altdorf, november 16th, 2020 9m 2020 results...town mgt. land 13% 122.0 166.9 36.3 hotels real...
TRANSCRIPT
9M 2020 Results
Analyst & Investor Presentation
Altdorf, November 16th, 2020
1. Executive Summary
2. 9M 2020 – Key Highlights
3. 9M 2020 – Operational Highlights by Destination
4. 9M 2020 – Financials
5. Outlook 2020
6. Appendix
Table of Contents
Altdorf, November 16th, 20209M 2020 Results – Analyst & Investor Presentation 2
1. Executive Summary 9M 2020
Altdorf, November 16th, 20209M 2020 Results – Analyst & Investor Presentation 3
Executive Summary: resilient performance, despite the challenges brought
by Covid-19
4
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
260.4mn
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
40.5mnCash and bank
balances
− Cash on hand
increased by 6.3%
from CHF 186.0mn in
FY 2019, signaling a
strong liquidity position.
CHF
197.8mn
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.
CHF (26.6)mn
Financing
− Working with the
Egyptian banks to
restructure the current
debt securing more
flexible terms.
Debt Restructure
Altdorf, November 16th, 20209M 2020 Results – Analyst & Investor Presentation
* 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.
2. 9M 2020 – Key Highlights
Altdorf, November 16th, 20209M 2020 Results – Analyst & Investor Presentation 5
166.9149.5
48.9 47.5
9M 2019 9M 2020
Real Estate Financials (CHF mn)
Revenues Adj. EBITDA
428.0
535.8
9M 2019 9M 2020
566.9
704.2
9M 2019 9M 2020
381.3
294.4
9M 2019 9M 2020
Net Real Estate Sales (CHF mn)*
9M 2020
9M 2020 Results – Analyst & Investor Presentation 6
Key Segment Financials & KPIs
22.8% 24.2%
Real Estate Receivables Portfolio (CHF mn)Real Estate Deferred Revenue Balance (CHF mn)
25.2%
10.4%
2.9%
122.0
48.032.1 3.5
9M 2019 9M 2020
Hotel Financials (CHF mn)
Revenues GOP
60.7% 36.3 34.0
(1.6)(1.8)
9M 2019 9M 2020
Town Management Financials (CHF mn)
Revenues Adj. EBITDA
12.5%
6.3%
Altdorf, November 16th, 2020
89.1%
* 9M 2020 figures includes CHF 37.5 million of commercial sales.
48.0
149.5
34.0
28.9
Hotels
Real Estate
Town Mgt.
Land
13%
122.0
166.9
36.3
Hotels
Real Estate
Town Mgt.
9M 2020
Altdorf, November 16th, 20209M 2020 Results – Analyst & Investor Presentation 7
Y-o-Y Revenue Analysis
38%51%
11%
58%
11%
18%
Revenues by Segment 9M 2019 (CHFmn) Revenues by Segment 9M 2020 (CHFmn)
CHF 260.4mnCHF 325.2mn
57%
13%
15%
3%
2%5%
1%1%
3%
El Gouna
Hawana Salalah
O West
UAE
Jebal Sifah
Lustica Bay
Taba Heights
Others*
Makadi Heights
47%
19%
9%
6%
7%
8%
3%1% 1%
El Gouna
Hawana Salalah
O West
UAE
Jebal Sifah
Lustica Bay
Taba Heights
Others*
Makadi Heights
9M 2020
Altdorf, November 16th, 20209M 2020 Results – Analyst & Investor Presentation 8
Y-o-Y Revenue Analysis
Revenues by Destination 9M 2019 (CHFmn) Revenues by Destination 9M 2020 (CHFmn)
CHF 260.4mn
− Others in 9M 2019 included, Oberoi Zahra, Fayoum & Corporate.
CHF 325.2mn
− Others in 9M 2020 Fayoum & Corporate.
3. 9M 2020 – Operational Highlights by Destination
Altdorf, November 16th, 20209M 2020 Results – Analyst & Investor Presentation 9
Destinations
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
10
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
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1
2
3
4
5
6
7
2
3
4
5
6
7
▪ Operating Destination
Altdorf, November 16th, 20209M 2020 Results – Analyst & Investor Presentation
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.
11
− 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.
El Gouna, Egypt
Revenues per segment
9M 2020 (CHF mn)
-3.2%
147.3152.1
-1.1%
+35.6%
-62.5%
El Gouna, Egypt
KPIs
9M 2020 9M 2019 % Chg
Hotels
Total number of rooms* 2,692 2,607 3.3%
Occ. for total rooms (%) 27% 83% (67.5%)
TRevPAR (CHF) 28 79 (64.6%)
GOP (CHFmn) 1.9 26.1 (92.7%)
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%
*The number of rooms increased due to opening of Casa Cook
Hotel (100 rooms) In November 2019.
12
54.6
20.5
69.4
94.1
28.127.8
4.9
9M 2019 9M 2020
Hotels Real Estate Destination Management Land
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-side restaurants 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.
13
− 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.
Hawana Salalah, Oman
Revenues per segment
9M 2020 (CHF mn)
30.3
13.6
30.0
18.7
1.1
1.7
9M 2019 9M 2020
Hotels Real Estate Destination Management
-44.6%
34.0
61.4
+54.5%
-37.7%
-55.1%
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%
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.
15
− 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.
Luštica Bay, Montenegro
Revenues per segment
9M 2020 (CHF mn)
4.41.2
18.9
11.8
1.2
1.2
9M 2019 9M 2020
Hotels Real Estate Destination Management
14.2
-42.0%
24.5
-37.6%
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%)
16
-72.7%
-
O West, Egypt
Update 9M 2020
− 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.
− 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.
17
O West, Egypt
KPIs
− Render
18
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%
27.7
38.9
27.7
14.9
24.0
9M 2019 9M 2020
Real Estate Land
-46.2%
4. 9M 2020 – Financials
Altdorf, November 16th, 20209M 2020 Results – Analyst & Investor Presentation 19
(CHFmn) Q3 2020 Q3 2019 9M 2020 9M 2019
Revenue 96.4 102.3 260.4 325.2
Cost of sales (74.6) (79.1) (195.1) (240.8)
Gross profit 21.8 23.2 65.3 84.4
Gross profit margin, (%) 22.6% 22.7% 25.1% 25.9%
Investment income 1.3 2.6 4.1 7.9
Administrative expenses (9.8) (10.1) (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 (4.2) 10.3
Share of associates losses (2.2) (2.9) (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) (26.9) (30.4)
Income tax expense (3.3) (4.3) (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 (1.2) 6.0
EPS (CHF) (0.21) (0.20) (0.63) (0.35)
9M 2020
20
Income Statement – Reported
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.
II. 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.
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Altdorf, November 16th, 20209M 2020 Results – Analyst & Investor Presentation
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9M 2020
21
Balance Sheet
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.
1
2
4
3
5
(CHFmn) 30.09.20 31.12.19
Property, plant and equipment 794.7 814.4
Inventory 545.1 516.4
Receivables 165.6 154.7
Cash and bank balances 197.8 186.0
Investments in associates 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 435.5 429.9
Payables 405.4 388.4
Provisions 31.4 33.6
Other liabilities 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
2
1
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Altdorf, November 16th, 2020
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9M 2020 Results – Analyst & Investor Presentation
22
Cost of Debt: 6.4%
9M 2020 Balance: CHF 435.4mn
Current Debt by CountryCurrent Debt by Currency* Current Maturity Profile & Balance
Planned Maturity Profile & Balance
Planned Balance: CHF 487.5mn
Planned Debt by CountryPlanned Debt by Currency
*Balance reflects the 6 months postponement of debt
repayments, as per the Governments directive.
Financing Profile
Altdorf, November 16th, 2020
EGP11%
USD35%
EUR5%
AED4%
OMR21%
GBP1%
CHF23%
EGP
USD
EUR
AED
OMR
GBP
CHF
48%
21%
4%
3%1%
23%
Egypt
Oman
UAE
Montenegro
UK
Switzerland
14 2 932 47
164
220
CF 2020 2021 2022 2023 2024 2025 -2032
EGP20%
USD17%
EUR19%
AED3%
OMR18%
GBP1%
CHF20%
EGP
USD
EUR
AED
OMR
GBP
CHF
54%
18%
4%3%
1%
20%
Egypt
Oman
UAE
Montenegro
UK
Switzerland
14 16
4759 63
147
89
CF 2020 2021 2022 2023 2024 2025 -2032
9M 2020 Results – Analyst & Investor Presentation
9M 2020
Altdorf, November 16th, 2020 23
Cash Flow Statement
Notes
Cash flow from operations decreased as a result of the lockdown
measures restrictions imposed by the governments and their effect on
our hospitality segment.
Interest paid decreased as a result of the deferred interest payments
initiative – instituted by the governments where we operate.
Taxes paid in 9M 2019 includes CHF 12.9mn one-time tax settlement
payment for the Egyptian subsidiary.
Payments for PP&E include construction activities in Gouna, O West,
UK and Oman.
Other items in 9M 2019 included CHF 16.7mn as proceeds from the
sale of Tamweel which is not present in 2020.
Change in borrowings mainly includes:
(-) Debt repayment of CHF 6.2mn.
(+) Debt proceeds of CHF 16.8mn.
3
(CHF mn) 9M 2020 9M 2019
Cash from operations 32.1 41.7
Interest paid (5.2) (19.4)
Taxes paid (8.5) (23.0)
Operating Cash Flow 18.4 (0.7)
Payments for PP&E (21.8) (39.1)
Other items 6.3 28.4
Investing Cash Flow (15.5) (10.7)
Change in borrowings 10.6 (27.2)
Non-controlling interests shares in changes of
equity for consolidated subsidiaries3.9 1.9
Other Items 0.3 1.4
Financing Cash Flow 14.8 (23.9)
Net change in cash/equivalents 17.8 (35.3)
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
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5
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9M 2020 Results – Analyst & Investor Presentation
5. Outlook 2020
Altdorf, November 16th, 20209M 2020 Results – Analyst & Investor Presentation 24
25
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.
Altdorf, November 16th, 20209M 2020 Results – Analyst & Investor Presentation
6. Appendix
Altdorf, November 16th, 20209M 2020 Results – Analyst & Investor Presentation 26
9M 2020
27
Revenue Analysis
Revenue EBITDA Adj. EBITDA1
(CHF mn) 9M 2020 9M 2019 Δ in % 9M 2020 9M 2019 Δ in % 9M 2020 9M 2019 Δ 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%)
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.
Altdorf, November 16th, 20209M 2020 Results – Analyst & Investor Presentation
9M 2020
Altdorf, November 16th, 20209M 2020 Results – Analyst & Investor Presentation 28
Real Estate Sales KPIs
Net value of contracted units
(CHF mn)Number of contracted units
Average selling price
(CHF/m2)
Country Destination 9M 2020 9M 2019 Δ in % 9M 2020 9M 2019 Δ in % 9M 2020 9M 2019 Δ in %
Egypt El Gouna* 112.5 98.1 14.7% 187 194 (3.6%) 3,337 2,923 14.2%
Fayoum 0.9 1.5 (40.0%) 5 11 (54.5%) 797 796 0.1%
Makadi Heights 20.2 18.8 7.4% 132 151 (12.6%) 1,002 652 53.7%
O West** 126.8 204.9 (38.1%) 336 762 (55.9%) 1,434 1,238 15.8%
Oman Jebel Sifah 14.8 6.7 120.9% 86 33 160.6% 2,173 2,359 (7.9%)
Hawana Salalah 10.4 26.1 (60.2%) 63 162 (61.1%) 2,130 1,991 7.0%
Montenegro Luštica Bay 8.8 25.2 (65.1%) 13 51 (74.5%) 5,283 5,486 (3.7%)
ODH Group 294.4 381.3 (22.8%) 822 1,364 (39.7%)
* 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
Altdorf, November 16th, 20209M 2020 Results – Analyst & Investor Presentation 29
Hotels KPIs
Total number of
rooms
Number of
operating rooms
Occ. for total
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
Q3 2020
30
Revenue Analysis
Revenue EBITDA Adj. EBITDA1
(CHF mn) Q3 20 Q3 19 Δ in % Q3 20 Q3 19 Δ in % Q3 20 Q3 19 Δ 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%)
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.
Altdorf, November 16th, 20209M 2020 Results – Analyst & Investor Presentation
Q3 2020
Altdorf, November 16th, 20209M 2020 Results – Analyst & Investor Presentation 31
Real Estate Sales KPIs
Net value of contracted units
(CHF mn)Number of contracted units
Average selling price
(CHF/m2)
Country Destination Q3 2020 Q3 2019 Δ in % Q3 2020 Q3 2019 Δ in % Q3 2020 Q3 2019 Δ 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.
Q3 2020
Altdorf, November 16th, 20209M 2020 Results – Analyst & Investor Presentation 32
Hotels KPIs
Total number of
rooms
Number of
operating rooms
Occ. for total
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
Deferred Revenue Balance Schedule
33
Country Destination
Total deferred
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.
(CHF mn)
Altdorf, November 16th, 20209M 2020 Results – Analyst & Investor Presentation
34
Covid-19 Effect on the Group
In 2020
Altdorf, November 16th, 20209M 2020 Results – Analyst & Investor Presentation
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.
35Altdorf, November 16th, 20209M 2020 Results – Analyst & Investor Presentation
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.
Covid-19 Effect on the Group
In 2020
36Altdorf, November 16th, 20209M 2020 Results – Analyst & Investor Presentation
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.
Covid-19 Effect on the Group
In 2020
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.
37
− 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.
Taba Heights, Egypt
Revenues per segment
9M 2020 (CHF mn)
9.0
2.1
1.2
0.3
9M 2019 9M 2020
Hotels Destination Management
-76.7%
-75.0%
2.4
10.2
-76.5%
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%)
38
* During Q1 2020 we converted 16 rooms in Mosaique hotel to
suites thus reducing the number of rooms to 2,349.
Jebal Sifah, Oman
Update 9M 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-imposed 2-week
curfew has now resulted in a decline in our
apartment rentals & hotel bookings.
39
− 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.
− 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”.
Jebel Sifah, Oman
Revenues per segment
9M 2020 (CHF mn)
1.7 1.0
19.7
3.7
1.5
1.4
9M 2019 9M 2020
Hotels Real Estate Destination Management
-73.4%
6.1
22.9
-6.7%
-81.2%
-41.2%
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%)
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.
− Render
41
− 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.
Makadi Heights, Egypt
Revenues per segment
9M 2020(CHF mn)
0.70.2
0.8
6.0
1.1
0.7
9M 2019 9M 2020
Hotels Real Estate Destination Management
2.6
6.9
+165.4%
-36.4%
+650.0%
-71.4%
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%
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.
43
− 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.
The Cove, UAE
Revenues per segment
9M 2020 (CHF mn)
20.5
9.0
9M 2019 9M 2020
Hotels
9.0
20.5
-56.1%
-56.1%
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%)
44
Eco Bos, UK
ODH’s newest addition to its towns’ portfolio
− Render
− 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
Altdorf, November 16th, 20209M 2020 Results – Analyst & Investor Presentation 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: [email protected]
47
Disclaimer
Altdorf, November 16th, 20209M 2020 Results – Analyst & Investor Presentation 48
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PERSON WHO IS NOT A RELEVANT PERSON MUST NOT ACT OR RELY ON THIS COMMUNICATION OR ANY OF ITSCONTENTS. ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS COMMUNICATION RELATES IS AVAILABLE
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