Slide 1: Semi-Annual Results H1 2014
Semi-Annual Results H1 2014 Depa Limited | September 2014
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 ■■ CEOs Review ■■ H1 2014 Overview Vedder signs AED 217.7m contracts ■■ Backlog □□ Top Projects □□ New Projects □□ Distribution ■■ Financials □□ Overview DIG enters Mozambique □□ Balance Sheet □□ Cash Flow □□ Geographic Segmentation □□ Activity Segmentation ■■ Subsequent Events Design Studi
Slide 4: CEO’s Review
CEO’s Review
Slide 5: CEO’s Review
CEO’s Review Cautious optimism Challenges ■■ Difficult market conditions in GCC - mainly UAE, also KSA and Qatar - many inexperienced market entrants impact margins negatively ■■ Declining backlog Solutions Mhd. Nadim Akhras ■■ Cautious approach while signing contracts Interim Group CEO ■■ Seizing n
Slide 6: H1 2014 Overview
H1 2014 Overview
Slide 7: H1 2014 Overview
H1 2014 Overview Increasing shareholder value Figures in AED million Revenue Revenue H1 2009 - H1 2014 ■■ Depa has generated a Revenue of AED 920m in H1 2014, H1 2014 down from AED 1,010m in H1 2013 H1 2013 H1 2012 ■■ Major performers were Design Studio Group, Vedder, H1 2011 Depa Saudi Arabia and D
Slide 8: H1 2014 Overview
H1 2014 Overview Europe and the Far East lead the way Figures in AED million Balance Sheet | Net Cash Position Net Cash Position H1 2009 - H1 2014 ■■ Total assets as at 30 June 2014 were AED 3.1bn H1 2014 compared to AED 3.2bn [FY 2013] H1 2013 H1 2012 ■■ Total liabilities decreased from AED 1.75bn
Slide 9: Backlog
Backlog
Slide 10: Backlog | Top Projects
Backlog | Top Projects Selective approach S.N Project Name* Country Total Backlog [in m AED] ■■ The H1 2014 backlog consists of 221 projects 1 Singapore projects above AED 10 million [18 projects] Singapore 448.6 of a total value of AED 2.4bn, down from AED 2 Private Yacht projects above AED 10 mill
Slide 11: Backlog | New Projects
Backlog | NEW Projects Quality over quantity ■■ In H1 2014, Depa’s subsidiaries signed contracts worth AED 578.6m ■■ Top performers are Vedder [AED 217.7m], Depa Qatar [AED 87.2m], Depa Décor [AED 62.0m], DDS Malaysia [AED 60.3m] and Deco Emirates [AED 39.0m] Novotel Dubai WTC Refurbishment | Depa I
Slide 12: Backlog | Distribution
Backlog | distribution Europe, Asia and hospitality dominate Geographical Backlog Distribution June 2014 June 2013 Dubai 4.9% 1.8% UAE, ex Dubai 19.7% 16.4% GCC, ex UAE 23.2% 34.3% Africa 2.4% 7.2% Asia 30.3% 25.4% Europe 19.4% 14.6% USA 0.2% 0.5% H1 2014 H1 2013 Sector Backlog Distribution June 201
Slide 13: Financials
Financials
Slide 14: Financials | Overview
financials | Overview Selected income statement figures Quick Ratio Jun 2014 AED million H1 2014 H1 2013 H1 2012 Dec 2013 Jun 2013 Revenue 920 1,010 825 - 0.25 0.50 0.75 1.00 1.25 1.50 Current Ratio Contract Profit 118 131 34 Jun 2014 Dec 2013 Contract Profit Margin 13% 13% 4% Jun 2013 - 0.25 0.50 0
Slide 15: Financials | Balance Sheet
Financials | Balance Sheet Selected figures AED million Jun-14 Dec-13 Jun-13 Cash in Hand 365 399 240 Trade Receivables 448 574 429 Unbilled Revenue 692 662 665 Total Current Assets 2,066 2,155 2,093 Total Assets 3,096 3,209 3,158 Total Bank Debt [short & long term] 301 392 235 Total Current Liabili
Slide 16: Financials | Cash Flow
Financials | Cash Flow Selected figures AED million H1 2014 H1 2013 H1 2012 Net Cash [used in] / generated 72 [7] [43] from Operating Activities Net Cash [used in] / generated 7 22 [28] from Investing Activities Net Cash [used in] / generated [106] [75] [27] from Financing Activities Net [decrease]
Slide 17: Financials | Geography
Financials | Geography Revenue segmentation Figures in AED million H1 2014 1% Regional Office H1 2014 H1 2013 Variance 19% 18% Amount Percentage Dubai Contracting 175 313 [138] [44%] Operations 28% 34% Abu Dhabi Contracting 272 257 15 6% Operations Manufacturing H1 2013 344 266 78 29% 3% Operations
Slide 18: Financials | Activity
Financials | Activity Revenue segmentation Figures in AED million H1 2014 Activity Segment H1 2014 H1 2013 Variance 2% Amount Percentage 46% 52% Contracting 515 712 [197] [28%] Manufacturing 452 371 81 22% Procurement 16 18 [2] [11%] H1 2013 2% Total 983 1,101 [118] [11%] 34% Note: Above numbers rep
Slide 19: Subsequent Events
Subsequent Events
Slide 20: Subsequent Events
Subsequent Events Restructuring of the Board Nomination of a new Chairman ■■ On 15 September 2014, Depa announced the appointment of Mohamed Ali Al Fahim as Chairman of the Company, following the resignation of Mr Hasan Ismaik in June ■■ Further, Roderick Maciver, an Independent Non-executive Direct