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Orascom Development Holding AG: gives guidance for the Group 1Q 2016 results and for the results of its Largest Subsidiary; Orascom Hotels and Development (OHD) - Seite 3
foreign tourists and a 67% decline in the tourism revenue in Q1 2016
compared to the same period last year. However, El Gouna's diversified
market segmentation, limited the magnitude of this industry stance to only
a 15% decline in its hotels occupancy from 62% in Q1 2015 to 53% in Q1 2016
and an 11% decline in TRevPAR from EGP 373 in Q1 2015 to EGP 332 in Q1
2016. We also successfuly opened the new Ancient Sand Hotel in El Gouna, in
April 2016 with 56 rooms.
Makadi was still heavily affected by the ongoing Russian travel bans and is
still operating at 44% of its capacity since Q4 2015. Nevertheless, Orascom
Hotel Management ran special promotional campaigns of the destination in
Germany to cope with the decline in demand. These promotions, coupled with
the profound business cooperation with FTI, the major German tour operator,
resulted in an 83% increase in the number of German room-nights growing
from 6,000 in Q1 2015 to more than 11,000 this quarter.
We continued to implement drastic cost cutting measures in Taba Heights,
our mostly challenged destination to date given the extended travel bans on
Sinai by all major European countries. The savings initiatives taken so far
are expected to generate total cost savings of EGP 27.0 million in FY 2016.
Furthermore, we centralized all hotel and destination management cost
centers in Taba, starting from the 1st of March 2016 which is expected to
promote further operational and cost savings down the road.
The segment revenues decreased by 29.8% to reach EGP 85.6 million vs. EGP
121.9 million. TrevPar reached EGP 249 vs EGP 281. Foreign exchange losses
has negatively impacted our Hotels EBITDA further this year. In Q1 2016,
the foreign exchange accumulated a total loss of EGP 37.9 million compared
to a total gain of 4.5 million in Q1 2015.
Outlook for FY 2016
Real Estate
We will continue accelerating the construction activites across the
launched projects and continue executing on the new development strategy,
offering a diversified range of products across our destinations. In El
Gouna, we are capitalizing on the big success of Fanadir Bay project
launched in April 2016, recording solid sales that are expected to increase
the value of contracted units in Q2 2016. We will launch new products in
Fayoum with a total inventory of USD 3.4 million in Q4 2016 and are
currently studying several opportunities for the first and second home
markets in Cairo and the North Coast.
Hotels
We are finalizing the construction of Byoum hotel in Fayoum, planned to
our mostly challenged destination to date given the extended travel bans on
Sinai by all major European countries. The savings initiatives taken so far
are expected to generate total cost savings of EGP 27.0 million in FY 2016.
Furthermore, we centralized all hotel and destination management cost
centers in Taba, starting from the 1st of March 2016 which is expected to
promote further operational and cost savings down the road.
The segment revenues decreased by 29.8% to reach EGP 85.6 million vs. EGP
121.9 million. TrevPar reached EGP 249 vs EGP 281. Foreign exchange losses
has negatively impacted our Hotels EBITDA further this year. In Q1 2016,
the foreign exchange accumulated a total loss of EGP 37.9 million compared
to a total gain of 4.5 million in Q1 2015.
Outlook for FY 2016
Real Estate
We will continue accelerating the construction activites across the
launched projects and continue executing on the new development strategy,
offering a diversified range of products across our destinations. In El
Gouna, we are capitalizing on the big success of Fanadir Bay project
launched in April 2016, recording solid sales that are expected to increase
the value of contracted units in Q2 2016. We will launch new products in
Fayoum with a total inventory of USD 3.4 million in Q4 2016 and are
currently studying several opportunities for the first and second home
markets in Cairo and the North Coast.
Hotels
We are finalizing the construction of Byoum hotel in Fayoum, planned to
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