PRESS RELEASE

from Orascom Development Holding AG (isin : CH0038285679)

Orascom Development Holding AG, has released its consolidated financial results for FY 2023.

Orascom Development Holding AG / Key word(s): Annual Results/Annual Results
Orascom Development Holding AG, has released its consolidated financial results for FY 2023.

26-March-2024 / 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 FY 2023.

ODH achieved strong performance, with real estate sales of CHF 704.2 million and a net profit of CHF 54.4 million in FY 2023 despite the challenging business environment

Key Highlights of FY 2023

  • Total revenues remained strong and resilient, closing the year at CHF 655.2 million.
  • Adjusted EBITDA of CHF 174.4 million, with a 26.6% margin.
  • Net profit went up by 6.0% to CHF 54.4 million.
  • Despite the EGP devaluation, real estate sales were almost stable at CHF 704.2 million, indicating a strong operational performance.
  • The hospitality portfolio has demonstrated a solid performance, with a 19.4% increase in revenues, reaching CHF 170.1 million, despite the ongoing tension in the Middle East.
  • Fulfilled Oman's minimum building obligation by adding 123 rooms to Al Fanar Hotel in Hawana Salalah.  

Key Highlights of Q4 2023

  • Total revenues went up by 0.9%, reaching CHF 232.4 million.
  • Adjusted EBITDA of CHF 61.1 million, with a margin of 26.3%.
  • Net profit increased by 50.3% to reach CHF 26.6 million.

Altdorf, 26 March 2024 – The 2023 financial year has posed a challenging business environment with several headwinds for ODH. We have maintained momentum under extraordinary global pressures, rising inflation, and geopolitical instability, alongside the devaluation of the EGP, which affected our operational results significantly. Our diversified business model has enabled the core underlying business to deliver a resilient performance in 2023. We finished the year strong, backed by our flexible and dynamic business model and its ability to adjust strategies while introducing new products that cater to our customers. This allowed us to navigate economic headwinds and maintain ODH’s growth trajectory. We will continue to follow our strategy after it has proved successful in previous cycles. For 2024, we have a clear strategy to accelerate profitable growth, creating an even more agile and cost-efficient business to create additional value.

Financial Review 

FY 2023:

ODH had a successful business year but experienced a setback due to foreign currency translation from its Egyptian subsidiary, which was caused by the devaluation of the EGP. Despite a 5.0% decline in revenues to CHF 655.2 million in FY 2023 compared to CHF 689.7 million in FY 2022, the company's profitability remained strong, with gross profit reaching CHF 188.9 million and a gross profit margin of 28.8% in FY 2023 versus 30.8% in FY 2022. Although operational performance in Egypt improved significantly, with revenues and net profit up by 49% and 64%, respectively, the substantial devaluation of the EGP by c. 63% during the year had a negative impact on the company's income statement. However, the land sale in El Gouna and the 6.6% increase in the group’s recurring income business revenues to reach CHF 241.7 million partially offset the decline, mainly in the real estate segment.

ODH's adj. EBITDA decreased by 6.6% to CHF 174.4 million in FY 2023, with a margin of 26.6%, compared to CHF 186.7 million, with a 27.1% margin in FY 2022. General and administrative expenses decreased by 26.0% to CHF 32.7 million in FY 2023. Other gains and losses reported a loss of CHF 20.2 million in FY 2023, mainly due to a one-off FX translation loss related to the devaluation of the EGP against foreign currencies.  ODH's share of associates reported a profit of CHF 5.8 million versus CHF 23.7 million in FY 2022. The lower performance of the company's share in Andermatt Swiss Alps drove performance, resulting in a profit of CHF 1.6 million in FY 2023 versus CHF 16.9 million in FY 2022, which included one-off transactions. Finance costs increased by 32.5% to CHF 50.1 million due to the increase in interest rates. Despite the challenging worldwide market environment, ODH ended the year with a net profit of CHF 54.4 million, up 6.0% vs. FY 2022.

Q4 2023:

ODH delivered strong operating and financial results during Q4 2023. Revenues increased by 0.9% to CHF 232.4 million compared to Q4 2022, and the adj. EBITDA remained solid, at CHF 61.1 million, with a margin of 26.3%. Although the share of associates reported a profit of CHF 6.0 million, declining from CHF 12.7 million in Q4 2022, mainly due to lower performance in our share of Andermatt Swiss Alps during the quarter, our EBITDA increased by 37.7% to reach CHF 58.1 million in Q4 2023. Furthermore, the bottom-line performance increased by 50.3% to reach CHF 26.6 million, compared to CHF 17.7 million in Q4 2022.

Group Real Estate: Remained solid and resilient despite being affected by EGP devaluation and rising construction costs

In the fourth quarter of 2023, ODH achieved new real estate sales worth CHF 236.1 million, which brought sales value for fiscal year 2023 to CHF 704.2 million, almost the same level as last year. The Egyptian subsidiary's net real estate sales performance significantly improved during 2023 when measured in Egyptian Pounds (EGP). Though this operational enhancement wasn't fully reflected in ODH's value of contracted units when translated into CHF, it is worth noting that ODE's net real estate sales have increased by approximately 75% compared to FY 2022 when measured in local currency to reach EGP 19.5 billion. O West was the Group’s largest contributor to new sales during FY 2023 (38%), followed by El Gouna (32%), Lustica Bay (13%), Makadi Heights (11%), Oman (5%), and the UK (2%). Real estate revenues experienced a decline of 13.3%, reaching CHF 402.0 million in FY 2023—additionally, the adj. EBITDA decreased by 24.4% to CHF 132.1 million during the same period. The total deferred revenue from real estate, which is yet to be recognized until 2027, increased by 6.7% to reach CHF 743.1 million.

Group Hotels: Despite the ongoing tension in the Middle East, the hospitality portfolio has demonstrated an impressive performance, with a remarkable increase of 19.4% in revenues, reaching CHF 170.1 million

With strong growth in 2023, our hotels' positive performance throughout the year reflects our resilience and leadership across markets amidst various global macro and geopolitical challenges, especially in the Middle East. The demand for our hotels remained robust throughout the year, with 2.7 million guests enjoying our unique product offerings, a significant increase of 15% compared to FY 2022. Our hotels’ success can be attributed to the commitment to delivering exceptional guest experiences and the ability to rapidly adapt to changing market conditions. Our hotels experienced an increase in demand quarterly, with revenues increasing by 8.7% to CHF 45.9 million vs. Q4 2022. This boosted our GOP to CHF 20.5 million, a 12.0% increase compared to Q4 2022. During 2023, we saw a robust occupancy rate and significant growth in hotel ARRs, which drove our hospitality revenue up 19.4% y-o-y to CHF 170.1 million during FY 2023, surpassing pre-Covid levels. This, in turn, pushed our GOP by 42.9% to CHF 72.5 million. The acceleration of TRevPAR growth expanded our operating leverage and led us to generate CHF 54.1 million in adj. EBITDA, representing a 64.9% increase from FY 2022 with a margin of 31.8%. The growth we experienced during the reporting period was mainly due to our well-tailored pricing and marketing strategy implemented across our hotels.

Recurring income commercial assets: benefiting from the increased activities in our different destinations

The commercial assets segment remains a pivotal source of cash flow, playing a crucial role in financing the Group's growth and protecting our operations from cyclical slowdowns that may occur due to unforeseeable events. However, in 2023, the devaluation of the EGP adversely affected the segment's outcomes, resulting in a 14.5% decline in revenues to CHF 71.6 million.

Details on Destinations

El Gouna, Red Sea:

The figures continued strengthening in the local currency despite being lowered in CHF due to the EGP devaluation. In FY 2023, new real estate sales remained stable at CHF 222.1 million compared to FY 2022. The average selling price increased by 3.5%, reaching CHF 3,768/m2 during the reporting period. In local currency, net sales grew by 71.2% to EGP 7.6 billion, the highest ever sales since inception, while average selling prices were up by 78.6% vs. FY 2022. On the construction side, during 2023, we delivered 388 units and plan to deliver approximately 370 units in 2024 while accelerating our construction pace.

El Gouna Hotels' proven business model delivered good results. The occupancy rate for FY 2023 improved to 73%, up from 70% in FY 2022. Strong occupancy rates and hotel average room rates (ARRs) growth of 2.4% drove El Gouna's hospitality revenue segment up by 9.1% y-o-y to CHF 80.1 million during FY 2023. In EGP, revenues were up by an impressive 88.4% compared to FY 2022. The GOP of El Gouna Hotels increased by 22.4% to CHF 45.4 million compared to FY 2022. Despite being affected by the EGP devaluation, we increased our ARRs for the hotels by 2.7% to CHF 84 in 2023. Regarding hotel development, we have completed the partial process across Sheraton and Ocean View hotels, and we are progressing with the construction process to add 29 new rooms to the Casa Cook El Gouna hotel by 2024. El Gouna's total revenues decreased by 13.1% to CHF 290.2 million in FY 2023. However, total revenues have increased by 49.6% in EGP compared to FY 2022.

O West, Egypt:

In FY 2023, net real estate sales decreased by 7.5% to reach CHF 267.9 million. The average selling price in FY 2023 stood at CHF 1,691/m2. However, sales in EGP recorded a pleasing 59.7% increase to EGP 9.2 billion compared to FY 2022, marking the highest sales since the project's launch. On the development front, we successfully delivered 283 units in 2023, with plans to have over 1,000 units delivered during 2024. Our continuous acceleration of construction and procurement of raw materials helped mitigate possible inflation. The construction of the O West Club is progressing steadily, and we plan to make it partially operational during the first half of 2024. In CHF, the total revenues from O West decreased by 19.9% to reach CHF 116.9 million. On the other hand, in EGP, total revenues increased by 38.2% compared to FY 2022.

Hawana Salalah and Jebal Sifah, Oman:

In 2023, the monsoon weather of Oman's "Khareef" season started later than usual in mid-October, which impacted hotel occupancy rates. Despite this, the hotels in Hawana maintained a positive trend, with revenues increasing by 57% from CHF 27 million in FY 2022 to CHF 42.4 million in FY 2023. Occupancy rates increased by 20 basis points to 61% in FY 2023. In 2023, TRevPAR rose by 57.4% to reach CHF 107, and GOP PAR increased by 208.3% to reach CHF 37 vs. FY 2022. The hotels reported an impressive 195.9% increase to CHF 14.5 million on the GOP level in FY 2023. On the development side, we completed the construction of 123 more rooms in Al Fanar Hotel by December 2023. Thus, meeting Oman's minimum building obligations. In terms of real estate, net real estate sales decreased by 39.0% to record CHF 22.5 million in FY 2023, while real estate revenues decreased by 13.9% to CHF 17.4 million. Total revenues from Hawana Salalah rose by 25.4% to CHF 64.1 million. The Jebal Sifah destination experienced a decline in real estate sales, resulting in a year-end figure of CHF 11.1 million in FY 2023, a decrease of 32.3% from FY 2022. This decline also affected the overall performance of the destination. Total revenue for Jebel Sifah has decreased by 8.4% to reach CHF 25.0 million in FY 2023.

Luštica Bay, Montenegro:

During Q4 2023, the destination experienced remarkable progress. Additional activities were initiated to enhance the overall appeal of the venue, and regional sales efforts supported these efforts, contributing to the general improvement. Net real estate sales remained strong, closing the year at CHF 87.9 million in FY 2023 vs. CHF 90.1 million in FY 2022, marking a minimum decline of 2.4% y-o-y. It's worth highlighting that FY 2022 sales figures included a CHF 45 million bulk deal. Our average selling prices have reported double-digit growth of 33.7% to CHF 7,599/m2. We also managed to accelerate the pace of construction during Q4 2023, delivering 60 units during the reporting period. As for our hospitality assets, The Chedi Hotel reported a 14.9% increase in revenues to reach CHF 7.7 million in FY 2023, driven by the increase in ARRs, which rose by 57.0% to CHF 292. The hotels reported a significant increase of 140.0% to CHF 1.2 million on the GOP level in FY 2023. Total revenues from Luštica Bay have increased by 49.2% to CHF 66.4 million.

Makadi Heights, Egypt:

Makadi Heights has experienced a significant increase in real estate sales, marking the highest sales since the project's launch in both CHF and EGP, with CHF figures rising by 63.3% to reach CHF 78.4 million. The number of units sold during 2023 also saw a significant increase of 93.8%, reaching 434. Real estate construction activities were accelerated, and all 400 planned units were delivered during FY 2023. Total revenues from Makadi Heights were down by 4.7%, mainly due to the devaluation of the EGP, recording CHF 30.6 million. However, in EGP, revenues were up by 64.5% compared to FY 2022.

Taba Heights, Egypt:

Taba Heights continues to pose a challenge for the group. Despite this, continuous efforts to restore the destination's position on the international travel map have yielded positive results. Unfortunately, the war in Gaza disrupted this progress. Our focus is minimizing the cash burn rate in the short and medium term while ensuring that the destination can operate once tourism resumes. We remain committed to implementing a prudent approach in our efforts to mitigate the impact of the current crisis. Total revenues from Taba during FY 2023 reached CHF 14.0 million, up by 35.9% vs. FY 2022. To date, we have only one out of our six hotels operating, with minimal occupancy rates.

 

 

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 2:00 CET (Zurich Time):

Orascom Development invites you to its FY 2023 results conference call on 26 March 2024 at 2:00 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 FY 2023 results and will be available to answer questions. Registration is not required.

Dial-in details are as follows:

Click here for the webinar link

Event number: 975 0075 0551

Event password:  503191

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’ breathtaking, 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, 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 34 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, 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 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 CONCERNING ORASCOM DEVELOPMENT HOLDING AG WHICH REFLECT THE CURRENT VIEWS AND/OR EXPECTATIONS OF THE COMPANY AND THE COMPANY’S MANAGEMENT REGARDING THE COMPANY’S PERFORMANCE, ACTIVITIES, AND FUTURE EVENTS. SUCH FORWARD-LOOKING STATEMENTS INCLUDE, AMONG OTHERS, 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 SEVERAL RISKS, UNCERTAINTIES, AND ASSUMPTIONS. THE COMPANY CAUTIONS READERS THAT CERTAIN RELEVANT FACTORS MIGHT CAUSE 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 BASED ON THE INFORMATION ANY STATEMENTS CONTAINED HEREIN OR FOR ANY CONSEQUENTIAL, SPECIAL OR SIMILAR DAMAGES DERIVED FROM THAT PLACE.  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 STATES 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 MEANINGS. THESE STATEMENTS ARE SUBJECT TO SEVERAL 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 BASED ON 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 STATES 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:1866807

 
End of AnnouncementEQS News Service

1866807  26-March-2024 CET/CEST

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