Emaar Properties (P.J.S.C) · DFM:EMAAR
Emaar Properties (P.J.S.C) — Emaar Malls PJSC — Q1 2016 Earnings Presentation
19 slides from Emaar Properties (P.J.S.C)'s earnings presentation, Jun 2, 2016
Slide 1: Emaar Malls PJSC Q1 2016 Results
Emaar Malls PJSC Q1 2016 RESULTS 2 June 2016
Slide 2: Disclaimer
DISCLAIMER Emaar Malls PJSC (EM) gives 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 presentation are made without responsibil
Slide 3: Table of Contents
TABLE OF CONTENTS Highlights 4 Vision and strategy 5 Financial results 6 Portfolio 7 Portfolio results 8-9 Rental income 10 Key strengths 11 - 12 Lease renewal status 13 Development pipeline 14 The Dubai Mall expansions 15 Financial highlights 16 Balance sheet and key ratios 17 Governance 18 Q1 2016
Slide 4: Highlights
HIGHLIGHTS 13% 99% Footfall Increase in Rental World’s Most Income GLA Occupancy Visited Leisure & Rate (Q1-16) Lifestyle (Q1-16 vs. Q1-15) Destination 14% 14% 22% Revenue EBITDA Profit Q1-16: AED 833 MM Q1-16: AED 670 MM Q1-16: AED 529 MM Q1-15: AED 731 MM Q1-15: AED 586 MM Q1-15: AED 433 MM 12% Re
Slide 5: Our Vision and Strategy
Our Vision To create world class malls delivering memorable experiences 12 Protect and Grow Portfolio in Local Market Strategy Expand Internationally 3 Innovate and Lead Transition to Next Generation Mall Q1 2016 RESULTS 5 2 June 2016
Slide 6: Financial Results
FINANCIAL RESULTS Track Record of Double Digit Top Line Growth Consistently Improving EBITDA Total Rental Income for the year/period EBITDA for the year/period AED MM AED MM 12% 14% 14% 2,250 14% 2,992 2,018 2,694 1,730 2,386 586 670 731 833 5,295 5,371 5,423 5,391 5,425 73% 75% 75% 80% 80% 2013 201
Slide 7: Portfolio
PORTFOLIO Division Assets GLA(1) Selected Pictures Super Regional The Dubai Mall 3,715 Malls Regional Dubai Marina Mall (including Pier 7) 420 Malls Souk Al Bahar, fine dining destination with views on the Dubai Fountain Specialty and Burj Khalifa 738 Retail Gold & Diamond Park, only dedicat
Slide 8: Portfolio Results
PORTFOLIO RESULTS Community Integrated Operational Super Regional Malls Regional Malls Specialty Retail Total EM Retail 99 99 100 98 (1) 96 96 91 90 85 85 Occupancy Rate (%) Q1 2015 Q1 2016 Q1 2015 Q1 2016 Q1 2015 Q1 2016 Q1 2015 Q1 2016 Q1 2015 Q1 2016 Footfall 31 31 (MM) 20 20 4 4 3 3 4 4 Q1 2015
Slide 9: Portfolio Results (Cont'd)
PORTFOLIO RESULTS (CONT’D) Community Integrated Financial Super Regional Malls Regional Malls Specialty Retail Total EM Retail 833 Rental Income 682 731 (AED MM) 601 67 41 47 53 36 37 Q1 2015 Q1 2016 Q1 2015 Q1 2016 Q1 2015 Q1 2016 Q1 2015 Q1 2016 Q1 2015 Q1 2016 662 594 Rent per sq.ft. (AED/sq.ft.)
Slide 10: Rental Income
RENTAL INCOME 1 Contractual base rent escalation of typically 7% 11% per annum 2,992 13% 2 2,694 14% Net turnover rent based 2,386 14% on percentage of 12% tenants’ sales 15% 11% 14% 8% 833 3 11% 12% 731 Majority of annual service 15% 4 14% 13% charges charged to the 3 12% tenants recovered (c
Slide 11: Key Strengths
KEY STRENGTHS Significant GLA 5.9 m Sq ft of GLA, 96% Occupancy (Mar 2016). Significant Footfall EM: footfall 31 million (Q1-15: 31 million). The Dubai Mall 3.7m Sq ft GLA, GLA occupancy at 99% (Mar 2016). Diversified Lease Payment Risk Lease payment risk diversified across a significant num
Slide 12: Key Strengths (Cont'd)
KEY STRENGTHS (CONT’D)… Exclusive Tenants Several exclusive tenants who do not have retail outlets anywhere else in the UAE / GCC including Bloomingdales, Galleries Lafayette. Dubai Mall is being expanded with additional leasable area of approximately 15% of the current mall. The expansion is li
Slide 13: Lease Renewal Status
LEASE RENEWAL STATUS Active Tenant Management Attractive Renewal Terms Achieved in Q1-16 Significant waitlist allows EM to actively manage its Lease Expiry Schedule % of leased main unit GLA due to be expiring in the forthcoming years (as of 31-Mar-2016) tenant base Waitlist of more than 4,000 b
Slide 14: Development Pipeline
DEVELOPMENT PIPELINE Overview of Pipeline The Dubai Mall Fashion expansion Targeted Weight of EM Extensions vs. Greenfield Development Pipeline vs. Under Development Total Portfolio In % of GLA Up to 100% <20% Extension of GAV Commence: January 2014, expected opening date: H1 2017 Estimated cons
Slide 15: The Dubai Mall - Expansions
THE DUBAI MALL - EXPANSIONS 2 1. Fashion Avenue Expansion 1 2. Zabeel Expansion (including car park) 3 3. Boulevard Expansion 4 4. Fountain View Expansion (including car park) Q1 2016 RESULTS 15 2 June 2016
Slide 16: Financial Highlights
FINANCIAL HIGHLIGHTS Q1 2016 Q4 2015 % Q1 2016 Q1 2015 % AED' million AED' million Rental Income 833 821 1% 833 731 14% Operating expenses (108) (120) (10%) (108) (99) 9% Operating profit 725 701 3% 725 632 15% Sales, marketing, general & (55) (116) (53%) (55) (46) 20% administrativ e expenses EBITD
Slide 17: Balance Sheet and Key Ratios
BALANCE SHEET AND KEY RATIOS 31-Dec-15 31-Mar-16 Net book value Fair value Net book value Fair value ASSETS /------------------------------------------ AED' million ------------------------------------------/ Property plant and equipment & Inv estment Properties 21,050 49,283 21,084 49,283 Bank bala
Slide 18: Governance
GOVERNANCE Overview of Board of Directors Non- independent Directors Mohamed Alabbar, Chairman Ahmed Al Matrooshi Abdulla Belyoahah Abdulrahman Alhareb Chairman of Managing Director of Director of Debt Management Chief Internal Audit Emaar Properties PJSC Emaar Properties PJSC Division of the Depart
Slide 19: Thank you
شكرا Q1 2016 RESULTS 19 2 June 2016