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Orascom Development Holding AG

EQS-Adhoc: Orascom Development Holding AG: Orascom Development Egypt (ODE); the Largest Egyptian Subsidiary of Orascom Development Holding announces its Q1 2018 earnings results.


EQS Group-Ad-hoc: Orascom Development Holding AG / Key word(s): Quarter
Results/Quarter Results
Orascom Development Holding AG: Orascom Development Egypt (ODE); the Largest
Egyptian Subsidiary of Orascom Development Holding announces its Q1 2018
earnings results.

15-May-2018 / 00:28 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
The issuer is solely responsible for the content of this announcement.

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Press release: Orascom Development Holding AG: Orascom Development Egypt (ODE);
the Largest Egyptian Subsidiary of Orascom Development Holding announces its Q1
2018 earnings results.


Dear All,

Please find attached the Q1 2018 Earnings Release of Orascom Development Egypt
(ODE); the Largest Egyptian Subsidiary of Orascom Development Holding.
 

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 6thof June at 7:00 am CET.

The press release can be found under the
linkhttp://www.orascomhd.com/financial-presentations/on Orascom Development
Egypt (ODE) website.


About Orascom Development Holding:

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:
Sara El Gawahergy
Head of Investor Relations
Tel: +202 246 18961
Tel: +41 418 74 17 11
Email:ir@orascomdh.com

Contact for Media Relations:
Philippe Blangey
Partner
Dynamics Group AG
Tel: +41 432 68 32 35
Email:prb@dynamicsgroup.ch
 

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.


 
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End of ad hoc announcement------------------------------------------------------

Language: English

Company:  Orascom Development Holding AG

          Gotthardstraße 12

          6460 Altdorf

          Switzerland

Phone:    +41 41 874 17 17

Fax:      +41 41 874 17 07

E-mail:    ir@orascomdh.com

Internet: www.orascomdh.com

ISIN:     CH0038285679

Valor:    A0NJ37

Listed:   SIX Swiss Exchange



 

End of Announcement EQS Group News Service

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685725  15-May-2018 CET/CEST

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