Emaar Properties (p.j.s.c) · DFM:EMAAR
Emaar Properties (p.j.s.c) — 9M 2023 Earnings Presentation
70 slides from Emaar Properties (p.j.s.c)'s earnings presentation, Dec 7, 2023
Slide 1: Prepared for the Future: Investor Presentation for 9M-2023
Prepared for the Future Built on Strength, Prudence & Resilience Investor Presentation for 9M-2023 0 |
Slide 2: Disclaimer
Disclaimer Emaar Properties PJSC, for themselves and for Emaar Group, give notice that: The particulars of this presentation do not constitute any part of an offer or a contract. Given that the presentation contains information based on forecasts and roll outs, all statements contained in this prese
Slide 3: Discussion Summary
Discussion Summary 1 Investing In Emaar Expanding Footprint in UAE 2 & International Markets 3 Business Strategy & Outlook 4 Sustainability 5 9M-2023 Results Update 6 Annexure 2 |
Slide 4: Investing In Emaar
Investing In Emaar 3 |
Slide 5: Emaar Purpose & Business Model
Emaar Purpose & Business Model An Enduring Enterprise Our Business Model: driven by: We operate a business model that puts risk mitigation at the center of our core strategies. We create value by providing high quality and highly desirable • Vision to redefine engineering environments, which help ou
Slide 6: A Globally Admired Real Estate Company
A Globally Admired Real Estate Company CREATOR OF WORLD- GLOBAL RANKINGS IN PROVEN EXECUTION STRONG REVENUE VISIBILITY RENOWNED ARCHITECTURES LISTED REAL ESTATE SPACE RANKED #1 + 145,0003 GLOBALLY AED 69.53 BN GLOBALLY BURJ KHALIFA Best amongst the Top 50 Real Over 68% of which in UAE Estate Develop
Slide 7: Emaar Timeline – Key Events
Emaar Timeline – Key Events 1997 2000 2004 - 2005 2007 2008 2010 Incorporation o f Emaar Properties Launched International Acquired Al Alamein Opened Dubai Mall Opened Burj Khalifa Emaar IPO Operations Hotel in Marassi, Egypt One of the most visited Malls World’s Tallest building with A globally adm
Slide 8: Diversified Real Estate Player In UAE & International Markets
Diversified Real Estate Player In UAE & International Markets Resilient Business Model With Strong Growth Potential Total Revenues in AED Mn 9% 27,897 25,536 ✓ Significant growth delivered in difficult 24,925 23,699 market environment 15,707 18,417 17,715 12,047 ✓ Good business mix with strong upsid
Slide 9: Strong Balance Sheet
Strong Balance Sheet Investment Grade Rating with Low Leverage and Access to Significant Liquidity AED Million 9M 2023 Comfortable Debt Maturity Profile – September 2023 Debt 12,506 AED Million Cash 31,017 Net Debt (18,511) 3,857 3,657 Equity 81,919 2,943 Total Assets 137,050 Undrawn Facility1 12,84
Slide 10: Emaar In “The Value Zone”
Emaar In “The Value Zone” Emaar Properties is Trading at Significant Discount to its NAV despite Superior Financial Metrics 57% 2 -46% -13% -56% 60.1 52.0 1 2014 9M-2023 Market Cap (AED Bn) Premium / (Discount) to BV (AED Bn) Premium / (Discount) to NAV (AED Bn) 9 | 1) Market valuation based on shar
Slide 11: Expanding Footprint in UAE & International Markets
Expanding Footprint in UAE & International Markets 10 |
Slide 12: Developer of Iconic Master Plans Transforming Dubai
Developer of Iconic Master Plans Transforming Dubai… Downtown Dubai Dubai Marina 2005 Today 2003 Today ✓ 500-acre Flagship Mega-Development ✓ Largest Man-Made Marina1 (3.5 sq.km.) development of ✓ One of the Most Visited Destinations In The World its kind ✓ Includes World’s Tallest Building & one of
Slide 13: …Having Stood Multiple Tests of Time
…Having Stood Multiple Tests of Time Emaar’s Unique Proposition of Integrated Masterplans and Superior Quality helped to Deliver Consistent Performance in UAE Emaar Development Sales1 (AED Bn) 30.7 ✓ Significant long-term value creation through 27.4 Integrated Master Developments centred 18.0 around
Slide 14: Renowned For Its Iconic Retail Assets
Renowned For Its Iconic Retail Assets… Dubai Mall – Most Visited Mall in the World ✓ World renowned shopping & entertainment destination ✓ 4.9 Mn sq. ft. GLA1 ✓ 97% Occupancy1 ✓ 1,300+ stores with leading retailers and marquee global brands ✓ Robust footfall in 2023 exceeding pre Covid-19 pandemic l
Slide 15: …Delivering Robust Growth
…Delivering Robust Growth Emaar Malls Management Delivered Consistent Growth over 2012 to 2022 Robust Growth in Footfalls… 6.1 6.0 6.1 6.1 6.2 6.1 5.2 5.3 5.4 5.4 5.4 5.4 ✓ Preferred gateway to Dubai’s consumers for aspiring retailers and brands 4% ✓ Urban lifestyle destination and unique retail 114
Slide 16: …Complemented by Immersive Entertainment Avenues
…Complemented by Immersive Entertainment Avenues Entertainment & Commercial Leasing: Major Tourist Attractions driving Footfalls at Dubai Mall Robust Growth & Superior Margins In AED Mn 62.6% 66.6% 67.7% 68.6% ✓ At The Top, world’s highest observation desk 58.7% 58.9% 59.4% 60.4% 59.1% 46.7% ✓ Dubai
Slide 17: Hospitality Assets Deliver Steady Performance
Hospitality Assets Deliver Steady Performance Strong Rebound in Performance Post Covid-19 Emaar Hotels: Hospitality Business: ✓ Unveiled brand new “Address Jabal Omar Makkah”, in June 2023, featuring around 1500 keys Resilient & Profitable In AED Mn 44.6% 49.9% ✓ Able to maintain healthy EBITDA marg
Slide 18: Replicating Our Success In International Markets
Replicating Our Success In International Markets Leverage Emaar’s Strength And Unlock the Land Bank Potential in Key International Markets Development Retail Entertainment Hospitality ✓ 46,300+ units sold & ~41,000 units ✓ Own & operate iconic ✓ Launch entertainment ✓ Adopt an asset-light delivered
Slide 19: Business Strategy & Outlook
Business Strategy & Outlook 18 |
Slide 20: Top Priorities
Top 3 Priorities Maintain Leadership Position in Our Markets Focus on Execution & Cash Flow Generation Focus on Maximising Shareholder Returns 19 |
Slide 21: UAE Development Strategy: Consolidate and Prepare for the Next Growth Phase
UAE Development Strategy: Consolidate and Prepare for the Next Growth Phase Leverage the Strength Marketing to Well-planned Execution Product Innovations of Master Developments International Customers & Delivery • Leverage on the existing • Unique product offering for • Targeting international • Tim
Slide 22: UAE Retail Strategy: Multi-format Growth Strategy
UAE Retail Strategy: Multi-format Growth Strategy Leverage Superior Asset Mix Robust Retail Space Growth • Offer diverse retailing experience - super-regional malls, • Well-planned extensions at Dubai Mall to enhance customer regional malls, specialty retail, community retail centers experience • Co
Slide 23: UAE Retail Strategy: Adopt Low-Risk Model For Future Expansions
UAE Retail Strategy: Adopt Low-Risk Model For Future Expansions Operate As Pure Rental Income Play • Pure Rental Income Play ✓ Focus on rental income growth and cash flow generation Projects under JV • Minimal Development Risk ✓ Execute extensions & renovations at existing retail assets GLA Expected
Slide 24: Sustainability: Environment, Social & Governance
Sustainability Environment, Social & Governance 23 |
Slide 25: Enhancing Focus on Circular Economy & ESG
Enhancing Focus on Circular Economy & ESG… Engaging the future by integrating ESG into all decisions and transforming assets to improve their environmental and social impacts 1 ENVIRONMENT ✓ Circular Economy, Sustainable Operations, Energy Efficiency, Health & Wellness 2 SOCIETY ✓ Diversity & Inclus
Slide 26: Enhancing Focus on ESG: Environment focus
Enhancing Focus on ESG: Environment focus 1 Working on becoming a leader of sustainability in the real estate industry; aligning ourselves with UN Sustainable Development Goals (SDGs) INDUSTRY, RESPONSIBLE AFFORDABLE CLEAN CLEAN WATER INNOVATION AND CONSUMPTION AND CLIMATE ACTION ENERGY INFRASTRUCTU
Slide 27: Enhancing Focus on ESG: Social focus
Enhancing Focus on ESG: Social focus 2 Committed to working closely with the community, uphold the highest standards of living, our people are a driving force behind our success Catering to society and putting Healthcare & Safety first ▪ Dedicated over US$10 Mn for the Economically Weaker Section (E
Slide 28: Enhancing Focus on ESG: Governance focus
Enhancing Focus on ESG: Governance focus 3 Strong corporate governance ensures accountability and the highest level of integrity in management practices across our organisation ANTI BRIBERY AND CODE OF WHISTLEBLOWER NO GIFT POLICY ANTI CORRUPTION CONDUCT POLICY POLICY Emaar’s Anti-Bribery & Corrupti
Slide 29: 9M 2023 Results Update
9M 2023 Results Update —___
Slide 30: 9M 2023 Key Highlights
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development 9M 2023 Key Highlights Strong Property Sales1 EBITDA Revenues at AED 31.1 Bn AED 11.9 Bn (16% higher than 9M 2022) AED 18.4 Bn (42% higher than 9M 2022) Net Profit Revenue Backlog1 (Attributable to the owner
Slide 31: Key Highlights
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development Key Highlights AED Million Q3 2023 Q3 2022 % Change 9M 2023 9M 2022 % Change Group Property Sales (1) 10,974 9,222 19% 31,143 26,895 16% Revenue 6,102 5,326 15% 18,370 18,901 (3%) Gross Profit 4,625 2,732 69
Slide 32: Segment Analysis
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development Segment Analysis Segment Wise Revenues (AED Mn) Revenue Share % EBITDA Share % -3% 18,901 18,370 8% 13% 1,220 7% 1,109 + 28% 1,558 5% 1,247 3,883 + 12% AED AED 46% 3,711 20% 18,370 Mn 53% 11,923 Mn - 4% 32%
Slide 33: Historical Trend
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development Historical Trend In AED Mn Revenues Gross Profit CAGR 10% CAGR 9% 12,836 12,587 27,896 11,503 11,592 25,535 24,926 23,699 9,237 18,417 17,716 7,957 15,084 7,035 6,463 13,098 2015 2016 2017 2018 2019 2020 202
Slide 34: Balance Sheet & Cash Flow Overview
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development Balance Sheet & Cash Flow Overview Balance Sheet Overview Cash Flow Overview In AED Mn Total: AED 137,050 Mn 13% Trade & Other Payables Bank Balances & Cash 23% 25,576 17% Advances from Customers Interest Be
Slide 35: Emaar Development – Key Highlights
Consolidated UAE Development International Emaar Malls Emaar Hospitality Results Development Emaar Development – Key Highlights1 AED Million 9M 2023 9M 2022 % Change 9M 2023 Revenue Breakup Property Sales 28,916 23,167 25% Revenue 7,369 9,340 (21%) Gross Profit 4,682 4,018 17% 43% 44% AED Margin (%)
Slide 36: UAE Development – Current Project Status
Consolidated UAE Development International Emaar Malls Emaar Hospitality Results Development UAE Development – Current Project Status Equity 100% Owned Developments Consolidated JV Accounted JV3 Rashid Dubai Emaar Downtown Arabian Dubai Emirates Emaar Dubai Yachts & Other Land Projects Under Develop
Slide 37: Emaar Development – Historical Trend
Consolidated UAE Development International Emaar Malls Emaar Hospitality Results Development Emaar Development – Historical Trend In AED Mn Revenues Gross Profit CAGR 12% CAGR 12% 6,700 15,433 15,602 5,735 12,746 5,061 5,184 11,541 8,863 9,758 3,761 3,478 6,899 2,861 5,253 2,395 2015 2016 2017 2018
Slide 38: International Development – Key Highlights
Consolidated UAE Development International Emaar Malls Emaar Hospitality Results Development International Development – Key Highlights International Sales – Units Released AED 9.8 Bn AED 2.2 Bn Revenue Backlog1 97% 3% 17,134 Booked Sales To be recognized over in 9M 2023 next 3-4 years 99% 1% 1,309
Slide 39: International Development – Key Highlights (Emaar Misr)
Consolidated UAE Development International Emaar Malls Emaar Hospitality Results Development International Development – Key Highlights Emaar Misr – Development1 Key Highlights AED Million EGP Million • Delivered 1,079 units in 9M 2023 • Emaar Misr’s revenue backlog2 was 9M 2023 9M 2022 % Change 9M
Slide 40: Emaar Mall Management – Key Highlights
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development Emaar Mall Management – Key Highlights Excl Namshi AED Million 1 9M 2023 9M 2022 % Change 9M 2023 9M 2022 % Change 2 Revenue * 3,796 3,951 (4%) GLA (Mn SQFT) 7.0 6.8 2% Gross Profit 3,399 2,917 17% Occupancy
Slide 41: Established Portfolio with Diverse Retailing Formats
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development Established Portfolio with Diverse Retailing Formats… Total GLA Retail Assets Division Location & Catchment Key Highlights ('000 sq. ft.) • Downtown Dubai – • World renowned shopping & entertainment destinat
Slide 42: Focus on Digitalisation for Enhanced Customer Service
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development Focus on Digitalisation for Enhanced Customer Service… DUBAI MALL APP 2.0 – CORE FEATURES Digital Initiatives taken at Dubai Mall – Easy Parking ✓ Delivery Service ✓ Leveraging customer data analytics to bet
Slide 43: With Active Marketing Events for Better Customer Engagement
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development …With Active Marketing Events for Better Customer Engagement Emirates Skywards Miles Loyalty Program at Dubai Mall • Members – 987k • Spend captured since inception – AED 14.3 Bn • Number of transactions sin
Slide 44: Diversified Tenant Mix & Category Mix
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development Diversified Tenant Mix & Category Mix… Diverse Retailers And Marquee Brands With Many Having Exclusive Presence At Emaar Malls 9M -2023 Category Mix - % GLA* 6.7% 18.0% 3.8% Health & Beauty 6.6% Furnishings
Slide 45: Active Tenant & Space Management with Healthy Lease Renewals
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development Active Tenant & Space Management with Healthy Lease Renewals… Active Tenant Management Portfolio Lease Expiry Schedule1 % GLA of main unit expiring leases* • Meet changing retail trends and evolving 46% cons
Slide 46: And Steady Rental Income Growth, High Operating Profitability
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development …And Steady Rental Income Growth, High Operating Profitability Steady Rental Income1 Robust Revenue Model Chart Title Revenue Model: 3,647 3,741 • Rent equals higher of base rent or turnover rent 3,599 3,447
Slide 47: New Expansion – Strong Growth Potential
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development New Expansion – Strong Growth Potential 1 – Regional Shopping Mall Dubai Hills Mall Superior Positioning & Offerings Strong Catchment • Outdoor high-street mall with superior design & architecture • Located
Slide 48: Upcoming Expansion – Strong Growth Potential
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development Upcoming Expansion – Strong Growth Potential 1 Dubai Expo Mall – Regional Shopping Mall Superior Positioning & Offerings Strong Catchment • Over 190 retail & F&B outlets • Located close to Expo 2020 site • 1
Slide 49: Emaar Mall Management (Excl. Namshi) – Historical Trend
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development Emaar Mall Management (Excl. Namshi) – Historical Trend In AED Mn Rental Income EBITDA 3,599 3,647 3,741 3,323 3,449 3,020 3,227 2,934 2,952 2,992 2,676 2,615 2,447 2,250 2,192 1,407 2015 2016 2017 2018 2019
Slide 50: Emaar Hospitality – Key Highlights
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development Emaar Hospitality – Key Highlights 9M 2023 9M 2022 % Change 9M 2023 Revenue Breakup #Keys* 9,618 7,480 29% Occupancy Rate (%)** 70% 67% 3% RevPar (AED)** 564 582 (3%) Room Revenue (AED Mn) 501 407 23% 35% F&
Slide 51: Annexure
ML 33 = A = —~ = = —— = i = I~ Annexure senpicneseeeitiviy MUNTERVAANR RANE ange THEE I
Slide 52: Divisions Overview
Divisions Overview UAE Entertainment & International Operations Malls* Hospitality Development Leasing • Leading master plan • Active in targeted high • Owner and operator of • Hotel owner and operator • Provider of premium developer in Dubai growth countries one of the most visited (38 hotels with
Slide 53: UAE Development – Projects Overview
UAE Development – Projects Overview Wholly-owned projects Downtown Arabian Emaar The Valley Dubai Creek Dubai Marina Emirates Living Dubai Ranches Beachfront Garden Harbour* Downtown Dubai is a Golden landscape of Offering riviera-style Green-focused Emaar Beachfront is a An idyllic new township Dub
Slide 54: UAE Development – Projects Overview
UAE Development – Projects Overview Consolidated JVs Equity Accounted JVs with 50% share Dubai Hills Estate Rashid Yachts & Marina* Emaar South Zabeel Square Joint Venture between Emaar and Joint Venture between Emaar and Joint Venture between Emaar and Joint venture between Emaar and Meraas Holding
Slide 55: UAE Development – Projects Under Development (100% Owned)
UAE Development – Projects Under Development (100% Owned) Project Value Launch % Unit % Completion Project (100% Owned) Units Project Value Launch % Unit % Completion (AED Mn)(1) Period Sold Sep-23 Project (100% Owned) Units Downtown Dubai 4,078 15,415 100% (AED Mn)(1) Period Sold Jun-23 (2) Forte 9
Slide 56: UAE Development – Projects Under Development (JVs)
UAE Development – Projects Under Development (JVs) Project Value Launch % Unit % Completion Project (Joint Ventures) Units (AED Mn)(1) Period Sold Sep-23 Dubai Hills Estates 4,063 13,467 98% Socio 332 278 Feb-18 100% 100% Golfville 306 312 Apr-19 99% 91% Golf Place II 128 1,460 Feb-21 100% 49% Palm
Slide 57: UAE Development – Completed Projects
UAE Development – Completed Projects1 % Remaining Project Value % Unit % Remaining Project (100% Owned) Units (AED Mn)(2) Sold Collections of Sold Project Value % Unit Value Project (Joint Ventures) Units Collections of Sold Dow ntow n Duba i 9,659 34,342 100% 12% (AED Mn)(2) Sold Value Blvd Heights
Slide 58: UAE Development – Location of Development Projects
UAE Development – Location of Development Projects * ‘Rashid Yachts & Marina’, formerly ‘Mina Rashid’ 58 | ** Emaar Properties PJSC has fully acquired Dubai Creek Harbour in December 2022 from the JDA partner
Slide 59: UAE Development – Expected Delivery Schedule (Units)
UAE Development – Expected Delivery Schedule (Units) Under Development Delivery Schedule Delivered as at Delivered Total Under Oct-Dec 31-Dec-2022 YTD 30-Sep-23 Delivered Development 2024 2025 2026 2027 2028 2023 1 A - Emaar Development (Consolidated) 35,909 7,507 43,416 26,143 1,700 5,749 4,121 6,4
Slide 60: UAE Development – Land Bank Details
UAE Development – Land Bank Details Year Masterplan Available land bank 2012 Arabian Ranches II 2013 Dubai Hills Estate (million sq ft) 2014 Dubai Creek Harbour ** GLA (Mn sqft) 2015 Emaar South 344 344 347 331 329 2016 Downtown Views, Ras Al Khaimah 2017 Zabeel Square & Emaar Beachfront Arabian Ran
Slide 61: International Development – Expected Delivery Schedule
International Development – Expected Delivery Schedule Under To be 2023 2026 & Country Entity Completed 2024 2025 Development developed (Q4) Onwards Subsidiaries Emaar Misr 12,183 4,951 1,171 917 1,684 1,741 1,812 Emaar Middle 936 - - 16 35 36 64 East Emaar Turkey 1,305 - - - 44 6 - Metn 516 107 46
Slide 62: International Development – Land Bank Details (GLA)
International Development – Land Bank Details (GLA) 34.9 131.0 10.1 2.2 Saudi Arabia (Emaar Economic City)* 2.2 Saudi Arabia (Emaar Middle East) India (Emaar India) Egypt Total GLA Pakistan 1,299.8 Mn SQ. FT Lebanon * Emaar Economic City is an associate of Emaar, land bank data is as on 30 Sep 2020
Slide 63: JV Accounting Treatment
JV Accounting Treatment Accounting P&L Balance Sheet Impact on Return on Capital Dubai Hills – • Line by line consolidation • Line by line consolidation • Neutral impact on ROCE Consolidation • 50% Minority Interest • 50% Minority Interest Rashid Yachts • Line by line consolidation • Line by line co
Slide 64: Hospitality Group – Current Portfolio
Hospitality Group – Current Portfolio Residences in Hotel Management Company Classification Keys Operational Hotel Pool(3) Emaar Hospitality Group Hotel Portfolio Dubai Armani Hotel at Burj Khalifa Armani Hotel - Dubai 5 Star 160 NA 2010 Address Downtown Dubai TAH&R(1) 5 Star 220 84 2008 (6) (1) Add
Slide 65: Hospitality Group – Hotels / Service Apartments Under Development
Hospitality Group – Hotels / Service Apartments Under Development1 Serviced Estimated Hotel Location Launch Keys 2 Apartments Completion Palace Dubai Creek Harbour Dubai Creek Harbour 2019 122 0 2023 Address The Bay Emaar Beachfront 2022 184 0 2026 Vida Creek Beach Dubai Creek Harbour 2019 99 0 2023
Slide 66: Fair Valuation Overview – GAV By Segment
Fair Valuation Overview – GAV By Segment December 2022 Book Value Split December 2022 Fair Value Split Sales Sales 1% 4% 3% 1% 4% 3% 13% 29% AED 132 Bn AED 210 Bn 48% 57% 21% 16% UAE Development International Development UAE Development International Development Retail & Leasing Hospitality Retail &
Slide 67: Fair Valuation Overview – GAV By Segment (Cont’d)
Fair Valuation Overview – GAV By Segment (Cont’d) GAV: Development Properties GAV: Fixed Assets 2022 2021 2022 2021 Book Fair Book Fair Book Fair Book Fair AED Million AED Million Value Value Value Value Value Value Value Value UAE 27,762 53,059 18,708 38,014 Hotels & Egypt 5,046 5,783 7,477 9,257 5
Slide 68: Fair Valuation Overview – NAV Table
Fair Valuation Overview – NAV Table In AED Mn 2022 2021 Book Value Fair Value Book Value Fair Value Cash and bank balances 18,289 18,289 8,539 8,539 Trade and Other Receivables 27,984 27,984 30,743 30,743 * Development Properties 42,241 73,759 37,689 63,462 Investment in Associates and Joint Venture
Slide 69: Group Structure
Group Structure* EMAAR PROPERTIES PJSC (2) DOMESTIC REAL ESTATE INTERNATIONAL MALLS HOSPITALITY GROUP OPERATIONS LEISURE & OTHERS ENTERTAINMENT DUBAI EMAAR EMAAR EMAAR EMAAR EMAAR CREEK DEVELOPMENT EME, KSA EEC, KSA EGYPT (3) MALL HOSPITALITY HOTELS & DISTRICT EMAAR ASSET AT THE TOP EMAAR HAMPTONS (
Slide 70: Thank You
Thank You EMAAR PROPERTIES Name – Abhay Singhvi Email ID - ASinghvi@emaar.ae, investor-relations@emaar.ae 70 |
Emaar Properties PJSC — 9M 2023 Earnings Presentation on 6ix