Al Dar Properties · ADX:ALDAR
Al Dar Properties — Q1 2020 Earnings Presentation
20 slides from Al Dar Properties's earnings presentation, May 21, 2020
Slide 1: Q1 2020 Results Presentation
Q1 2020 RESULTS PRESENTATION QUARTER ENDED 31 MAR 2020 21 MAY 2020 #ALDARQ120 #ALDAR Aldar Q1 2020 Results
Slide 2: Disclaimer
This disclaimer governs the use of this presentation. You must not rely on the information in the presentations and alternatively we recommend you seek advice from an appropriately qualified professional. If you have any specific questions about any matter in this presentation you should consult an
Slide 3: Summary Q1 2020
Resilient financial performance Lower development sales ▪ Revenue flat at AED 1.8 bn ▪ Development sales down 67% to AED ▪ Gross profit down 3% to AED 0.7 bn 0.3 bn, no new development launches ▪ Net profit down 39% to AED 0.3 bn ▪ 83% sold across development pipeline ▪ AED 3.9 bn revenue backlog Ro
Slide 4: COVID-19 impact overview
Development impact Asset management impact Corporate impact ▪ Handovers – slower than ▪ Hotels – largest impact for Q1 as ▪ Business continuity – majority of expected handed over to customers Yas hotel lockdown commenced employees have been working from given careful management of end of Feb’20, maj
Slide 5: Development highlights
AED mn Q1 2020 Q1 2019 Variance No new development launches and impact of Development sales 333 1,016 (67%) COVID-19 restrictions DEVELOPMENT Development revenues 808 718 +13% Progress on projects under construction, inventory sales and govt projects (twofour54) Property development 683 692 (1%) HIG
Slide 6: Asset management highlights
AED mn Q1 2020 Q1 2019 Variance Recurring revenues 805 858 (6%) Asset Management 559 632 (11%) MANAGEMENT Adjacent Businesses 246 226 9% Both revenue and NOI decline predominantly due to Covid-19 impact on hospitality business during Q1 2020 Net operating income (NOI) 404 431 (6%) HIGHLIGHTS Asset M
Slide 7: NOI walk
NOI decline of 6% predominantly due to Covid-19 impact on hospitality business (AED mn) 431 404 2 -6 - MANAGEMENT 37 -38 15 52 56 18 Etihad Plaza added Al Jimi Mall Etihad Airways Insurance claims Aldar Academies 103 in Mar’19 extension Centre addition under process profit growth NOI WALK 103 Occupa
Slide 8: Key adjacent businesses
KEY ADJACENT BUSINESSES Aldar Education Khidmah Provis Saadiyat district cooling assets ▪ Aldar Academies is the leading operator and ▪ 40% minority stake acquired in September ▪ Assets acquired as part of TDIC asset provider of private education in Abu Dhabi with 2018 acquisition in Q2 2018 the lar
Slide 9: Balance sheet
Robust balance sheet position Prudent capital management and governance in place AED millions As at 31 As at 31 Dec’19 Aldar Properties PJSC Mar’20 BALANCE SHEET Assets Property, plant and equipment 3,447 3,505 Investment properties 16,734 16,782 Asset Development DWIP and inventories 8,543 8,397 Ma
Slide 10: Key messages
Covid-19 Impact felt across entire group, proactive measures taken to manage situation KEY MESSAGES Resilient financial Flat revenue and gross profit performance in challenging market conditions performance Development sales No new development launches and slower inventory sales Diversified multi as
Slide 11: Appendix
APPENDIX Aldar Q1 2020 Results
Slide 12: Development pipeline project table
Total as at 31 Mar 20 Launch Project Location Sales value Units % Expected completion date Sold units ¹ % sold DEVELOPMENT (AEDm) ¹ launched completion Ansam Yas Island 2014 534 944 547 98% 100% Handed over Hadeel Al Raha Beach 2014 230 491 233 99% 100% Handed over Nareel Abu Dhabi Island 2015 88 1,
Slide 13: Development projects handed over and under handover
DEVELOPMENT HANDED OVER COMMENCED HANDOVER HANDED OVER Nareel Island HANDED OVER EXPECTED COMPLETION: 2020/21 Jawaher Ansam Type: Exclusive land plots for villa West Yas Mayan Type: Golf-view villas and Type: Prime residential apartments development Type: Villa development Type: Prime residential ap
Slide 14: Development projects expected completion 2021
DEVELOPMENT COMMENCED HANDOVER EXPECTED COMPLETION: 2021 EXPECTED COMPLETION: 2021 EXPECTED COMPLETION: 2021 EXPECTED COMPLETION: 2021 Yas Acres Alghadeer Reflection Alreeman II Saadiyat Reserve Type: Villa and townhouse Type: Residential land plots Type: Mid-market residential Type: Mid-market resi
Slide 15: Asset management portfolio by segment
MANAGEMENT Retail Residential Commercial Hospitality Number of properties¹ 32 12 15 20 1,236 retail units 5,614 units 236 units 2,930 keys Leasable area (485,548 sqm GLA) (828,826 sqm GLA) (318,074 sqm GLA) (436,313 sqm GLA) 89% Portfolio occupancy¹ 88% 91% 64% (incl. Yas Mall 85%) WAULT¹ 3.7 years
Slide 16: Financial statements
Profit and loss Balance sheet AED millions Q1 2020 Q1 2019 AED millions 31-Mar-20 31-Dec-19 STATEMENTS Revenue 1,757 1,765 Property, plant and equipment 3,447 3,505 Direct costs (1,058) (1,042) Investment properties 16,734 16,782 Gross profit 699 723 DWIP & Inventories 8,543 8,397 Gross profit Margi
Slide 17: Segmental analysis
Q1 2020 recurring revenues of AED 808 million (Q1 2019: AED 858 million; Q4 2019: AED 924 million) ¹ 785 Quarterly Segmental Revenue Performance 683 692 AED Millions 418 422 439 390 414 411 258 210 229 SEGMENTAL 141 125 26 Investment Properties Hospitality & Leisure Adjacent Businesses Development M
Slide 18: Government stimulus initiatives
Federal Government initiatives Abu Dhabi Government initiatives The UAE has rolled out stimulus plans that so far total AED 282.5 billion ($79 billion) Abu Dhabi Executive Council launched 16 initiatives to support businesses and the community Banking People Exemptions until the end of 2020 Waivers
Slide 19: Government policy reform
Abu Dhabi Government initiatives Energy industry plans Federal announcements POLICY REFORM ▪ ‘Ghadan 21’ is a programme that aims to make Abu Dhabi ▪ ADNOC will continue to deliver on its 2030 smart growth ▪ The UAE has rolled out stimulus plans that so far total one of the best cities in the world
Slide 20: Contact us
CONTACT US For any further enquiries please contact: Chris Wilson Mohamed ALMaazmi Head of Investor Relations Investor Relations + 971 2 810 5624 + 971 2 810 5866 cwilson@aldar.com malmaazmi@aldar.com Aldar Q1 2020 Results 19