Emaar Properties (p.j.s.c) · DFM:EMAAR
Emaar Properties (p.j.s.c) — Emaar Properties — Q3 2016 Earnings Presentation
40 slides from Emaar Properties (p.j.s.c)'s earnings presentation, Nov 21, 2016
Slide 1: Emaar Properties Q3 2016 Results
Emaar Properties Q3 2016 Results November 2016
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: Table of Contents
Table of Contents KEY HIGHLIGHTS INCOME STATEMENT BALANCE SHEET OPERATIONAL OVERVIEW APPENDIX Q3 2016 Results Presentation November 21, 2016 Page 2
Slide 4: Emaar Properties at a Glance
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Emaar Properties at a Glance #1 196 MM 43% listed developer SQM of land (53% of EBITDA) by market cap bank in key recurring in MENA(1) countries revenues +40,800 15.08 165.65 residential units AED BN AED NAV/ delivered since
Slide 5: Key Financial Highlights for the Group
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Key Financial Highlights for the Group AED MM Q3 2016 Q3 2015 % Change YTD 2016 YTD 2015 % Change Group Property Sales 4,249 2,983 42% 14,689 11,443 28% Revenue 3,846 3,329 16% 11,103 9,849 13% Gross Profit 1,990 1,661 20% 5
Slide 6: Key Achievements
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Key Achievements AED 14.689 BN Group property sales achieved YTD Sep 2016, 28% higher compared to YTD Sep 2015. Dubai sales increased by 54% to AED 11.601 BN YTD Sep 2016 compared to AED 7.513 BN YTD Sep 2015. Recurrin
Slide 7: Results by Segment
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Results by Segment Revenues Breakdown of Results AED million Revenues 13% 31% (2)% 10% (16)% 7% 11,103 8% 9,849 9% 5,130 3,921 1,696 1,734 2,331 2,115 1,006 1,199 940 880 47% Emaar UAE International Emaar Malls Emaar Emaar R
Slide 8: Balance Sheet Overview
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Balance Sheet Overview Balance Sheet Overview Change in Cash & Cash Equivalents(1) % AED million Total: AED 99,216 MM Trade & Other Bank Balances & Payables Cash 14 +2,823 +231 10,877 19 8,882 -943 -115 Advances from Trade &
Slide 9: Credit Ratios
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Credit Ratios EBITDA / Interest Net Debt / EBITDA 2014 2015 2016 12.0x 11.26x 2014 2015 2016 9.1x 2014 2015 -0.51x -0.78x -0.78x 2014 2015 2016 Net Debt / Equity Debt / GAV 2014 2015 2016 17.0% 17.0% 2014 2015 2016 16.0% 201
Slide 10: NAV Bridge
Key Highlights Income Statement Balance Sheet Operational Overview Appendix NAV Bridge NAV Bridge December 2015 Fair value of GAV Split AED MM 1% 5% 5% +5,104 107,998 +5,345 103,248 +159 33% -2,562 -3,296 36% 88,794 20% Total: AED 165,654 MM UAE Development Emaar Hospitality International Developmen
Slide 11: UAE Development: YTD 2016 Launches
Key Highlights Income Statement Balance Sheet Operational Overview Appendix UAE Development Segment Highlights – YTD Sep 2016 Launches Market Overview 3,619 units launched YTD Sep 2016 with a total sales value of AED 12.878 BN. Harbour Views T1 Sidra The Address Residences Harbour Views T2 YTD S
Slide 12: UAE Development: YTD Sep 2016 Launches
Key Highlights Income Statement Balance Sheet Operational Overview Appendix UAE Development YTD Sep 2016 Launches Q1 - Launches The Address Residences Harbour Views T2 Harbour Views T1 Sidra Dubai Opera T2 Sales Value: Sales Value: Sales Value: Sales Value: AED 1,694 MM AED 686 MM AED 686 MM AED 1,4
Slide 13: International Development
Key Highlights Income Statement Balance Sheet Operational Overview Appendix International Development Market Overview International Sales(1) Q3 2016 sales across all international Units Released projects amounted to AED 1,502 MM. Egy Total international backlog amounted to 91 9 10,123 pt AED 15.
Slide 14: Emaar Malls
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Emaar Malls YTD 2016 YTD 2015 % Change Key Highlights Base Rent Increase: For the leases expiring in 2016, GLA base rent increase of 33% achieved over the previous 5,907 5920 - (MM SQFT) lease term The Dubai Mall is the
Slide 15: Emaar Hospitality Group
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Emaar Hospitality Group % Key Highlights YTD 2016 YTD 2015 Change Hospitality results for YTD 2015 includes The Occupancy Rate (%)(1) 83% 79% 5% Address Downtown which is currently not in operation. RevPar (AED)(1) 935 1,0
Slide 16: Emaar Misr for Development
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Emaar Misr for Development(1) Change YTD 2016(2) YTD 2015 % Key Highlights Delivered 573 units in YTD 2016. Units Launched 1,655 1,962 (16)% Total Emaar Misr backlog amounted to EGP 19.493 BN Units Delivered 573 600 (5)%
Slide 17: Summary
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Summary Financial With nine months in 2016 Group sales amounting to AED 14.69 BN and a total Performance backlog of AED 47.58 BN, Emaar is on track to boost profitability in the coming years. Nine months 2016 sales acros
Slide 18: Appendix
NW end Appendix
Slide 19: Overview of Divisions
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Overview of Divisions Property Property Emaar Hospitality Emaar Retail & Development Emaar Malls Group Development UAE Group Leasing International • Leading master plan • Active in 10 targeted • Listed on DFM since • Hotel o
Slide 20: Strategy
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Strategy Further consolidate Emaar’s position as of the largest developer of iconic projects in Dubai. Dubai Enter into joint ventures in Dubai to get access to significant land bank with no immediate cash outflow for la
Slide 21: Overview of Development Projects Under Development
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Overview of Development Projects Under Development Project Business Description Units Sale Value (AED) Date of Launch Expected Completion Date % CompletionRecognized Dubai Operations The Address The Blvd 533 1,946,461,638 Se
Slide 22: Overview of Development Projects Under Development (Cont'd)
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Overview of Development Projects Under Development (Cont’d) Dubai Hills Estates Units Sale Value (AED) Date of Launch Expected Completion Date % CompletionRecognized Views and Grove - 609,056,960 Dec-13 2016-2017 49% Views a
Slide 23: Location of Development Projects
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Location of Development Projects Q3 2016 Results Presentation November 21, 2016 Page 22
Slide 24: The Dubai Mall Expansions
Key Highlights Income Statement Balance Sheet Operational Overview Appendix The Dubai Mall Expansions Q3 2016 Results Presentation November 21, 2016 Page 23
Slide 25: Location of Development Projects: Downtown Dubai
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Location of Development Projects: Downtown Dubai 1 The Address Sky View 2 The Address Fountain Views 3 The Address The BLVD 4 Burj Vista 6 5 The Address Residences Dubai Opera 6 Rove Hotel (Za’abeel) 14 55 7 Il Primo 8 Opera
Slide 26: Location of Development Projects: Arabian Ranches
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Location of Development Projects: Arabian Ranches 1 Al Reem 1 2 Al Reem 2 3 Al Reem 3 4 Saheel 5 Golf Homes 1 6 Dubai Polo Club 3 7 Mirrador La Coleccion 1 8 Mirrador La Coleccion 2 27 26 9 Hattan 2 25 10 Alvorada 1 21 22 20
Slide 27: Location of Development Projects: Dubai Hills (JV with Meeras)
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Location of Development Projects: Dubai Hills (JV with Meeras) Q3 2016 Results Presentation November 21, 2016 Page 26
Slide 28: Location of Development Projects: Dubai Creek (JV with Dubai Holding)
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Location of Development Projects: Dubai Creek (JV with Dubai Holding) Q3 2016 Results Presentation November 21, 2016 Page 27
Slide 29: Overview of Delivery Schedule
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Overview of Delivery Schedule Units Delivery/ Year 12,939 10,380 9,447 9,084(1) 3,077 2016 2017 2018 2019 2020 UAE International Q3 2016 Results Presentation November 21, 2016 Page 28 (2): 2020 deliveries are based on projec
Slide 30: Overview of UAE Delivery Schedule
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Overview of UAE Delivery Schedule UAE Delivery Schedule # of Units Completed Under DevelopmentCumulative till 2015 2015 2016 2017 2018 2019 2020 Emaar Properties Downtown 9,879 7,267 9,879 - - 1,777 2,014 1,922 1,554 Dubai M
Slide 31: Overview of International Delivery Schedule
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Overview of International Delivery Schedule Under To be Cumulative Country Entity Completed 2016 2017 2018 2019 2020 Development Developed till 2015 Subsidiaries Emaar Misr 3,019 7,126 2,060 2,408 907 1,285 2,170 1,190 4,245
Slide 32: Emaar Group Hotel Portfolio
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Emaar Group Hotel Portfolio Residences in Hotel Hotel Management Company Classification Keys Operational Pool(6) Emaar Hospitality Group Hotel Portfolio Dubai Armani Hotel at Burj Khalifa Armani Hotel - Dubai 5 Star 160 23 2
Slide 33: Emaar Hospitality Group: Asset Performance Breakdown
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Emaar Hospitality Group: Asset Performance Breakdown Emaar Hospitality Group: Asset Performance Breakdown The Address Downtown(1) The Palace Downtown The Address Dubai Mall 9M 2016 9M 2015 9M 2016 9M 2015 9M 2016 9M 2015 Ava
Slide 34: Emaar Hospitality Group: Hotels / Apartments Under Development
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Emaar Hospitality Group: Overview of Hotels / Apartments Under Development Hotel Location Launch Keys Serviced Apartments(1) Estimated Completion The Address The BLVD Downtown 2012 196 533 2016 The Address Sky View Downtown
Slide 35: Overview of Land Bank
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Overview of Land Bank* Gross Land Area UAE Land Bank (Million SQM) Emaar Dubai 5.1 Dubai Hills 9.0 Dubai Creek 5.5 Dubai World Trade Centre (DWTC) 0.9 Dubai World Central (DWC) 6.7 Total UAE Land Bank 27 Gross Land Area Inte
Slide 36: Group Structure
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Group Structure EMAAR Properties PSJC Emaar Dubai Emaar Malls Group Hotels & Resorts Hospitality Property Development Emaar International Emaar Investments 84.6% 100% 100% Projects—100% Emrill Services Emaar MGF-India KSA-EE
Slide 37: GAV by Segment
Key Highlights Income Statement Balance Sheet Operational Overview Appendix GAV by Segment December 2015 Book Value Split December 2015 Fair value Split Others 3% Associates 1% 8% Emaar Hospitality 5% 33% 8% 5% 36% Retail & Leasing UAE Development 21% 20% 36% 24% International Development Total: AED
Slide 38: GAV by Segment (Cont'd)
Key Highlights Income Statement Balance Sheet Operational Overview Appendix GAV by Segment (Cont’d) GAV: Development Properties GAV: Fixed Assets AED Million 2015 2014 AED Million 2015 2014 Book Fair Book Fair Book Fair Book Fair AED Million AED Million Value Value Value Value Value Value Value Valu
Slide 39: NAV Table
Key Highlights Income Statement Balance Sheet Operational Overview Appendix NAV Table 2015 2014 AED Million Book Value Fair Value Book Value Fair Value Cash and Bank Balances 17,919 17,919 16,018 16,018 Trade and Other Receivables 7,431 7,431 4,518 4,518 Development Properties 21,357 61,868 27,626 7
Slide 40: Glossary
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Glossary Sales The sale of off-plan units in project launches or completed units from inventory. Completed units that are ready for handover to clients; some delivered/completed units may not have been Deliveries sold and re