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Orascom Development Holding AG — Earnings Release 2012
Nov 27, 2012
946_rns_2012-11-27_9bcf167b-0772-4d9e-a998-b31eb5378979.html
Earnings Release
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News Details
Ad-hoc | 27 November 2012 17:40
Orascom Development Holding AG: expects a continuation of positive operating cash flow of CHF 20-25 million in 3Q 2012 despite an expected net loss of CHF 30-35 million
Orascom Development Holding AG / Key word(s): Preliminary Results
27.11.2012 17:40
Release of an ad hoc announcement pursuant to Art. 53 KR
Press Release
Orascom Development expects a continuation of positive operating cash flow
of CHF 20-25 million in 3Q 2012 despite an expected net loss of CHF 30-35
million
For 3Q 2012 Orascom Development expects another quarter of positive
operating cash flow of CHF 20-25 million. Furthermore a 5% increase in
group revenues and a net loss of CHF 30-35 million are anticipated. The
loss is mainly driven by extraordinary non-cash items.
Altdorf/Cairo, 27 November 2012 - First indications show that during the
third quarter of 2012 Orascom Development Holding AG (Orascom Development)
will continue to report an operating cash flow before interest and taxes of
CHF 20-25 million. Furthermore, consolidated revenues are expected to have
increased by about 5% versus prior year (3Q 2011: CHF 55.2 million), which
is mainly a result of improved income from hotel operations.
Notwithstanding this growth, Orascom Development's performance was impacted
by several extraordinary non-cash items such as provisions for investments
and transaction losses. Additionally, increased financing costs and higher
deferred taxes are expected to result in a net loss after minorities of CHF
30-35 million (3Q 2011: CHF 5.2 million net loss).
Orascom Development witnessed a pick-up of real estate sales and
reservations during September and October 2012 when compared to the first
eight months of the year and is cautiously optimistic regarding the
business development towards the end of the year.
The full set of nine months results 2012 will be published on 6 December
2012 as earlier announced.
About Orascom Development Holding AG
Orascom Development 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 nine
jurisdictions (Egypt, UAE, Jordan, Oman, Switzerland, Morocco, Montenegro,
United Kingdom and Romania). The Group currently operates six destinations;
three in Egypt El Gouna, Taba Heights and Haram City, The Cove in United
Arab Emirates and Jebel Sifah and Salalah Beach in Oman. Orascom
Development has a dual listing, with a primary listing on the SIX Swiss
Exchange and a secondary listing on the EGX Egyptian Exchange.
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 AG'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 AG's results of operations and on whether Orascom Development
Holding AG will achieve its targets. Orascom Development Holding AG
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.
Contact:
Contact Investor Relations
Till Leisner +41 41 874 88 07
Sara El Gawahergy +2 01 205 20 52 18
[email protected]
Contact Media Relations
Daniel Göring +41 41 874 88 33 [email protected]
27.11.2012 News transmitted by EquityStory AG.
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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: [email protected]
Internet: www.orascomdh.com
ISIN: CH0038285679
Swiss Security Number: A0NJ37
Listed: SIX
End of Announcement EquityStory News-Service