FY 2012 Annual Report - Orascom Development

66 Orascom Development 2012 Annual Report 67
5.8 External Auditors
5.9 Information Policy
Duration of the mandate and term of office of the lead auditor
Since the foundation of the Company on January 17, 2008, Deloitte AG,
Zurich, have been the statutory auditors with responsibility for the audit of
the Company’s non-consolidated and consolidated financial statements. The
Company’s subsidiary OHD is audited by Deloitte Saleh, Barsoum & Abdel
Aziz, Cairo. The auditor in charge for the Company at Deloitte AG, Hans-
Peter Wyss, took up office as of the 2008 financial year. A rotation cycle of
7 years is foreseen for the position of the auditor in charge. The Board of
Directors will propose to the ordinary general meeting of shareholders on
May 13, 2013 to re-elect Deloitte AG, Zurich as the statutory auditors for the
2013 financial year.
Auditing fees
Deloitte received the following fees for their services as the statutory auditors
of the Company and the majority of Orascom Development companies on
the one hand, and for non-audit services on the other hand:
In CHF 2012 2011
Audit Services 2,202,814 2,401,507
Tax Services - -
IPO/Listing related services - -
Other services - 12,000
Total non-audit services - 12,000
Total fees 2,202,814 2,413,507
Informational instruments pertaining to the external audit
The Board of Directors’ Audit Committee has the task of ensuring the effective
and regular supervision of the statutory auditors’ reporting with the aim of
ensuring its integrity, transparency and quality.
In advance of each financial year, the proposed auditing schedule is
presented to and discussed with the Audit Committee. After each audit,
important observations by the statutory auditors, together with appropriate
recommendations, are presented to the Audit Committee (after discussions
with the CFO) during its relevant meeting. Subsequently, members of
the Audit Committee receive the statutory auditors’ management letter
in final form. During the year, the statutory auditors are in regular contact
with the chairman of the Audit Committee to discuss matters arising in the
performance of their task.
Based on these communications the Audit Committee discusses its impression
of the integrity and effectiveness of the statutory auditors’ work, and issues
a recommendation to the Board concerning the proposal to the general
meeting of shareholders whether to re-elect the statutory auditors for the
following year. In its assessment, the Audit Committee places particular value
on demonstrated independence and willingness to identify and challenge
assumptions underlying the financial reporting, and the timely completion of
audits permitting the Company to comply with its reporting obligations and its
corporate communications calendar.
In the year under review, representatives of the statutory auditors participated
in all five Audit Committee meetings.
The CEO, the CFO, and the Investor Relations Department took care of
the communication with investors during 2012. The company intends to
update the financial community through personal contacts, discussions, and
presentations held through various road shows and investor conferences.
Orascom Development is committed to an open information policy and
provides shareholders, the capital market, employees and all stakeholders
with open, transparent and timely information. The information policy
accords with the requirements of the Swiss stock exchange as well as the
relevant statutory requirements. As a company listed on SIX Swiss Exchange,
Orascom Development also publishes information relevant to its stock price in
accordance with Art. 53 of the Listing Rules (ad hoc publicity).
The financial reporting system is comprised of quarterly, interim (semiannual),
and annual reports. Consolidated financial statements are prepared
in accordance with International Financial Reporting Standards (IFRS) in
compliance with Swiss and Egyptian law and the rules of the SIX Swiss
Exchange and EGX Egyptian Exchange.
In addition, the Company utilizes electronic news releases to report the latest
changes and developments to ensure equal treatment for all capital market
participants.
Corporate Calendar
Annual general meeting of shareholders May 13, 2013
First quarter 2013 results May 28, 2013
Second quarter 2013 results August 27, 2013
Third quarter 2013 results November 26, 2013
Further information and contact
Investors and interested stakeholders can find further information about
Orascom Development on the company’s website at www.orascomdh.com.
Stakeholders may subscribe to the Company’s e-mail alert service to receive
news releases at www.orascomdh.com/en/media-center/news-alert.html.
Investors may also contact the Investor Relations department as follows:
Till Leisner
+41 41 874 88 07
Sara El Gawahergy
+20 22 461 89 61
ir@orascomdh.com.