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Orascom Development Holding AG — Earnings Release 2012
Aug 17, 2012
946_rns_2012-08-17_31703c6b-496d-4829-9e93-01179266f1cb.html
Earnings Release
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News Details
Ad-hoc | 17 August 2012 07:00
Orascom Development Holding AG: Orascom Development expects to report higher revenues for the first half year 2012 while net profit is anticipated to fall below last year’s level
Orascom Development Holding AG / Key word(s): Miscellaneous
17.08.2012 07:00
Release of an ad hoc announcement pursuant to Art. 53 KR
Press Release
Orascom Development expects to report higher revenues for the first
half-year 2012, while net profit is anticipated to fall below last year's
level
Orascom Development expects a 20-25% increase in group revenues in the
first half-year 2012 compared to the first half-year 2011. Based on first
indications consolidated net profit is anticipated to remain below last
year's level, mainly due high construction costs related to real estate,
higher tax payments and the impairment of some investments in associates.
Altdorf/Cairo, 17 August 2012 - First indications show that during the
first half-year 2012 Orascom Development Holding AG (Orascom Development)
increased consolidated revenues in the range of 20-25% compared to the same
period of last year.
Notwithstanding this significant growth, the group's performance was
impacted by high construction costs related to real estate which is
expected to result in a reduced gross profit as compared to last year.
First indications show higher tax payments and the impairment of some
investments in associates for the amount of CHF 10-15 million. In sum,
Orascom Development expects a net loss in the range of CHF 20-30 million
compared to a CHF 16 million loss in the same period last year. The exact
amount of the loss depends on the reversal of provisions.
The full set of half year results 2012 will be published on 29 August 2012
as earlier announced. On the same day the group will hold a press
conference and analyst/investor conference call to inform about the details
of the results and to provide an update on the Andermatt project.
About the Group
Orascom Touristic Establishments (OTE) was established in 1989 setting the
first step in building the Group's track record in the development of
integrated towns. After some name changes and reorganization, the main
business was held under Orascom Hotels & Development (OHD). Since the
settlement of the public exchange offer by Orascom Development for OHD in
May 2008, Orascom Development Holding AG (Orascom Development) became the
new parent of OHD. Orascom Development has a dual listing, with a primary
listing on the SIX Swiss Exchange and a secondary listing on the EGX
Egyptian Exchange. 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.
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
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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
Philippe Blangey +41 43 268 32 35
[email protected]
17.08.2012 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