PRESS RELEASE

from Orascom Development Holding AG (isin : CH0038285679)

Orascom Development Holding AG: has released its consolidated financial results for 1H 2023

Orascom Development Holding AG / Key word(s): Half Year Results/Half Year Results
Orascom Development Holding AG: has released its consolidated financial results for 1H 2023

17-Aug-2023 / 07:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.


Ad hoc announcement pursuant to Art. 53 LR.

Orascom Development Holding (“ODH”) (SIX ODHN.SW) has released its consolidated financial results for 1H 2023.

Total revenues were almost stable at CHF 265.9 million and net profit reached CHF 17.7 million despite being impacted by a non-cash foreign exchange loss of CHF 9.3 million.

Key Highlights of 1H 2023

  • Total revenues were almost stable at CHF 265.9 million despite the Egyptian currency devaluation
  • Adjusted EBITDA up by 6.5% to CHF 70.8 million with a margin of 26.6%
  • Net profit reached CHF 17.7 million with a margin of 6.7%
  • Hotel revenues increased by 32.5% to CHF 80.3 million
  •  Net real estate sales recorded sales of CHF 271.9 million

Key Highlights of Q2 2023

  • Total revenues increased by 5.1% to CHF 135.0 million
  • Adjusted EBITDA increased by 17.6% to CHF 34.1 million with a margin of 25.3%
  • Net profit up by a significant 121.9% to reach CHF 7.1 million 

Altdorf, 17 August 2023 – ODH's financial performance during the first semester demonstrates our capability to continually enhance our performance through effective management of its operational efficiencies despite the challenging macroeconomic environment. As a direct consequence of our enhanced capacity to scale our operations, we have seen both an increase in adjusted EBITDA and a widening of margins. Owing to ODH's unwavering commitment to innovation, talent and operational excellence, the company is in a position to increase sales, lift profitability, and drive customer happiness. Our top-line and bottom-line figures were impacted by the economic backdrop in Egypt after the Central Bank of Egypt’s (CBE) decision to float the Egyptian Pound (EGP). The appreciation of the U.S. Dollar against the EGP resulted in substantial revaluations of the debt held in US Dollars at the subsidiary and subsequently negatively impacted the Group’s P&L statement with a non-cash foreign exchange loss of CHF 9.3 million in 1H 2023.

Financial Review 

1H 2023:

Despite being affected by the EGP currency devaluation our top-line figures and gross profit were almost stable at CHF 265.9 million during 1H 2023, while gross profit reached CHF 80.2 million (1H 2022: CHF 79.5 million) with a gross margin of 30.2% in 1H 2023 vs. 29.4% in 1H 2022. Although operational performance improved in Egypt, the significant devaluation of the EGP had a negative translation effect on our income statement. The significant increase of 32.5% in hotel revenue to CHF 80.3 million in 1H 2023 from CHF 60.6 million has partially offset the decline in real estate revenues, resulting in only a 1.7% decline in total revenues. Adj. EBITDA increased, on the other hand, by 6.5% to reach CHF 70.8 million (1H 2022: CHF 66.5 million), with an improved Adj. EBITDA margin of 26.6% in 1H 2023 vs. 24.6% margin in 1H 2022. The enhanced Adj. EBITDA and margins were on the back of further improvements in our operational efficiencies. Other gains and losses reported a loss of CHF 14.1 million in 1H 2023. The one-off FX translation loss is mainly related to the devaluation of the EGP against foreign currencies. Our share of associates reported a profit of CHF 4.0 million vs. CHF 9.4 million in 1H 2022. The weakened performance in the associates was mainly driven by the lower performance of our share in Andermatt Swiss Alps, whereby the company reported a profit of CHF 2.3 million in 1H 2023 vs. a profit of CHF 6.9 million in 1H 2022 as the company did not pursue any land sales in 1H 2023. Finance costs increased by 30.1% to CHF 22.9 million in 1H 2023 (1H 2022: CHF 17.6 million) due to the increase in interest rates and the new debt coming from O West. Despite the challenging worldwide market environment, ODH was able to overcome many of these headwinds to end the first half with a net income of CHF 17.7 million in 1H 2023 vs. CHF 20.7 million in 1H 2022. Adjusted net income excluding one-offs (which includes forex losses or gains along with any non-operational one-off transactions) reached CHF 31.8 million in 1H 2023.

Q2 2023:

Despite the ambiguity witnessed on a global, regional and local scale, ODH’s performance is nothing short of exemplary. ODH’s Q2 2023 results showed a top and bottom-line growth of 5.1% and 121.9% respectively, compared to the same period last year, which set the stage for what promised to be a strong year despite the several periods of volatility and turbulence affecting the world. Our topline performance remained strong, benefiting primarily from the robust growth of our hospitality segment. Revenues increased by 5.1% to CHF 135.0 million in Q2 2023 (Q2 2022: CHF 128.5 million). Gross profit also increased by 5.9% to CHF 37.8 million in Q2 2023, with a gross margin of 28.0%. While our Adj. EBITDA increased by 17.6% to reach CHF 34.1 million during Q2 2023 and a margin of 25.3% (Q2 2022: CHF 29.0 million and a margin of 22.6%), our EBITDA also increased by 33.8% to CHF 31.7 million in Q2 2023. Bottom-line performance remained positive for the second quarter, reaching CHF 7.1 million, up by a tremendous 121.9% (Q2 2022: CHF 3.2 million).

Group Real Estate: Net real estate sales of CHF 271.9 million and the segment’s revenues of CHF 153.9 million

New real estate sales for Q2 2023 reached CHF 166.3 million (Q2 2022: CHF 173.5 million). That brings our 1H 2023 sales value to CHF 271.9 million, an 11.3% decline vs. 1H 2022 real estate sales figure. In Egyptian currency, the net real estate sales performance of the Group’s Egyptian subsidiary, ODE, has improved significantly during 1H 2023. Yet, this operational enhancement was not totally reflected in ODH’s value of contracted units when translated into CHF. In Egyptian Pound, the Egyptian subsidiary’s net real estate sales have increased by c. 60% vs. 1H 2022. In 1H 2023, O West was the group’s largest contributor to new sales during the reported period (39%), followed by El Gouna (32%), Makadi Heights (12%), Oman (8%), Lustica Bay (8%) and finally our latest addition, West Carclaze in the UK (1%). Our average selling prices in our Egyptian destinations were affected by the currency devaluation. However, in local currency, we managed to increase our average selling prices in 1H 2023 in El Gouna by 82.1%, in O West by 43.8%, and in Makadi Heights by 19.0%. Furthermore, we managed to increase our average selling prices in Swiss Francs currency also, as illustrated in Luštica Bay by 11.7%, Hawana Salalah by 4.8% and Jebal Sifah, by 10.7%. Real estate revenues decreased by 11.3% to CHF 153.9 million in 1H 2023 (1H 2022: CHF 173.5 million). Adj. EBITDA reached CHF 56.7 million in 1H 2023. Total deferred revenue from real estate that is yet to be recognized until 2027 reached CHF 662.0 million in 1H 2023 (1H 2022: CHF 797.5 million).

Group Hotels: A quantum leap in the hospitality portfolio, with 32.5% increase in revenues to CHF 80.3 million

Orascom Development’s Hotels’ proven business model once again delivered impressive quarterly results despite various macro and geopolitical challenges around the globe. Q2 2023 performance reflects the positive impact of the return of inbound tourism, with both occupancy and ARR levels benefiting from positive year-on-year change driven by the return of both corporate and leisure inbound tourists. Our hotels exhibited solid growth, primarily driven by strong average daily rates, enduring leisure demand, and increased occupancy rates. The increase in all KPIs reflects the attractiveness of our brand, the commitment of our team, and an ever-greater desire for travel and adventure on the part of our guests, and we are ready for a strong summer season. Total revenues during Q2 2023 increased by 28.6% to CHF 39.6 million (Q2 2022: CHF 30.8 million), pushing our GOP to CHF 15.2 million, a 63.4% increase (Q2 2022: CHF 9.3 million). Revenues for the hotels during 1H 2023 increased by 32.5% to CHF 80.3 million (1H 2022: CHF 60.6 million), and GOP also increased by 86.2% to CHF 35.0 million (1H 2022: CHF 18.8 million). Accelerating TRevPAR growth expanded our operating leverage and led us to generate an adjusted EBITDA of CHF 24.9 million in 1H 2023, up 120.4% vs. 1H 2022, on the back of further improvements in operational efficiencies.

Group Destination Management: Increased activities in the different destinations, with more destinations coming to life in 2023

Our destination management segment results were affected by the devaluation of the EGP, with revenues in Q2 2023 down by only 0.5% to reach CHF 18.3 million vs. Q2 2022. While 1H 2023 total town management revenues were down by 12.9% to CHF 31.7 million (1H 2022: CHF 36.4 million), while Adj. EBITDA increased by 5.3% to CHF 4.0 million in 1H 2023.

Details on Destinations

El Gouna, Red Sea:

New real estate sales during 1H 2023 reached CHF 86.2 million (1H 2022: CHF 108.2 million). In EGP, the net real estate sales of El Gouna has increased by 46.0% vs. 1H 2022. Despite the devaluation, our real estate average selling prices were only down by 0.6% at CHF 3,704/sqm vs. 1H 2022; however, in EGP, we increased our average selling prices by 82.1% vs. 1H 2022. A total of 836 units are being constructed, with plans to deliver a total of 388 units this year, of which 163 have been delivered. Real estate revenues decreased by 6.1% to CHF 74.8 million (1H 2022: CHF 79.7 million).

El Gouna continued its leading market position within Egypt’s tourism industry. Occupancy rate for Q2 2023 reached 73% (Q2 2022: 72%). Whereas total occupancy for 1H 2023 reached 72% (1H 2022: 66%). Foreigners represented 83% of our total hotels' occupancy during Q2 2023 and 85% for 1H 2023. On the hotels financial side, 1H 2023 revenues increased by 9.6% to CHF 37.5 million vs. CHF 34.2 million in 1H 2022, with GOP increasing by 41.0% to CHF 22.0 million vs. the same period last year. Moving to the hotel’s development side, we are progressing with the renovation process across (Sheraton and Ocean View) hotels with plans to be finalized before the end of 2023. Town management revenues recorded CHF 22.8 million (1H 2022: CHF 30.3 million). El Gouna total revenues decreased by 6.3% to reach CHF 135.1 million (1H 2022: CHF 144.2 million).

O West, Egypt:

O West faced the same effect as El Gouna due to the EGP devaluation and recorded CHF 106.4 million of real estate net sales, a 19.3% decrease vs. CHF 131.9 million in 1H 2022. Average selling prices were at CHF 1,572 per sqm in 1H 2023. In EGP currency, our net real estate sales have increased by 47.8% vs. 1H 2022, while the average selling prices have also increased by 43.8% vs. 1H 2022. On the development side, we are speeding up our construction pace, whereby we successfully started delivering the first 444 villas to homeowners ahead of schedule during Q2 23, with plans to deliver an additional 710 units before the end of 2023. The construction work at O West Club is progressing as planned and is expected to be partially open before the end of 2023 or early 2024. During 1H 2023, O West's total revenues reached CHF 37.6 million (1H 2022: CHF 54.5 million).

Hawana Salalah, Oman:

Hotels in Hawana Salalah maintained their positive momentum with a significant 118.1% increase in revenue from CHF 9.4 million in 1H 2022 to CHF 20.5 million in 1H 2023, despite the seasonality effect of the quarter, which also included Ramadan. GOP showed a tremendous 971.4% increase to reach CHF 7.5 million in 1H 2023. Occupancy rates increased to reach 62% in 1H 2023 vs. 34% in 1H 2022. On the hotel’s development side, we are progressing with the construction of 123 additional rooms at the Al Fanar Hotel, with plans to be finalized before the end of 2023. On the real estate side, net real estate sales reached CHF 12.6 million (1H 2022: CHF 15.2 million). Real estate revenues were up by 9.6% to CHF 8.0 million in 1H 2023. Total revenues from Hawana Salalah increased by 66.3% to CHF 30.6 million benefiting from the rise in demand for the hospitality industry in Salalah.

Luštica Bay, Montenegro:

Net real estate sales decreased by 5.3% to CHF 23.2 million (1H 2022: CHF 24.5 million). While our average selling prices have increased by 11.7% to CHF 6,103/sqm. On the construction side, we are progressing with the construction of 124 units and managed to deliver 28 units during 1H 2023, with plans to hand over 34 more units during the remaining period of 2023. On the hotel side, The Chedi Hotel’s revenue increased by 36.4% to reach CHF 3.0 million, on the back of the increase in ARRs which increased by 95.9% to CHF 237. Moving to the town management side, the Town Centre piazza and first retail tenancies are fully operational now. Town management revenues have increased by 161.5% to CHF 3.4 million during 1H 2023. Total revenues from Luštica Bay increased by 12.7% to CHF 16.0 million (1H 2022: CHF 14.2 million).

Jebel Sifah, Oman:

Net real estate sales remained stable at CHF 8.6 million. We managed to increase our average selling prices by 10.7% to CHF 3,228/sqm vs. 1H 2022. Construction progress and real estate deliveries in Jebel Sifah are continuing at a steady pace with real estate revenues increasing by 32.2% to CHF 11.9 million. Hotel revenues increased 2.2% to CHF 1.4 million in 1H 2023. Total revenues for Jebel Sifah increased by 25.3% to CHF 14.5 million in 1H 2023 (1H 2022: CHF 11.6 million).

Makadi Heights, Egypt:

The destination continued to deliver excellent sales results despite being hit with the devaluation of EGP. Real estate sales increased by 92.6% to reach CHF 31.2 million vs. 1H 2022, while average selling prices were at CHF 1,315 per sqm. During Q2 2023, we launched a new real estate project “Flare” with a total inventory of c. CHF 90 million and a total of 313 units. We are expecting to deliver a total of 400 units by 2023, most of which will be early deliveries due to accelerating construction efforts. Makadi Heights total revenues reached CHF 8.0 million in 1H 2023.

The Cove, UAE:

The Cove continues to be one of the best-performing hotel destinations for the group, with occupancy up to 79% in 1H 2023 from 63% in 1H 2022. Operationally, TRevPAR increased by 9.1% to CHF 156, while GOP PAR also increased by 28.6% to CHF 54. Total revenues for The Cove increased by 7.1% to CHF 12.1 million (1H 2022: CHF 11.3 million).

Taba Heights, Egypt:

Taba Heights continued its positive performance from last year. The overall 1H 2023 occupancy rate reached 34%, vs. 16% in 1H 2022. Foreigners represented c. 85% of our total occupancy during 1H 2023. Operationally, the hotels reported a positive GOP of CHF 1.4 million vs. a negative CHF 0.3 million in 1H 2022. Total revenues for Taba Heights increased by 144.0% to CHF 6.1 million. The short-to medium-term strategy for Taba is to unlock additional aviation capacity to allow for higher year-round occupancy. We have secured solid pipeline business from Poland, the Czech Republic, Hungary, Slovakia, Jordan, and France.

Business Update 2023:

While the current state of the global business environment is uncertain and poses some operational challenges, we are confident that our strategies and business fundamentals will carry us forward through these challenging times.

As always, we will continue closely monitoring macroeconomic and global inflationary pressures effects on consumer purchasing power and our business. We will also continue to keep a close eye on our cash balance and monitor costs. We will remain focused on expanding our operations, protecting our profitability, and unlocking new value for our shareholders. We executed well across all business lines and concluded the first half of 2023 on solid footing and with strong momentum to continue to flourish during the remainder of 2023.

 

Presentation:

The associated financial statements and presentation can be found under the IR section of Orascom Developments’ website under the following links:

https://www.orascomdh.com/investor-relations

Telephone conference today at 5:00 CET (Zurich Time):

Orascom Development invites you to its 1H 2023 results conference call on 17 August 2023: at 5:00 PM CET (Zurich Time). Chief Executive Officer, Omar El Hamamsy, Chief Financial Officer, Ashraf Nessim, and Director of Investor Relations, Ahmed Abou El Ella will present 1H 2023 results and will be available to answer questions. A registration is not required.

Dial-in details are as follows:

Click here for webinar link

Event number: 930 5735 6609

Event password:  411525

A call recording will be available after the call

Contact for Investors:      

Ahmed Abou El Ella     

Director of Investor Relations    

Tel: +20 224 61 89 61

mobile: +20 122129 5555      

Email: ir@orascomdh.com

About Orascom Development Holding AG:

Orascom Development Holding is a leading international developer specializing in vibrant, integrated communities in Europe, the Middle East, and North Africa. For more than 30 years, Orascom Development has been a pioneer in creating destinations where people are inspired to live, work, and play with passion and purpose.

From El Gouna’s stunning Egyptian coastal town by the Red Sea to Andermatt Swiss Alps’ breath-taking, year-round mountain destination, each master-planned community is a testament to Orascom Development's commitment to place-making at its finest. The integrated towns harmoniously combine residential areas with private villas and apartments, hotels, and award-winning leisure and commercial amenities – including golf courses, marinas, sports facilities, retail shops and restaurants.

Orascom Development owns a land bank of more than 100 million square meters with nearly 40% developed or under development into thriving communities in Egypt (El Gouna, Makadi Heights, O West, Taba Heights, and Byoum), in the GCC (The Cove in the UAE and Jebel Sifah and Hawana Salalah in Oman), and in Europe (Andermatt Swiss Alps in Switzerland, Luštica Bay in Montenegro and West Carclaze Garden Village in the UK). Orascom Development’s hospitality portfolio includes 33 premium and luxury hotels with more than 7,000 rooms across Europe, the Middle East, and North Africa. ODH shares are listed on the SIX Swiss Exchange.

For more information, please visit https://www.orascomdh.com/.

Disclaimer & Cautionary Statement:

THESE MATERIALS ARE BEING PROVIDED TO YOU SOLELY FOR YOUR INFORMATION AND ARE STRICTLY CONFIDENTIAL AND MUST NOT BE REPRODUCED, DISCLOSED OR FURTHER DISTRIBUTED TO ANY OTHER PERSON, OR PUBLISHED, IN WHOLE OR IN PART, FOR ANY PURPOSE. IN PARTICULAR, NEITHER THIS DOCUMENT NOR ANY PART OR COPY OF IT MAY BE TAKEN OR TRANSMITTED INTO THE UNITED STATES OF AMERICA (THE "UNITED STATES") OR TO U.S. PERSONS OR DISTRIBUTED, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OR TO U.S. PERSONS. NEITHER THIS DOCUMENT NOR ANY PART OR COPY OF IT MAY BE TAKEN OR TRANSMITTED INTO, OR DISTRIBUTED OR REDISTRIBUTED, DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA OR JAPAN, OR TO ANY RESIDENT THEREOF. ANY FAILURE TO COMPLY WITH THESE RESTRICTIONS MAY CONSTITUTE A VIOLATION OF UNITED STATES, AUSTRALIAN, CANADIAN OR JAPANESE SECURITIES LAWS. THE DISTRIBUTION OF THIS DOCUMENT IN OTHER JURISDICTIONS MAY BE RESTRICTED BY LAW, AND PERSONS INTO WHOSE POSSESSION THIS DOCUMENT COMES SHOULD INFORM THEMSELVES ABOUT, AND OBSERVE, ANY SUCH RESTRICTIONS. THIS DOCUMENT DOES NOT CONTAIN OR CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF ANY OFFER TO BUY SECURITIES IN THE UNITED STATES OR IN ANY OTHER JURISDICTION IN WHICH SUCH OFFER OR SOLICITATION IS NOT AUTHORIZED OR TO ANY PERSON TO WHOM IT IS UNLAWFUL TO MAKE AN OFFER OR SOLICITATION. THE SECURITIES OF OD HOLDING HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES LAWS AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO OR FOR THE ACCOUNT OR THE BENEFIT OF “U.S. PERSONS” (AS SUCH TERM IS DEFINED IN REGULATION S UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED) ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED. OD HOLDING NOR ITS SHAREHOLDERS INTEND TO REGISTER ANY PORTION OF THE OFFERING IN THE UNITED STATES OR CONDUCT A PUBLIC OFFERING OF SECURITIES IN THE UNITED STATES. THIS DOCUMENT IS DIRECTED ONLY AT PERSONS (i) WHO ARE OUTSIDE THE UNITED KINGDOM OR (ii) WHO HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS FALLING WITHIN ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 (AS AMENDED) (THE "ORDER") OR (iii) WHO FALL WITHIN ARTICLE 49(2)(a) TO (e) ("HIGH NET WORTH COMPANIES, UNICORPORATED ASSOCIATIONS ETC.) OF THE ORDER (ALL SUCH PERSONS TOGETHER BEING REFERRED TO AS "RELEVANT PERSONS"). ANY PERSON, WHO IS NOT A RELEVANT PERSON, MUST NOT ACT OR RELY ON THIS COMMUNICATION OR ANY OF ITS CONTENTS. ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS COMMUNICATION RELATES IS AVAILABLE ONLY TO RELEVANT PERSONS AND WILL BE ENGAGED IN ONLY WITH RELEVANT PERSONS. IN ANY EEA MEMBER STATE THAT HAS IMPLEMENTED DIRECTIVE 2003/71/EC (TOGETHER WITH ANY APPLICABLE IMPLEMENTING MEASURES IN ANY EEA MEMBER STATE, THE “PROSPECTUS DIRECTIVE”) THIS COMMUNICATION IS ONLY ADRESSED TO AND IS ONLY DIRECTED AT QUALIFIED INVESTORS IN THAT EEA MEMBER STATE WITHIN THE MEANING OF THE PROSPECTUS DIRECTIVE. THIS DOCUMENT CONSTITUTES NEITHER AN OFFER TO SELL NOR A SOLICITATION TO BUY ANY SECURITIES AND IT DOES NOT CONSTITUTE A PROSPECTUS PURSUANT TO ARTICLES 652A AND/OR 1156 OF THE SWISS CODE OF OBLIGATIONS OR ARTICLES 32 ET SEQ. OF THE LISTING RULES OF THE SWX SWISS EXCHANGE. A DECISION TO INVEST IN SHARES OF THE GROUP SHOULD BE BASED EXCLUSIVELY ON THE ISSUE AND LISTING PROPECTUS PUBLISHED BY THE GROUP FOR SUCH PURPOSE. THE INFORMATION CONTAINED IN THIS DOCUMENT IS NOT INTENDED TO LEAD TO THE CONCLUSION OF ANY CONTRACT OF WHATSOEVER NATURE, IN PARTICULAR WITHIN THE TERRITORY OF EGYPT, THE UNITED ARAB EMIRATES, KUWAIT, MOROCCO, OMAN AND SAUDI ARABIA. THESE DOCUMENTS MAY CONTAIN CERTAIN FORWARD-LOOKING STATEMENTS AND INFORMATION IN RELATION TO ORASCOM DEVELOPMENT HOLDING AG WHICH REFLECT THE CURRENT VIEWS AND/OR EXPECTATIONS OF THE COMPANY AND THE COMPANY’ S MANAGEMENT IN RESPECT OF THE COMPANY’S PERFORMANCE, ACTIVITIES, AND FUTURE EVENTS. SUCH FORWARD LOOKING STATEMENTS INCLUDE, AMONG OTHER, STATEMENTS THAT MAY PREDICT, FORECAST, SIGNIFY OR IMPLY FUTURE RESULTS PERFORMANCE OR ACHIEVEMENTS, AND MAY CONTAIN WORDS SUCH AS “UNDERSTANDS”, “ANTICIPATES”, “EXPECTS”, “ESTIMATES” “IT IS LIKELY” OR OTHER TERMS OR EXPRESSIONS WITH SIMILAR MEANING. THESE STATEMENTS ARE SUBJECT TO A NUMBER OF RISKS, UNCERTAINTIES AND ASSUMPTIONS. THE COMPANY CAUTIONS READERS THAT CERTAIN RELEVANT FACTORS MIGHT BE THE CAUSE FOR ACTUAL RESULTS TO DIFFER FROM THE PLANS, GOALS, EXPECTATIONS, ESTIMATES AND INTENTIONS EXPRESSED IN THIS DOCUMENT. NEITHER THE COMPANY NOR ANY RELATED COMPANIES, DIRECTORS, OFFICERS, REPRESENTATIVES OR EMPLOYEES THEREOF SHALL IN ANY EVENT BE LIABLE AS TO THIRD PARTIES (INCLUDING INVESTORS) FOR ANY INVESTMENTS OR BUSINESS DECISIONS ADAPTED OR ACTS PERFORMED BY THEM ON THE BASIS OF THE INFORMATION ANY STATEMENTS CONTAINED HEREIN OR FOR ANY CONSEQUENTIAL, SPECIAL OR SIMILAR DAMAGES DERIVED THEREFROM.  ANY MARKET INFORMATION AND COMPANY’S COMPETITIVE POSITION DATA INCLUDING MARKET PROJECTIONS USED IN THIS DOCUMENT HAVE BEEN DERIVED FROM IN COMPANY’S STUDIES, MARKET RESEARCH REPORTS, PUBLICLY AVAILABLE DATA AND INDUSTRY PUBLICATIONS. ALTHOUGH THE COMPANY HAS NO REASON TO BELIEVE THAT THIS INFORMATION OR THESE REPORTS ARE INACCURATE IN ANY MATERIAL, RESPECT, THE COMPANY HEREBY STATUS THAT IT HAS NOT INDEPENDENTLY CHECKED ANY COMPETITIVE POSITION, MARKET SHARE, MARKET VOLUME, MARKET GROWTH OR OTHERS. PERFORMANCE OR ACHIEVEMENTS, AND MAY CONTAIN WORDS SUCH AS “UNDERSTANDS”, “ANTICIPATES”, “EXPECTS”, “ESTIMATES” “IT IS LIKELY” OR OTHER TERMS OR EXPRESSIONS WITH SIMILAR MEANING. THESE STATEMENTS ARE SUBJECT TO A NUMBER OF RISKS, UNCERTAINTIES AND ASSUMPTIONS. THE COMPANY CAUTIONS READERS THAT CERTAIN RELEVANT FACTORS MIGHT BE THE CAUSE FOR ACTUAL RESULTS TO DIFFER FROM THE PLANS, GOALS, EXPECTATIONS, ESTIMATES AND INTENTIONS EXPRESSED IN THIS DOCUMENT. NEITHER THE COMPANY NOR ANY RELATED COMPANIES, DIRECTORS, OFFICERS, REPRESENTATIVES OR EMPLOYEES THEREOF SHALL IN ANY EVENT BE LIABLE AS TO THIRD PARTIES (INCLUDING INVESTORS) FOR ANY INVESTMENTS OR BUSINESS DECISIONS ADAPTED OR ACTS PERFORMED BY THEM ON THE BASIS OF THE INFORMATION ANY STATEMENTS CONTAINED HEREIN OR FOR ANY CONSEQUENTIAL, SPECIAL OR SIMILAR DAMAGES DERIVED THEREFROM.  ANY MARKET INFORMATION AND COMPANY’S COMPETITIVE POSITION DATA INCLUDING MARKET PROJECTIONS USED IN THIS DOCUMENT HAVE BEEN DERIVED FROM IN COMPANY’S STUDIES, MARKET RESEARCH REPORTS, PUBLICLY AVAILABLE DATA AND INDUSTRY PUBLICATIONS. ALTHOUGH THE COMPANY HAS NO REASON TO BELIEVE THAT THIS INFORMATION OR THESE REPORTS ARE INACCURATE IN ANY MATERIAL, RESPECT, THE COMPANY HEREBY STATUS THAT IT HAS NOT INDEPENDENTLY CHECKED ANY COMPETITIVE POSITION, MARKET SHARE, MARKET VOLUME, MARKET GROWTH OR OTHERS.

 



End of Inside Information
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
EQS News ID:1705237

 
End of AnnouncementEQS News Service

1705237  17-Aug-2023 CET/CEST

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