Contents
Orascom Development Holding AG (consolidated financial statements)
Consolidated statement of comprehensive income F-3
Consolidated statement of financial position F-4
Consolidated statement of changes in equity F-6
Consolidated statement of cash flows F-7
Notes to the consolidated financial statements F-10
Orascom Development Holding AG
Statutory income statement F-79
Statutory balance sheet F-80
Notes to the statutory financial statements F-81
Proposal to carry forward the accumulated losses F-88
Orascom Development Holding AG
Consolidated financial statements together with auditor's report for the year ended 31 December 2023
Consolidated statement of comprehensive income for the year ended 31 December 2023
CHF
Notes
2023
2022
RevenueCost of sales
Impairment losses recognised on receivables, net
5/6 6.2 33.9
655,226,389
(503,697,846) (535,827,582)
(682,648) (3,452,318)
689,716,328
GROSS PROFIT
Investment income Other gains Administrative expenses Finance costs
Share of profit of associates Other losses
150,845,895 150,436,428
8 9 10 18 11
18,202,279 18,832,662
17,833,778 11,012,117
(33,406,226) (44,778,566)
(50,126,783) (37,816,548)
5,778,433 (22,941,041)
23,719,614 (36,770,582)
PROFIT BEFORE TAX Income tax expense
12
86,186,335 (31,796,642)
84,635,125 (33,323,523)
PROFIT FOR THE YEAR
54,389,693
51,311,602
OTHER COMPREHENSIVE LOSS, NET OF INCOME TAX
Items that will not be reclassified subsequently to profit or loss
Net gain/(loss) on revaluation of financial assets at FVTOCI
Remeasurement of defined benefit obligation Share of other comprehensive (loss)/income of associates
32 18
2,922 (374,438) (929,957)
(11,511)
512,127 1,606,955
(1,301,473)
2,107,571
Items that may be reclassified subsequently to profit or loss
Exchange differences arising on translation of foreign operations
(100,077,582) (131,857,970)
(100,077,582) (131,857,970)TOTAL OTHER COMPREHENSIVE LOSS FOR THE YEAR, NET OF INCOME TAX
(101,379,055) (129,750,399)TOTAL COMPREHENSIVE LOSS FOR THE YEAR
(46,989,362) (78,438,797)
Profit attributable to:
Owners of the Parent Company Non-controlling interests
26,952,563 22,885,746
27,437,130 28,425,856
54,389,693 51,311,602
Total comprehensive loss attributable to: Owners of the Parent Company Non-controlling interests
(44,545,673) (63,107,366)
(2,443,689) (15,331,431)
(46,989,362) (78,438,797)Earnings per share from continuing operations
Basic 13
Diluted 13
0.51 0.57
Ashraf Nessim Group CFO
0.51 0.57
Naguib S. Sawiris Chairman of the Board
CHF | Notes | 31 December 2023 | 31 December 2022 |
ASSETS | |||
NON-CURRENT ASSETS | |||
Property, plant and equipment | 14 | 723,603,406 | 742,495,934 |
Investment property | 15 | 42,155,911 | 36,895,453 |
Goodwill | 16 | 1,391,730 | 1,908,454 |
Investments in associates | 18 | 49,009,962 | 51,346,118 |
Non-current receivables | 19 | 116,310,911 | 106,813,094 |
Deferred tax assets | 12.4 | 12,299,172 | 13,526,260 |
Other financial assets | 20 | 1,411 | 2,035 |
TOTAL NON-CURRENT ASSETS | 944,772,503 | 952,987,348 | |
CURRENT ASSETS | |||
Inventories | 21 | 434,612,307 | 437,025,570 |
Trade and other receivables | 22 | 171,532,988 | 164,655,322 |
Current receivables due from related parties | 35.1 | 18,411,517 | 21,833,394 |
Other current assets | 23 | 64,336,582 | 67,249,217 |
Cash and bank balances | 24 | 213,850,134 | 180,298,029 |
TOTAL CURRENT ASSETS | 902,743,528 | 871,061,532 | |
TOTAL ASSETS | 1,847,516,031 | 1,824,048,880 | |
F-4 |
CHF
Notes
31 December 2023
31 December 2022
EQUITY AND LIABILITIES CAPITAL AND RESERVES Issued capital
Reserves (Accumulated losses)
25 26
299,111,830 295,905,192 (219,171,003)
202,968,745 329,490,811 (247,650,476)
Equity attributable to owners of the Parent Company
Non-controlling interests
TOTAL EQUITY
17.1
375,846,019 159,715,716 535,561,735
284,809,080 157,949,560 442,758,640
NON-CURRENT LIABILITIES Borrowings
Trade and other payables Contract liabilities
Notes payable Provisions
Retirement benefit obligation Deferred tax liabilities
27 28 29
286,847,745
206,657,108
43,827,432
5,807
30 32 12.4
21,101,315
744,665
18,852,619
418,407,070
243,104,128
60,099,754
70,615
20,613,065
433,948
24,512,092
TOTAL NON-CURRENT LIABILITIES
578,036,691
767,240,672
CURRENT LIABILITIES Trade and other payables Borrowings
Due to related parties Current tax liabilities Provisions
Other current liabilities
28
36,933,191
27
193,670,204
35.1
17,610,169
12.3
41,095,483
30
38,672,057
31
405,936,501
37,896,237
49,287,553
20,311,188
40,304,227
44,660,414
421,589,949
TOTAL CURRENT LIABILITIES
733,917,605
614,049,568
TOTAL LIABILITIESTOTAL EQUITY AND LIABILITIES
1,311,954,296 1,847,516,031
1,381,290,240 1,824,048,880
Naguib S. Sawiris Chairman of the Board
Ashraf Nessim Group CFO
Orascom Development Holding AG
Consolidated statement of changes in equity for the year ended 31 December 2023
CHF
Issued CapitalShare premiumTreasury sharesShare-based payment reservePP&E revaluation reserveInvestments revaluation reserve
General reserve
Foreign currency translation reserveReserve from common control transactions
(Accumulated losses)Attributable to owners of the Parent CompanyNon-controlling interests
Total
Balance at 1 January 2022
Profit for the yearOther comprehensive income for the year, net of income tax
202,968,745 - -836,750,750 - -
(2,627,923)
684,208 - -4,638,989 - -
(1,115,095)
4,916,868 -
(353,723,501)
(72,519,921)
(272,381,871) 347,591,249 171,197,040
- -
-
-
- -22,885,746
22,885,746 28,425,856
(11,511)
- (88,100,683)
2,119,082 (85,993,112)
(43,757,287)
Total comprehensive income for the year
-
-
-
-
-
(11,511)
-(88,100,683)
-25,004,828
(63,107,366)
(15,331,431)
Acquisition of treasury shares
Board of Directors distribution Other disposal of treasury shares Share-based payments (note 34)
Effect of exercised options in subsidiaries
Acquisition of non-controlling interests without change in control
Non-controlling interests' share in equity of consolidated subsidiaries
- - - - -
- - - - (420,742)
(699,940)
- - - 513,156 - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
-
(699,940)
-
421,450 784,706 - - - -
270,444
691,894 - 691,894
(125,898)
658,808 - 658,808
-
513,156 - 513,156
560,265
139,523
(139,523)
- -- -
(978,244)
(978,244)
(210,024) (1,188,268)
-
-2,433,498
Balance at 31 December 2022
202,968,745
836,330,008
(2,121,707)
1,197,364
4,638,989
(1,126,606)
4,916,868
(441,824,184)
(72,519,921)
(247,650,476)
284,809,080
157,949,560
518,788,289
51,311,602 (129,750,399)
(78,438,797)
(699,940)
-2,433,498
442,758,640
Balance at 1 January 2023
Profit for the year
Other comprehensive income for the year, net of income tax
202,968,745 - -
836,330,008 - -
(2,121,707)
1,197,364 - -
4,638,989 - -
(1,126,606)
4,916,868 -
(441,824,184)
(72,519,921)
(247,650,476)
284,809,080 26,952,563 (71,498,236)
157,949,560 442,758,640
- -
-
-
- -
26,952,563 (1,304,395)
27,437,130 54,389,693
2,922
- (70,196,763)
(29,880,819)
Total comprehensive income for the year
-
-
-
-
-
2,922
-(70,196,763)
-25,648,168
(44,545,673)
(2,443,689)
Capital increase
Transaction costs directly related to capital increase Acquisition of treasury shares
Board of Directors distribution Distribution to others
Disposal of shares in subsidiaries Other disposal of treasury shares Share-based payments (note 34)
Cash payment under share-based payments plan (note 34) Effect of exercised options in subsidiaries
Non-controlling interests' share in equity of consolidated subsidiaries
96,143,085 - - - - - - - - - -
38,457,234 (2,537,163)
- -
- - - - - - - 513,156 (396,165)
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- 134,600,319
- - - - - - - (32,962)
- 134,600,319
- - 54,521 14,146 2,859,146
(2,537,163)
-
(318,134) 254,240 285,867 - 382,149 - - - -
(318,134)
-308,761 - 308,761
300,013 - 300,013
2,859,146
947,972
(96,508)
-285,641 - 285,641
- - - -
513,156 - 513,156
(396,165) - (396,165)
- -(32,962)
(10,929) (43,891)
-3,272,802
Balance at 31 December 2023
299,111,830
872,217,117
(1,517,585)
1,314,355
4,638,989
(1,123,684)
4,916,868
(512,020,947)
(72,519,921)
(219,171,003)
375,846,019
159,715,716
(101,379,055)
(46,989,362)
(2,537,163)
(318,134)
3,807,118
3,272,802
535,561,735
F-6
CHF | Notes | 2023 | 2022 |
CASH FLOWS FROM OPERATING ACTIVITIES |
Net cash generated by operating activities |
Profit for the year | 54,389,693 | 51,311,602 | |
Adjustments for: | |||
Income tax expense recognised in profit or loss | 12.1 | 31,796,642 | 33,323,523 |
Share of (gains)/losses of associates | 18 | (5,778,433) | (23,719,614) |
Finance costs recognised in profit or loss | 10 | 50,126,783 | 37,816,548 |
Investment income recognised in profit or loss | 8 | (18,202,279) | (18,832,662) |
Impairment loss on trade receivables and other assets | 11/33.9 | 3,268,119 | 3,452,318 |
Reversal of impairment loss on trade receivables | 33.9 | (1,336,934) | (946,867) |
Impairment losses on inventory | 11/21 | 685,090 | 2,342,412 |
Impairment losses on related party receivables | 11 | 1,199,143 | 2,133,771 |
Impairment loss on property, plant and equipment | 11/14 | 8,672,938 | 9,780,475 |
Depreciation of property, plant and equipment | 14 | 23,668,036 | 25,412,083 |
Gain on revaluation of investment properties | 9/15 | (4,577,056) | (3,534,120) |
Gain from short-term investments | 9 | (10,440,480) | - |
Provision formed | 30 | 36,503,702 | 46,981,726 |
Share-based payments | 34.1 | 513,156 | 513,156 |
Net foreign exchange losses / (gains) | 11 | 11,135,333 | 22,513,924 |
MOVEMENTS IN WORKING CAPITAL | |||
Decrease/(increase) in trade and other receivables | (76,997,561) | (105,740,613) | |
(Increase) in inventories | (55,416,024) | (35,828,065) | |
Decrease/(increase) in other current assets | 1,826,568 | (11,189,282) | |
(Decrease) in trade and other payables | (9,236,721) | (7,900,864) | |
(Decrease) in provisions | (28,682,594) | (25,298,475) | |
(Decrease)/increase in other current liabilities | 76,442,651 | 72,949,034 | |
Cash generated by operations | 89,559,772 | 75,540,010 | |
Interest paid | (43,044,179) | (22,047,290) | |
Income tax paid | (21,121,682) | (30,490,760) | |
25,393,911 | 23,001,960 | ||
F-7 |
CHF
Notes
2023
2022
CASH FLOWS FROM INVESTING ACTIVITIES Payments for property, plant and equipment and investment property
Proceeds from sale of investments Proceeds from treasury bills Dividends received
Interest received
14/15
(125,808,153)
9 18
10,440,480
674,356 6,671,213
3,119,051 4,589,988
10,361,092 10,994,799
(101,704,810)
-
Net cash (used in) investing activities
(101,213,174)
(79,448,810)CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from capital increase
Payments for transaction costs in relation to capital increase
Proceeds from/(payments for) treasury shares and shares in subsidiaries
Non-controlling interests' shares in equity of consolidated subsidiaries
Repayment of lease liabilities Repayment of borrowings Proceeds from borrowings
42,534,284 (2,537,163)
3,774,625 3,272,802
27.3
(535,797) (20,102,384) 124,339,295
- -
(41,132)
2,433,498
(948,455) (26,706,977) 116,230,684
Net cash generated by financing activities
150,745,662
90,967,618
Net increase in cash and bank balances
Cash and bank balances at the beginning of the year
Effects of exchange rate changes on the balance of cash held in foreign currencies
74,926,399 34,520,768
180,298,029 206,999,539
(41,374,294)
(61,222,278)
Cash and bank balances at the end of the year
24
213,850,134
180,298,029
Index to the notes to the consolidated financial statements | Page |
1 | General information | 10 |
2 | Application of new and revised International Financial Reporting Standards | 10 |
3 | Material accounting policies | 11 |
4 | Critical accounting judgments and key sources of estimation uncertainty | 23 |
5 | Revenue | 25 |
6 | Segment information | 26 |
7 | Employee benefits expense | 29 |
8 | Investment income | 30 |
9 | Other gains | 30 |
10 | Finance costs | 30 |
11 | Other losses | 31 |
12 | Income taxes | 31 |
13 | Earnings per share | 33 |
14 | Property, plant and equipment | 34 |
15 | Investment property | 36 |
16 | Goodwill | 37 |
17 | Subsidiaries | 38 |
18 | Investments in associates | 41 |
19 | Non-current receivables | 43 |
20 | Other financial assets | 44 |
21 | Inventories | 44 |
22 | Trade and other receivables | 45 |
23 | Other current assets | 45 |
24 | Cash and bank balances | 45 |
25 | Capital | 46 |
26 | Reserves (net of income tax) | 47 |
27 | Borrowings | 49 |
28 | Trade and other payables | 50 |
29 | Contract liabilities | 51 |
30 | Provisions | 51 |
31 | Other current liabilities | 52 |
32 | Retirement benefit plans | 52 |
33 | Financial instruments | 54 |
34 | Share-based payments | 61 |
35 | Related party transactions | 62 |
36 | Non-cash transactions | 64 |
37 | Leases | 64 |
38 | Commitments for expenditure | 67 |
39 | Post-dated cheques | 70 |
40 | Significant events during the financial period | 70 |
41 | Litigation | 71 |
42 | Subsequent events | 71 |
43 | Approval of financial statements | 72 |
F-9 |
Notes to the consolidated financial statement for the year ended 31 December 2023
1 GENERAL INFORMATION
Orascom Development Holding AG ("ODH" or "the Parent Company"), a limited company incorporated in Altdorf, Switzerland, is a public company whose shares are traded on the SIX Swiss Exchange.
The Company and its subsidiaries (the "Group") is a leading developer of fully integrated towns that include hotels, private villas and apartments, leisure facilities such as golf courses, marinas and supporting infrastructure. The Group's diversified portfolio of projects is spread over seven jurisdictions (Egypt, UAE, Oman, Switzerland, Morocco, Montenegro and United Kingdom), with primary focus on touristic towns and recently primary housing. The Group currently operates ten destinations; five in Egypt (El Gouna, Taba Heights, Fayoum, Makadi and O-West), The Cove in the United Arab Emirates, Jebel Sifah and Hawana Salalah in Oman, Luštica Bay in Montenegro and Cornwall in the UK.
The addresses of its registered office and principal place of business are disclosed in the introduction to the annual report.
2 APPLICATION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS ("IFRS")
2.1 Amendments to IFRSs and the new Interpretation that are mandatorily effective for the current year
In the current year, the Group has applied a number of amendments to IFRSs issued by the International Accounting Standards Board (IASB) that are mandatorily effective for the current year. These revised Standards have not had a material effect on these consolidated financial statements. The details of the revised Standards are as follows:
Amendments to IAS 1 Presentation of Financial Statements
The amendments help preparers in deciding which accounting policies to disclose in their financial statements which led to certain changes in the summary of material accounting policies in note 3.
Amendments to IAS 8
The amendments help entities to distinguish between changes in accounting policies and changes in accounting estimates and correction of errors.
Amendments to IAS 12
The amendments clarify how companies account for deferred tax on transactions such as leases and decommissioning obligations.
2.2 Standards and Interpretations in issue but not yet effective
At the date of authorisation of these consolidated financial statements, the Group has not adopted the following Standards that have been issued but are not yet effective. They will be effective for annual periods beginning on or after the dates indicated below, with earlier application permitted.
Amendments to IFRS 7 andSupplier finance arrangements 1 January 2024
IAS 7
Amendments to IFRS 16
Lease liability in a sale leaseback
1 January 2024
Amendments to IAS 1
Amendments to IAS 21
Classification of liabilities as current or non-current Lack of exchangeability of currencies
1 January 2024
1 January 2025
Management of the Group does not expect that the adoption of the amended Standards listed above will have a material impact on the financial statements of the Group in future periods. In addition to the amended Standards mentioned above, there are other
Standards applicable starting next year, which are immaterial or not applicable for the Group.
F-10
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Orascom Development Holding AG published this content on 25 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 March 2024 01:25:02 UTC.