21.10.2018 19:23:16
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EQS-Adhoc: Orascom Development Holding AG: CBRE report values El Gouna Assets at USD 2.1 billion, 42 times its current book value.
EQS Group-Ad-hoc: Orascom Development Holding AG / Key word(s): Miscellaneous/Miscellaneous Orascom Development Holding AG; CBRE report values El Gouna Assets at USD 2.1 billion, 42 times its current book value. CBRE's report valued the remaining 22.9 million sqm of undeveloped land in El Gouna at an aggregate market value of USD 1.82 billion, 170 times its current book value which stands at USD 10.7 million The report also valued El Gouna's 17 hotels using a Discounted Cash Flow (DCF) method at USD 303.6 million compared to their book value of USD 39.3 million, as of 30 June 2018, 87% below the estimated market value. Based on the Group's request, the report appraised only the remaining undeveloped land and 17 hotels in El Gouna, Egypt, and did not take into consideration any other commercial properties or buildings in the destination. In total, ODH owns 33 hotels across eight destinations with 7,113 rooms and 66.3 million of undeveloped land bank all of which are booked at cost. CEO Khaled Bichara commented: "I am pleased with the completion and publication of this valuation report performed by CBRE. The report reiterates our earlier conviction that our Group owns many assets with substantial hidden value kept at book value in our financial statements. Moreover, we believe our assets are not adequately reflected in ODH's stock price. The 17 hotels in El Gouna alone plus the remaining land would make up more than 4.1 times the current market capitalisation, using CBRE's market value. CBREs report executive summary can be found on ODH's website under the following link:
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: 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. 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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735855 21-Oct-2018 CET/CEST
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