Al Dar Properties · ADX:ALDAR
Al Dar Properties — Aldar Properties PJSC — Investor Presentation (September 2016)
22 slides from Al Dar Properties's investor presentation, September 2016
Slide 1: Aldar Properties PJSC Investor Presentation – September 2016
Q1 2016 RESULTS PRESENTATION 10 May 2016 ALDAR PROPERTIES PJSC INVESTOR PRESENTATION – SEPTEMBER 2016
Slide 2: Disclaimer
DISCLAIMER This disclaimer governs the use of this presentation. You must not rely on the information in the presentations and alternatively we recommend you to seek advice from an appropriately qualified professional. If you have any specific questions about any matter in this presentation you shou
Slide 3: Aldar at a Glance
ALDAR AT A GLANCE • Leading Abu Dhabi real estate developer and asset manager – c.23,000 units delivered since inception • Listed on the Abu Dhabi Stock exchange since 2005 • Market capitalisation of AED20.8bn² • Sizeable land bank – 75 million sqm in Abu Dhabi • Large and diverse recurring revenue
Slide 4: Business Overview
BUSINESS OVERVIEW Property development Asset management Adjacent Businesses management Property Development Retail Schools • Current projects – Ansam, Hadeel, Nareel, Merief, • 470,000 sqm GLA across 27 assets • Aldar Academies – 100% owned Meera, Mayan and Yas Acres • 30,000 sqm GLA under developme
Slide 5: Key Messages
KEY MESSAGES Strong development sales • Positive market demand for projects – Yas Acres and Mayan - AED 1.0 billion sales during Q2 2016 • 1,500 unit per year guidance maintained • Diversing buyer mix Commitment to recurring revenues growth • Resilient and diverse asset base • 2016 AED 1.6 billion N
Slide 6: Land Bank
LAND BANK Land bank Destination land bank Yas Island Shams Abu Dhabi Lulu Island Seih Al Sdeirah Al Mashtal ABU DHABI ISLAND Al Merief Al Falah Al Nareel Island Al Raha Beach West Destination Land GFA Land bank (m sqm) (m sqm) Al Gurm (Phase II) Motor World Yas Island 7.1 3.8 Al Raha Beach 3.7 1.2 C
Slide 7: Current Development Pipeline
CURRENT DEVELOPMENT PIPELINE Project Location Launch Details Expected completion Announced Launched Sold¹ Ansam Yas Island 2014 Prime apartments and townhouses 2017 547 547 88% Hadeel Al Raha Beach 2014 Prime apartments and townhouses 2017 233 233 91% Nareel Abu Dhabi Island 2015 High-end villa plot
Slide 8: Launch of Yas Acres
LAUNCH OF YAS ACRES • AED 6 billion GDV development • 1,315 unit golf and waterfront development on the North of Yas Island • Located within the fully-owned North Yas land bank • Wide offering – from 2-bed townhouses up to 6-bed golf course villas • High quality, investment zone villa previously una
Slide 9: Asset Management Highlights
ASSET MANAGEMENT HIGHLIGHTS Retail 98% trading occupancy at Yas Mall Resi 96% occupancy across residential portfolio Office 95% occupancy across office portfolio 76% H1 2016 occupancy across Hotels hotel portfolio 9
Slide 10: NOI Growth Ahead
NOI GROWTH AHEAD 2,200 1,505 1,600 +40% 1,010 700 H1 2016: 798m 2013FY 2014FY 2015FY 2016E 2020E • Significant growth over 2014 and 2015 as key assets stabilised • 2016 guidance remains at AED 1.6 billion • Target 40% growth in NOI by 2020 through asset maturity and AED 3 billion investment plan • 3
Slide 11: Gross Debt in Line with Policy
GROSS DEBT IN LINE WITH POLICY 13.8 Gross debt as at period end (AED bn) 9.1 6.0 6.0 31 Dec 13 31 Dec 14 31 Dec 15 30 Jun 16 Interest expense 727 382 240 118 Average interest rate 5.9% 2.7% 3.2% 3.3% Debt LTV ¹ 35% 35% • Gross debt now in line with debt policy, no further pay down expected • Success
Slide 12: Dividend Policy
DIVIDEND POLICY Asset management Development business business Pay-out factor Distributable free cash flow ¹ Realised profit Policy Range 65-80% Discretionary Methodology/ key drivers Net operating income Less: Interest expense Maintenance capex + Upon completion of Ansam, Al Hadeel, Al Nareel, Al M
Slide 13: Appendix
Q1 2016 RESULTS PRESENTATION 10 May 2016 APPENDIX
Slide 14: Development Summary Table – June 2016
DEVELOPMENT SUMMARY TABLE – 30 JUNE 2016 Project Location Recognition Launch Q2 2016 Total as at 30 Jun 2016 Revenue Expected date Sold Sold unit Sold Sold unit sales Units % sold recognition completion units ¹ sales value units ¹ value (AEDm) ² launched % (AEDm) ² Ansam Yas Island Over-time 2014 6
Slide 15: Key Financials – Q2 2016
KEY FINANCIALS – Q2 2016 Profit and loss statement Balance sheet AED millions Q2 2016 Q2 2015 As at As at AEDm 31 Mar 2016 30 Jun 2016 (adjusted) Revenues 1,696 1,106 Direct costs (1,003) (612) Property, plant and equipment 3,000 2,985 Gross profit 693 494 Investment properties 15,788 15,798 Gross p
Slide 16: Q2 2016 Segmental Reporting
Q2 2016 SEGMENTAL REPORTING Q2 2016 recurring revenues of AED706 million (Q2 2015: AED686 million) ¹ 783 Segmental Revenue Performance AED Millions Shams land transaction 425 406 Revenue: AED 524 million 320 292 218 112 135 28 29 27 25 Investment Properties Hospitality & Leisure Operative Villages A
Slide 17: Outstanding Government Receivables
OUTSTANDING GOVERNMENT RECEIVABLES Remaining cash inflows Remaining P&L events Other Transaction (AEDm) H2 2016 2017 Total Income Total income Sale of F1 Race Track 348 348 696 - - - Sale of Al Raha Beach Land ¹ 950 - 950 544 - 544 Shams Infrastructure Reimbursement ¹ 300 - 300 - 731 731 1,598 348 1
Slide 18: Debt & Credit Overview
DEBT & CREDIT OVERVIEW Rating agency Rating Outlook Last update • Debt policy to maintain 35-40% gross debt against the value of investment properties and operating businesses S&P Global BBB Stable Aug 2016 • Debt today sits at AED 6 billion – in line with policy Moody’s Baa3 Stable Dec 2015 • AED 1
Slide 19: Abu Dhabi Macro Data – Real GDP Growth
ABU DHABI MACRO DATA – REAL GDP GROWTH Abu Dhabi real GDP growth (2011-2015) ¹ Key sectors contributing to non-oil real GDP growth¹ 9.3% 6.3% 4.9% 4.5% 8.9% 8.4% 4.4% 6.7% 6.0% 5.9% 2011 2012 2013 2014 2015 Real GDP growth Non-hydrocarbon real GDP leads growth ¹ 11.7% 8.9% 8.4% 5.9% 6.0% 6.7% 5.0% 2
Slide 20: Abu Dhabi Macro Data – Nominal GDP Breakdown
ABU DHABI MACRO DATA – NOMINAL GDP BREAKDOWN Abu Dhabi 2011 Nominal GDP breakdown¹ Abu Dhabi 2015 Nominal GDP breakdown¹ 15.1% 21.0% 3.9% 37.6% 4.1% 9.2% 9.9% 57.3% 4.0% 7.1% 5.7% 6.8% 11.9% 6.4% ¹ Abu Dhabi Global Medium Term Note Programme April 2016 20
Slide 21: Abu Dhabi Macro Data – Revenues and Spending
ABU DHABI MACRO DATA – REVENUES AND SPENDING Falling Government dividends and royalties as hydrocarbon Government spending declining ¹ revenues fall off ¹ 415.0 428.7 391.4 369.1 376.0 338.6 290.7 282.2 294.7 262.3 244.5 207.6 2011A 2012A 2013A 2014A 2015A 2016F 2011A 2012A 2013A 2014A 2015A 2016F C
Slide 22: Thank You
Q1 2016 RESULTS PRESENTATION 10 May 2016 THANK YOU
Aldar Properties PJSC — Investor Presentation (September 2016) on 6ix