Orascom Development : Financial Statements 1H 2021

Orascom

Development

Holding AG

Condensed Consolidated Interim Financial Statements (unaudited)

1.Half-Year 2021

Contents	Page

Unaudited condensed consolidated statement of comprehensive income	F-3
Unaudited condensed consolidated statement of financial position	F-5
Unaudited condensed consolidated statement of changes in equity	F-7
Unaudited condensed consolidated statement of cash flow	F-8
Notes to the unaudited condensed interim consolidated financial statements	F-9 to F-25

F-2

Unaudited condensed consolidated statement of comprehensive income

for the period ended 30 June 2021

CHF	Notes	Three months ended	Six months ended
		30 June 2021	30 June 2020	30 June 2021	30 June 2020
CONTINUING OPERATIONS
Revenue	8	119,261,922	71,197,899	225,757,066	164,058,046
Cost of sales		(91,622,852)	(60,022,681)	(168,837,190)	(138,163,198)
Gross profit		27,639,070	11,175,218	56,919,876	25,894,848
Investment income		3,348,075	1,398,832	5,801,356	2,759,899
Other gains	9	11,698	(41,995)	2,680,366	620,410
Administrative expenses		(9,687,779)	(9,832,743)	(18,560,633)	(19,413,310)
Finance costs	10	(8,180,550)	(8,911,818)	(16,376,994)	(17,886,629)
Share of losses of associates	18	(1,886,979)	(2,888,051)	(6,221,655)	(3,187,894)
Other losses	11	(2,015,892)	(2,180,984)	(3,831,539)	(2,223,096)
Profit/(loss) before tax		9,227,643	(11,281,541)	20,410,777	(13,435,772)
Income tax expenses	12	(7,061,081)	(3,739,459)	(15,162,926)	(5,809,256)
Profit/(loss) for the period	8	2,166,562	(15,021,000)	5,247,851	(19,245,028)
Other comprehensive income, net of
income tax
Items that will not be reclassified
subsequently to profit or loss
Net gain on revaluation of financial assets at		(120)	(154)	(189)	(774)
FVTOCI
		(120)	(154)	(189)	(774)
Items that may be reclassified
subsequently to profit or loss
Exchange differences arising on translation		(13,472,752)	(13,696,718)	25,310,228	(14,533,628)
of foreign operations	24
		(13,472,752)	(13,696,718)	25,310,228	(14,533,628)
Total other comprehensive income for the		(13,472,872)	(13,696,872)	25,310,039	(14,534,402)
period, net of tax
Total comprehensive income for the period		(11,306,310)	(28,717,872)	30,557,890	(33,779,430)

F-3

Unaudited condensed consolidated statement of comprehensive income - continued

for the period ended 30 June 2021

CHF	Notes	Three months ended	Six months ended
		30 June 2021	30 June 2020	30 June 2021	30 June 2020
Profit/(loss) attributable to:
Owners of the Parent Company		(2,405,171)	(12,176,737)	(5,020,011)	(17,108,328)
Non-controlling interests		4,571,733	(2,844,263)	10,267,862	(2,136,700)
		2,166,562	(15,021,000)	5,247,851	(19,245,028)
Total comprehensive income attributable
to:
Owners of the Parent Company		(12,328,741)	(22,774,807)	13,205,418	(28,652,049)
Non-controlling interests		1,022,431	(5,943,065)	17,352,472	(5,127,381)
		(11,306,310)	(28,717,872)	30,557,890	(33,779,430)
Earnings per share from continuing
operations
Basic	13	(0.06)	(0.30)	(0.12)	(0.43)
Diluted	13	(0.06)	(0.30)	(0.12)	(0.43)

Samih O. Sawiris	Ashraf Nessim
Chairman of the Board	CFO

F-4

Unaudited condensed consolidated statement of financial position

at 30 June 2021

CHF	Notes	30 June 2021	31 December 2020
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment	15	775,967,716	743,665,159
Investment property	16	36,472,795	35,086,148
Goodwill	17	3,000,168	2,862,681
Investments in associates	18	37,314,263	45,665,918
Non-current receivables	19	93,653,575	65,060,847
Deferred tax assets		2,388,791	2,104,348
Other financial assets		1,597	1,682
Total non-current assets		948,798,905	894,446,783
CURRENT ASSETS
Inventories	20	606,388,599	539,148,875
Trade and other receivables	19	139,815,835	112,482,393
Current receivables due from related parties		20,328,875	21,076,024
Other current assets	21	78,345,620	56,542,357
Cash and cash equivalents	22	215,677,707	195,715,406
Total current assets		1,060,556,636	924,965,055
Total assets		2,009,355,541	1,819,411,838

F-5