Emaar Properties (P.J.S.C) · DFM:EMAAR
Emaar Properties (P.J.S.C) — Emaar Properties — Q1 2017 Earnings Presentation
39 slides from Emaar Properties (P.J.S.C)'s earnings presentation, May 2017
Slide 1: Emaar Properties Q1 2017 Results
Emaar Properties Q1 2017 Results May 2017
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 Q1 2017 Results Presentation 14 May 2017 Page 2
Slide 4: Emaar Properties at a Glance
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Emaar Properties at a Glance #1 189 MM 39% listed developer SQM of land (65% of EBITDA) by market cap bank in key recurring in MENA(1) countries revenues +42,000 15.03 178.50 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 Q1 2017 Q1 2016 % Change Group Property Sales 6,421 5,151 25% Revenue 4,072 3,529 15% Gross Profit 2,039 1,906 7% Margin (%) 50% 54% (7%) EBITDA 1,674 1,492 12% Margin (%) 41% 42
Slide 6: Key Achievements
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Key Achievements Dubai sales increased by 44% to AED 6.049 BN Q1-2017 compared to AED 4.194 BN Q1-2016. AED 6.421 BN Group property sales achieved in Q1-2017, 25% higher compared to Q1-2016. Recurring revenue generatin
Slide 7: Results by Segment
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Results by Segment Revenues Breakdown of Results AED million Revenues 15% 12% 65% - 8% 2% 4,072 3,529 8% 1,656 1,476 11% 824 499 813 813 437 406 342 335 41% Emaar UAE International Emaar Malls Emaar Entertainment 20% Propert
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 98,987 MM +1,466 Trade & Other Bank Balances & 8,961 8,882 12 Payables Cash 18 -1,418 -136 +8 Advances from Trade &
Slide 9: Credit Ratios
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Credit Ratios EBITDA / Interest Net Debt / EBITDA 12.0x 2015 0.10x 11.7x -0.01x 2015 2016 2017 10.8x 2015 2016 2017 -0.78x Net Debt / Equity Debt / GAV 2015 2017 18.0% 18.0% 0.2% 0.4% 2015 2016 2017 17.0% -12.2% 2015 2016 20
Slide 10: NAV Bridge
Key Highlights Income Statement Balance Sheet Operational Overview Appendix NAV Bridge NAV Bridge December 2016 Fair value of GAV Split AED MM 1% 5% 4% 30% 107,998 +2,890 107,621 +3,364 +542 +898 103,248 -8,071 37% 23% Total: AED 178,509 MM UAE Development Emaar Hospitality International Development
Slide 11: UAE Development: Launches
Key Highlights Income Statement Balance Sheet Operational Overview Appendix UAE Development 2017 Launches Market Overview 2,923 units launched in Q1 2017 with a Launches Q1-2017 total sale value of AED 5.608 BN. Q1 2017 sales across all projects in the UAE valued at AED 6.049 BN. Downtown Views
Slide 12: International Development
Key Highlights Income Statement Balance Sheet Operational Overview Appendix International Development Market Overview International Sales(1) Units Released Q1 2017 sales across all international Egy 92 8 10,602 projects valued at AED 371 MN. pt Total international backlog amounted to Turk 74 26
Slide 13: Emaar Malls
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Emaar Malls Q1 2017 Q1 2016 % Change Key Highlights GLA Emaar Malls records 10% growth in footfall YoY 5,804 5,907 (2%) to 34 MN visitors (MM SQFT) Occupancy Rate Maintains robust revenue while the mall 96% 96% - reposit
Slide 14: Emaar Hospitality Group
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Emaar Hospitality Group Q1 2017 Q1 2016 % Change Key Highlights Occupancy Rate The Address Downtown Hotel is under renovation 89% 92% (4%) post fire incident and expected to open in Q4 (%)* 2017 RevPar 1,215 1,236 (2%) A
Slide 15: Emaar Misr for Development
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Emaar Misr for Development(1) AED EGP (2) (2) Q1 2017 Q1 2016 Change % Q1 2017 Q1 2016 Change % Key Highlights Units Launched 231 412 (44%) 231 412 (44%) Delivered 183 units in Q1 2017 Units Delivered 183 116 58% 183 116 5
Slide 16: Summary
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Summary Financial Total group sales in Q1 2017 valued at AED 6.42 BN and a total backlog of AED Performance 46.24 BN, Emaar is on track to boost profitability in the coming years. Sales across all projects in the UAE amo
Slide 17: Appendix
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Slide 18: Overview of Divisions
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Overview of Divisions Property Property Emaar Hospitality Entertainment & Development Emaar Malls PJSC Development UAE Group Leasing International • Leading master plan • Active in 10 targeted • Listed on DFM since • Hotel o
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 % Completion Dubai Operations Fountain Views 289 1,061,453,716 Jan-13 2018 72% Fo
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 % Completion Dubai Hills Estates Units Sale Value (AED) Date of Launch E
Slide 22: Location of Development Projects
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Location of Development Projects Q1 2017 Results Presentation 14 May 2017 Page 21
Slide 23: The Dubai Mall Expansions
Key Highlights Income Statement Balance Sheet Operational Overview Appendix The Dubai Mall Expansions Q1 2017 Results Presentation 14 May 2017 Page 22
Slide 24: 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 (Downtown) 14 55 7 Il Primo 8 Opera
Slide 25: 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 26: 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) Q1 2017 Results Presentation 14 May 2017 Page 25
Slide 27: 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) Q1 2017 Results Presentation 14 May 2017 Page 26
Slide 28: Overview of Delivery Schedule
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Overview of Delivery Schedule Units Delivery/ Year 14,289 12,497 12,791 5,404 3,960(1) 2017 2018 2019 2020 2021 UAE International Q1 2017 Results Presentation 14 May 2017 Page 27 (1): 2021 deliveries are based on projects la
Slide 29: Overview of UAE Delivery Schedule
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Overview of UAE Delivery Schedule UAE Delivery Schedule Under Cumulative till # of Units Completed 2017 2018 2019 2020 Development 2016 Emaar Properties Downtown 10,412 7,697 9,879 533 3,258 1,922 2,517 Dubai Marina 4,450 83
Slide 30: 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 2017 2018 2019 2020 2021 Development Developed till 2016 Subsidiaries Emaar Misr 3,556 7,066 3,121 3,340 1,391 2,098 1,190 4,245 1,4
Slide 31: Emaar Hospitality Group Portfolio
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Emaar Hospitality Group 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 16
Slide 32: 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 Boulevard (1) The Palace Downtown The Address Dubai Mall Q1 2017 Q1 2016 Q1 2017 Q1 2016 Q1 2017 Q1 2016
Slide 33: 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 Serviced Estimated Hotel Location Launch Keys Apartments(1) Completion The Address Sky View Downtown 2013 169 551 2017 The Address Fountain Views Dow
Slide 34: 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 4.6 Dubai Hills 6.5 Dubai Creek 5.5 Dubai World Trade Centre (DWTC) 0.9 Dubai World Central (DWC) 6.5 Total UAE Land Bank 24 Gross Land Area Inte
Slide 35: Group Structure
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Group Structure EMAAR Properties PSJC Emaar Dubai Emaar Malls PJSC Hotels & Resorts Hospitality Property Development Emaar International Emaar Investments 84.6% 100% 100% Projects—100% Emrill Services Emaar MGF-India KSA-EEC
Slide 36: GAV by Segment
Key Highlights Income Statement Balance Sheet Operational Overview Appendix GAV by Segment December 2016 Book Value Split December 2016 Fair value Split Others 2% Associates 1% 5% Emaar Hospitality 4% 7% 30% 5% 31% UAE Development 20% Retail & Leasing 23% 37% 35% International Development Total: AED
Slide 37: 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 2016 2015 AED Million 2016 2015 Book Fair Book Fair Book Fair Book Fair AED Million AED Million Value Value Value Value Value Value Value Valu
Slide 38: NAV Table
Key Highlights Income Statement Balance Sheet Operational Overview Appendix NAV Table 2016 2015 AED Million Book Value Fair Value Book Value Fair Value Cash and Bank Balances 17,289 17,289 17,919 17,919 Trade and Other Receivables 10,576 10,576 7,431 7,431 Development Properties 32,456 63,621 21,357
Slide 39: 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