FY 2012 Annual Report - Orascom Development
FY 2012 Annual Report - Orascom Development
FY 2012 Annual Report - Orascom Development
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20 <strong>Orascom</strong> <strong>Development</strong> <strong>2012</strong> <strong>Annual</strong> <strong>Report</strong> 21<br />
3.4 Other Segments<br />
Land Sales<br />
Occasionally, the Group sells land where there are no development obligations or where the Group has developed infrastructure in order to sell the land to<br />
third-party developers. This establishes a reference point for the market price of our land bank. Revenues from such sales are included in our Land Sales segment.<br />
Revenues from the sale of land, sale of land rights and the associated costs are recognized when land is delivered and the risk of ownership and control has been<br />
transferred to the buyer.<br />
Other operations<br />
The segment Other operations combines those businesses of <strong>Orascom</strong> <strong>Development</strong> that are not classified in any of the other business segments. The segment<br />
includes activities such as mortgage financing, rental of villas and apartments, hospital and educational services, marina, limousine rentals, laundry and other services.<br />
During <strong>2012</strong>, revenues of the segment Other operations increased by 2.9% from CHF 30.5 million to CHF 31.4 million, in particular due to our mortgage<br />
business (Tamweel) which increased revenues above expectations.<br />
Land Sales revenues<br />
CHF 0.0m<br />
(2011: CHF 2.3m)<br />
<strong>2012</strong><br />
2011<br />
Other operations revenues<br />
CHF 31.4m<br />
(2011: CHF 30.5m)<br />
<strong>2012</strong><br />
2011<br />
Share of Group revenue<br />
0.0%<br />
(2011: 0.9%)<br />
<strong>2012</strong><br />
2011<br />
Share of Group revenue<br />
11.6%<br />
(2011: 12.0%)<br />
<strong>2012</strong><br />
2011<br />
EBITDA<br />
CHF -2.4m<br />
(2011: CHF -0.9m)<br />
<strong>2012</strong><br />
2011<br />
EBITDA<br />
CHF 15.7m<br />
(2011: CHF 5.7m)<br />
<strong>2012</strong><br />
2011<br />
Note regarding the segment Tour Operations<br />
During <strong>2012</strong> <strong>Orascom</strong> Hotels & <strong>Development</strong> S.A.E, a subsidiary of the Group entered into shares sale and purchase agreements with Garranah family. Besides reducing the ownership in several<br />
investments in associates, the Group sold their remaining subsidiary operating in the tour operations business. Therefore the segment “Tour Operations” is considered a discontinued operation and is<br />
presented accordingly. For further information also see the financial report, footnote 14, 20 and 36.
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