Emaar Properties (p.j.s.c) · DFM:EMAAR
Emaar Properties (p.j.s.c) — Emaar Properties — FY2014 Earnings Presentation
37 slides from Emaar Properties (p.j.s.c)'s earnings presentation, Apr 6, 2015
Slide 1: Emaar Properties FY 2014 Results
Emaar Properties FY 2014 Results April 2015
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 April 6, 2015 Page 2
Slide 4: Emaar Properties at a Glance
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Emaar Properties at a Glance #1 235 MM 54% listed developer (71% of EBITDA) SQM of land by market cap recurring bank in MENA(1) revenues 38,720 13 151 residential units AED BN AED NAV/ delivered since Market Value of Share 2
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 Q4 2014 Q4 2013 % Change FY 2014 FY 2013 % Change Group Property Sales 2,736 5,011 (45%) 17,302 16,629 4% Revenues 2,854 2,762 3% 9,893 10,328 (4%) Gross Profit 1,539 1,516 2% 5,
Slide 6: Key Achievements
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Key Achievements Successfully launched 13 new projects in Dubai in 2014 with a total sales value of AED 10,394; total sales in FY 2014 amounted to AED 12,338 BN. Emaar Malls Group lists on DFM following a landmark IPO tr
Slide 7: Results by Segment
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Results by Segment Revenues Breakdown of Results AED million Revenues (4)% (40)% 67% 13% 11% 10% 10,328 9,893 4,408 10% 2,656 2,695 27% 1,870 2,386 1,681 1,120 1,515 899 991 17% Emaar UAE International Emaar Malls Emaar Emaa
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 74,179 MM +2,519 +7,830 Bank Balances & Trade & Other Cash Payables 7,671 13 22 4,039 -6,705 -12 Trade Receivables,
Slide 9: Credit Ratios
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Credit Ratios EBITDA / Interest Net Debt / EBITDA 9.1x 2.2x 6.1x 4.7x 0.5x 2014 2012 2013 2014 -0.8x 2012 2013 2014 Net Debt / Equity Debt / GAV 22.0% 19.0% 18.0% 5.6% 2014 17.0% 2012 2013 2014 2014 -11.1% 2012 2013 2014 Sol
Slide 10: NAV Bridge
Key Highlights Income Statement Balance Sheet Operational Overview Appendix NAV Bridge NAV Bridge December 2014 GAV Split AED MM 1% +7,907 96,638 2% 4% -1,532 6% +1,083 +246 +454 88,794 -315 43% 24% 58,628 20% Total: AED 151,426 MM UAE Development Emaar Hospitality Dec-12 Dec-13 Change in Change in
Slide 11: UAE Development
Key Highlights Income Statement Balance Sheet Operational Overview Appendix UAE Development Market Overview Segment Highlights 3,726 units launched in 2014 with a Q4 2014 Launches total sales value of AED 10,394 BN; 835 units launched in Q4 2014 with a Dubai Creek Residences Dubai Creek Residenc
Slide 12: International Development
Key Highlights Income Statement Balance Sheet Operational Overview Appendix International Development Market Overview FY 2014 International Sales FY 2014 sales across all international Units Released projects amounted to AED 4,964 BN & AED 881 MN in Q4. Egy 96 4 6,467 pt Emaar Misr outperforms e
Slide 13: Emaar Malls Group
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Emaar Malls Group Q4 Q4 % FY FY % 2014 2013 Change 2014 2013 Change Key Highlights Footfall EMG lists on DFM following a vastly successful 33 28 18% 114 104 10% (MM) IPO on October 2, 2014 raising AED 5.8 BN and issues a 1
Slide 14: Emaar Hospitality Group
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Emaar Hospitality Group Q4 Q4 % FY FY % 2014 2013 Change 2014 2013 Change Key Highlights Occupancy Manzil Downtown (197 Keys) reopens on 87% 87% - 83% 83% - December 15, 2014 after refurbishment. Rate (%) 5% Y-o-Y Room R
Slide 15: Strategic Tie-ups 2013 & 2014
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Strategic Tie-ups 2013 & 2014 Dubai Creek Harbor (The Lagoons) Dubai Hills Estate (In MBR City) Joint venture with Dubai Holding Estimated Development Value AED 158,028 Million Rove (formerly Dubai Inn) Joint venture with Me
Slide 16: Summary
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Summary Financial With FY 2014 Group sales amounting to AED 17,302 BN, Emaar is on track to boost Performance profitability in the coming years. Continuous value creation for shareholders with ability to deliver signific
Slide 17: Appendix
NW end Appendix
Slide 18: Overview of Divisions
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Overview of Divisions Property Property Emaar Hospitality Development Emaar Malls Group Emaar Retail Development UAE Group International • Leading master • Active in 10 • Listed on DFM • Hotel owner and • Provider of plan de
Slide 19: 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 20: 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 Dubai Operations Burj Dubai – The Address The Blvd 531 1,928,079,798 Sep-12 2016
Slide 21: 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) Project Business Description Units Sale Value (AED) Date of Launch Expected Completion Date Arabian Ranches Phase II – Casa 253 941,344,510 Nov-12 2015 Arabian Ranc
Slide 22: Location of Development Projects
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Location of Development Projects FY 2014 Results Presentation April 6, 2015 Page 21
Slide 23: 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 5 A2 6 A3 7 A4 8 Opera House 3 9 B1 21 54 10 B2 23 11 B4 12 C1 & C2 53 2 24 13 C3 22 14
Slide 24: 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 25: Overview of Delivery Schedule
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Overview of Delivery Schedule Units Delivered/ Year 5,755 5,338 3,544 2,120 1,480 2014 2015 2016 2017 2018 UAE International(1) FY 2014 Results Presentation April 6, 2015 Page 24 (1): International deliveries do not include
Slide 26: Overview of UAE Delivery Schedule
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Overview of UAE Delivery Schedule # of Units Completed Under Development Cumulative till 2014 2014 2015 2016 2017 2018(1) Emaar Properties Downtown 9,932 4,241 9,932 531 578 1,639 1,493 Dubai Marina 4,450 4,460 Arabian Ranch
Slide 27: Overview of International Delivery Schedule
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Overview of International Delivery Schedule Country Entity Completed Under Development To be Developed Cumulative till 2014 2015 2016 2017 2018 Subsidiaries Emaar Misr 1,691 3,002 2,481 1,587 983 1,032 1,792 1,780 Emaar Midd
Slide 28: 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 AHM(1) 5 Star 160 NA 2010 The Addres
Slide 29: 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 The Palace Downtown The Address Dubai Mall FY 2014 FY 2013 FY 2014 FY 2013 FY 2014 FY 2013 Availa
Slide 30: 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 198 523 2016 The Address Sky View Downtown
Slide 31: Overview of Land Bank
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Overview of Land Bank Gross Land Area Country (Million SQM)(1) Saudi Arabia (Emaar Economic City) 149 Saudi Arabia (Emaar Middle East) 4 India 43 Egypt 13 Pakistan 2 Turkey 1 Lebanon & Syria 1 Key International Markets 213 U
Slide 32: 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 33: GAV by Segment
Key Highlights Income Statement Balance Sheet Operational Overview Appendix GAV by Segment December 2014 Book Value Split December 2014 GAV Split Others 2% 1% Associates 8% Emaar Hospitality 4% 7% 2% 2% 6% Emaar Retail 43% 45% 13% Emaar Malls Group 24% UAE Development 23% 20% International Developme
Slide 34: 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 2014 2013 AED Million 2014 2013 Book Fair Book Fair Book Fair Book Fair AED Million AED Million Value Value Value Value Value Value Value Valu
Slide 35: NAV Table
Key Highlights Income Statement Balance Sheet Operational Overview Appendix NAV Table 2014(1) 2013 AED Million Book Value Fair Value Book Value Fair Value Cash and Bank Balances 14,658 14,658 7,210 7,210 Trade and Other Receivables 4,111 4,111 3,170 3,170 Development Properties 27,626 71,811 25,867
Slide 36: EEC’s Financial Performance Summary
Key Highlights Income Statement Balance Sheet Operational Overview Appendix EEC’s Financial Performance Summary Net Sales Revenue Net Income +47% +27% +38% +985% +53% +44% 2,272 379 1,538 1,064 273 833 189 545 156 2012 2013 2014 2012 2013 2014 2012 2013 2014 Sales and Revenue Segment Breakdown 878 7
Slide 37: 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