Annual Report - Orascom Development

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38 | Report of the Audit Committee | OHD Annual Report 2006 Report of the Audit Committee of the Board of Directors The Audit Committee assists the Board in fulfilling its responsibilities for general oversight of the integrity of the Company’s consolidated financial statements, compliance with legal and regulatory requirements, the independent auditors’ qualifications and independence, the performance of the Company’s internal audit function and independent auditors, and risk assessment and management. The Audit Committee manages the Company’s relationship with its independent auditors (who report directly to the Audit Committee). The Audit Committee acts under a written charter adopted and approved by the Board, and has authority to obtain advice and assistance from outside legal, accounting or other advisors as the Audit Committee deems necessary to carry out its duties. The Company’s management has responsibility for preparing the consolidated financial statements and financial reporting process, including the system of internal control. The Company’s independent auditors, KPMG (Hazem Hassan) and Deloitte-Saleh, Barsoum & Abdel Aziz, are responsible for expressing an opinion as to whether those financial statements present fairly, in all material respects, the financial position, results of operations and cash flows of the Company in accordance with Egyptian Accounting Standards, which are not materially different from International Financial Reporting Standards. In this context, the Audit Committee hereby reports as follows: The Audit Committee has reviewed and discussed the audited consolidated financial statements for the year ended 31 December 2006 with the Company’s management. The Audit Committee discussed with the independent auditors the conduct of their audit in accordance with Egyptian Auditing Standards, and compliance with legal and regulatory requirements. The Audit Committee has received written confirmation of the Independent Auditors’ independence. Based on the review and discussions referred to above, the Audit Committee recommended to the Board, and the Board has approved, that the audited consolidated financial statements be included in the 2006 Annual Report for filing with the Capital Market Authority. Audit Committee Khaled Sheta Alaadin El Sabba Karim Garranah
Orascom Hotels and Development Company (Egyptian Joint Stock Company) Consolidated Financial Statements Auditors’ Report as of 31 December 2006
Page 1 and 2: Annual Report 2006
Page 3 and 4: 41% Increase in consolidated revenu
Page 5 and 6: APR 06 Berenice OHD was awarded 25
Page 7 and 8: Business Development During 2006 we
Page 9 and 10: Through this phased development str
Page 11 and 12: 2 4 1 3 5 1 2 4 3 MOROCCO Chbika U.
Page 13 and 14: People and employment During 2006 1
Page 15 and 16: Hotels By the end of 2006, OHD owne
Page 17 and 18: At the intimate marina-side Captain
Page 19 and 20: 16 | Existing towns | OHD Annual Re
Page 21 and 22: Oman Four Projects Oman key figures
Page 23 and 24: Future projects Mauritius Club Méd
Page 25 and 26: New Business Tamweel Mortgage Finan
Page 27 and 28: El Gouna Environmental initiatives
Page 29 and 30: Samih Sawiris Chairman and CEO Mr.
Page 31 and 32: Julien Renaud-Perret Senior VP Inte
Page 33 and 34: Land Bank One key long term value d
Page 35 and 36: Restructuring Financing Scheme A. E
Page 37 and 38: Principal activities and business r
Page 39: Code of Business Conduct and Ethics
Page 43 and 44: Orascom Hotels and Development Comp
Page 45 and 46: Orascom Hotels and Development Comp
Page 47 and 48: Notes to the consolidated financial
Page 49 and 50: 4.2 Translation of the Foreign Curr
Page 51 and 52: 4.13 Cash Flows Statement • For t
Page 53 and 54: Machinery & Equipments Vehicles Fur
Page 55 and 56: 10. Work in progress Work in progre
Page 57 and 58: 14.6 On 4 April 2006 subscription w
Page 59 and 60: 20. Creditors and Other Credit Bala
Page 61 and 62: 23. Long Term Loans (Notes to table
Page 63 and 64: Short Term Portion of the long term
Page 65 and 66: 32. Tax Status 32.1 Corporate Tax T
Page 68 and 69: 66 | Hotel and Real Estate KPIs | O
Page 70 and 71: 68 | Hotel and Real Estate KPIs | O
Page 72: For further information: OHD Invest

Annual Report - Orascom Development

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