.0%) |
GOP PAR (CHF) | (8) | 7 | (214.3%) |
Real Estate | |||
Net sales (CHFmn) | 14.8 | 6.7 | 120.9% |
No of contracted units | 86 | 33 | 160.6% |
Avg. selling price (CHF/m2) | 2,165 | 2,294 | (5.6%) |
Jebel Sifah, Oman
Revenues per segment 9M 2020 (CHF mn)
-73.4%
22.9
1.5
-6.7% | 6.1 | ||||||
19.7 | |||||||
-81.2% | |||||||
1.4 | |||||||
-41.2% | 3.7 | ||||||
1.7 | 1.0 | ||||||
9M 2019 | 9M 2020 | ||||||
Hotels | Real Estate | Destination Management | |||||
40
Makadi Heights, Egypt
Update 9M 2020
- Launching "Topio", a new apartment phase in
Nov. 2020 with a total inventory of CHF 7.5mn. - Speeding up the construction of Phase 2 of the project with plans to deliver 244 units in 2022. More revenues will start to kick in over the next quarters.
- In Q3 2020, Makadi Heights delivered excellent real estate sales figures recording a 125.4% increase to CHF 13.1mn vs. CHF 5.8mn in Q3 2019.
− Render
41
Makadi Heights, Egypt
KPIs
9M 2020 | 9M 2019 | % Chg | |
Real Estate | |||
Net sales (CHFmn) | 20.2 | 18.8 | 7.4% |
No of contracted units | 132 | 151 | (12.6%) |
Avg. selling price (CHF/m2)* | 1,002 | 652 | 53.7% |
Makadi Heights, Egypt
Revenues per segment 9M 2020(CHF mn)
+165.4%
2.6
6.9 | |||||||||
0.7 | |||||||||
-36.4% | |||||||||
+650.0% | 6.0 | ||||||||
1.1 | |||||||||
0.8 | -71.4% | 0.2 | |||||||
0.7 | |||||||||
9M 2019 | 9M 2020 | ||||||||
Hotels | Real Estate | Destination Management | |||||||
42
The Cove, UAE
Update 9M 2020
- The Cove, Ras Al Khaimah, was amongst our best performing destinations.
- In Q3 2020, the hotel's revenue totaled CHF 3.2mn up from CHF 0.8mn in Q2 2020. Occupancy rates reached 36% from 13% in Q2 2020.
- In Q4 2020, we continue to capitalize on local and regional business through targeted sales promotions and market campaigns.
- We anticipate that demand for The Cove will gradually improve as travel restrictions continue to be lifted over the coming period.
43
The Cove, UAE
KPIs
9M 2020 | 9M 2019 | % Chg | |
Hotels | |||
Total number of rooms | 472 | 475 | (0.6%) |
Occ. for total rooms (%) | 37% | 65% | (43.1%) |
TRevPAR (CHF) | 70 | 147 | (52.4%) |
GOP (CHFmn) | 1.4 | 6.2 | (77.4%) |
GOP PAR(CHF) | 11 | 48 | (77.1%) |
The Cove, UAE
Revenues per segment 9M 2020 (CHF mn)
-56.1%
20.5
9.0
20.5
-56.1%
9.0
9M 2019 | 9M 2020 |
Hotels
44
Eco Bos, UK
- Render
ODH's newest addition to its towns' portfolio
- Work on site never stopped unlike many other sites across the UK which paused construction because of Covid-19.
- We are almost finished with groundwork's and infrastructure and expect our first homes to be delivered in Q2 2021.
- Shawbrook Bank has continued to show full commitment to the project and there have been no delays or disputes related to any monthly disbursements so far. To date we withdrew £ 4.4mn out of the £ 18mn facility geared towards the 296 homes.
45
IR Dashboard Calendar & Contact
9M 2020 Results - Analyst & Investor Presentation | Altdorf, November 16th, 2020 | 46 |
IR Dashboard Calendar & 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: ir@orascomdh.com
47
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9M 2020 Results - Analyst & Investor Presentation | Altdorf, November 16th, 2020 | 48 |
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Orascom Development Holding AG published this content on 15 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 November 2020 08:44:02 UTC