Slide 1: Semi-Annual Results H1-2015
SEMI-ANNUAL RESULTS H1-2015 Depa Limited | September 2015
Slide 2: Disclaimer
DISCLAIMER This material contains certain statements that are “forward- looking” including management’s expectations and analysis. These statements are based on management’s current expectations and are naturally subject to uncertainty and changes in circumstances. Actual results may vary materially
Slide 3: Contents
CONTENTS ■■ CEO’s Review ■■ H1-2015 Overview DS’ H1 y-on-y revenue is up by 44% ■■ Backlog □□ Top Projects □□ New Projects □□ Segmentation ■■ Financials □□ Overview Vedder signed 4 contracts with Lürssen □□ Balance Sheet □□ Cash Flow □□ Revenue: Geographical Segmentation □□ Revenue: Activity Segment
Slide 4: CEO's Review
CEO’S REVIEW H1-2015 Depa Limited 4
Slide 5: CEO's Review: Cautious Optimism
CEO’S REVIEW Cautious Optimism Challenges ■■ Economic and political volatility in the Middle East ■■ Construction industry as a whole faces pressure across GCC markets; overall reduced market activity ■■ Budgets and margins remain at the lower end of the spectrum Mhd. Nadim Akhras Solutions Group CE
Slide 6: H1-2015 Overview
H1-2015 OVERVIEW H1-2015 Depa Limited 6
Slide 7: H1-2015 Overview: Stabilisation of the Backlog
H1-2015 OVERVIEW Stabilisation of the Backlog Figures in AED million Revenue Revenue H1-2010 to H1-2015 ■■ Depa generated Revenue of AED 841m in H1-2015, H1-2015 down from AED 877m in H1-2014* H1-2014 H1-2013 ■■ Major performers were Design Studio Group, Vedder H1-2012 and Depa Abu Dhabi H1-2011 H1-
Slide 8: H1-2015 Overview: Key Drivers: Asia and Europe
H1-2015 OVERVIEW Key Drivers: Asia and Europe Figures in AED million Balance Sheet | Net Cash Position Net Cash Position Jun-2010 to Jun-2015 ■■ Total Assets as at 30 June 2015 were AED 2,755m Jun-2015 compared to AED 2,981m [31 December 2014] Jun-2014 Jun-2013 ■■ Total Liabilities decreased from AE
Slide 9: Backlog
BACKLOG H1-2015 Depa Limited 9
Slide 10: Backlog | Top Projects
BACKLOG | TOP PROJECTS Dubai Back on Track S.N Project Name* Country Total Backlog [AED m] ■■ The 30 June 2015 Backlog consists of 131 1 DS projects above AED 10 million [17 projects] SGP / MYS / USA 504 projects worth AED 2,326m, slightly down 2 Private Yacht projects above AED 10 million [6 projec
Slide 11: Backlog | New Projects
BACKLOG | NEW PROJECTS Home Market Home Run ■■ In H1-2015, Depa’s subsidiaries signed 129 con- tracts worth AED 946m [H1-2014: AED 579m] ■■ Top performers were Depa Interiors [AED 348m], Vedder [AED 279m], Design Studio Group [AED 175m] Novotel Dubai WTC Refurbishment | Depa Interiors ■■ The contrac
Slide 12: Backlog | Segmentation
BACKLOG | SEGMENTATION Rebound of UAE / Hospitality Domination Geographical Backlog Distribution Figures in AED million Jun-2015 Jun-2014 2% 17% UAE 792 595 23% 25% 2% 1% 34% Asia 654 731 Europe 432 470 GCC Ex-UAE 398 548 18% North America 35 4 20% 30% Africa 15 57 28% Total 2,326 2,405 Jun-2015 Jun
Slide 13: Financials
FINANCIALS H1-2015 Depa Limited 13
Slide 14: Financials | Overview
FINANCIALS | OVERVIEW Selected Income Statement Figures Gross Profit Margin by Sector H1-2015 AED million H1-2015 H1-2014 H1-2013 30% 25% Revenue 841 877 1,010 20% Gross Profit 82 111 131 15% Gross Profit Margin 10% 13% 13% 10% Avg. GPM 10% 5% General & Admin Expenses [87] [97] [75] 0% % of Revenue
Slide 15: Financials | Balance Sheet
FINANCIALS | BALANCE SHEET Selected Figures Quick Ratio AED million Jun-15 Dec-14 Dec-13 Jun-2015 Cash and Bank Balance 426 441 399 Dec-2014 Trade Receivables 458 527 574 Dec-2013 1.25 1.35 1.45 1.55 Unbilled Revenue 438 489 662 Current Ratio Total Current Assets 1,803 1,997 2,155 Total Assets 2,755
Slide 16: Financials | Cash Flow
FINANCIALS | CASH FLOW Selected Figures Net Cash [used in] / generated AED million H1-2015 H1-2014 H1-2013 from Operating Activities* Jun-2015 Net Cash [used in] / generated from Operating Activities 88 56 [7] Jun-2014 Jun-2013 Net Cash [used in] / generated [47] [25] 43 from Investing Activities Ju
Slide 17: Financials | Revenue: Geographical Segmentation
FINANCIALS | REVENUE Geographical Segmentation Figures in AED million H1-2015 Region H1-2015 H1-2014 Variance 20% Amount Percentage 31% 20% UAE 265 252 13 5% 29% Asia 242 168 74 44% Europe 169 200 [31] [16%] H1-2014 29% 29% Rest of the World 165 257 [92] [36%] Total 841 877 [36] [4%] 19% 23% UAE Asi
Slide 18: Financials | Revenue: Activity Segmentation
FINANCIALS | REVENUE Activity Segmentation Figures in AED million H1-2015 Activity Segment H1-2015 H1-2014 Variance 3% Amount Percentage 47% 50% Contracting 398 425 [27] [6%] Manufacturing 417 435 [18] [4%] Procurement 26 17 9 53% H1-2014 2% Total 841 877 [36] [4%] 48% 50% Contracting Manufacturing
Slide 19: Miscellaneous
MISCELLANEOUS H1-2015 Depa Limited 19
Slide 20: Subsequent Events
SUBSEQUENT EVENTS Changes to the Board / Management Resignation of Board Directors ■■ Notices of resignation received on 16 June 2015 from Mr El Sayed Zakaria [Non-Executive, Inde- pendent] and Mr Mohamed Idriss [Non-Executive, Independent]; replaced by Mr Mohannad Sweid [Non-Executive] and Mr Ahmad
Slide 21: Note to Comparatives
NOTE TO COMPARATIVES Proportionate Consolidation Method Effective 1 January 2014, Depa signed a MoU with its Joint Venture partner Lindner AG, based on which both parties now share all interests in the JV companies [Lindner Depa Interiors and Lindner Middle East] in proportion to their respective ow