Orascom Development Holding AG provided earnings guidance for 2016. In 2016, the Group witnessed enhanced operational performance from the Real Estate and Hotels business segments across El Gouna, Oman and Montenegro. The company expects to report revenues of CHF 235-240 million, a 21-23% decrease in its consolidated revenues for Fiscal Year 2016 compared to the previous year which included land sales revenues of CHF 65.2 million. The two main business segments of the Group (Hotels and Real Estate) recorded better operational results than in the previous year. The 102.7% appreciation of the U.S. Dollar against the EGP from 8.88 to 18.0 resulted in substantial revaluations of the debt held in US Dollars at the subsidiary and subsequently negatively impacted the Groups profit and loss statement with a non-cash foreign exchange loss of approximately CHF 125.0 million. Further, the Group's results were also impacted by impairments in the amount of approximately CHF 32.0 million after the floatation of the Egyptian Pound. As a result, Orascom Development Holding expects to report a net loss attributable to the shareholders in the range of CHF 195-205 million for Fiscal Year 2016. On the other hand, total debt of the Egyptian Subsidiary on the balance sheet of the Group has decreased by 24% from CHF 414.7 million to CHF 315.2 million. It is important to note that when results are normalized for land sales, FX and impairments in both comparative periods, the Adjusted EBITDA would have reached approximately CHF 19.6 million compared to CHF 15.6 million in fiscal 2015.