Emaar Properties (p.j.s.c) · DFM:EMAAR
Emaar Properties (p.j.s.c) — 9M 2022 Earnings Presentation
74 slides from Emaar Properties (p.j.s.c)'s earnings presentation, Jan 12, 2023
Slide 1: Prepared for the Future
Prepared for the Future Built on Strength, Prudence & Resilience. Investor Presentation for 9M-2022 0 |
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: Discussion Summary
Discussion Summary Investing In Emaar Expanding Footprint in UAE & International Markets Business Strategy & Outlook 2022 Results Update Sustainability Annexure 2 |
Slide 4: Investing In Emaar
Investing In Emaar 3 |
Slide 5: Emaar Purpose & Business Model
Emaar Purpose & Business Model An Enduring Enterprise Our Business Model: driven by: We operate a business model that puts risk mitigation at the centre of our core strategies. We create value by providing high quality and highly desirable environments, • Vision to redefine engineering which help ou
Slide 6: A Globally Admired Real Estate Company
A Globally Admired Real Estate Company CREATOR OF WORLD- GLOBAL RANKINGS1 IN PROVEN EXECUTION STRONG REVENUE VISIBILITY RENOWNED ARCHITECTURES LISTED REAL ESTATE SPACE + 133,0004 GLOBALLY AED 51.9 BN GLOBALLY RANKED #1 BURJ KHALIFA Over 65% of which in UAE AED 37.2 BN in UAE Best amongst the Top 50
Slide 7: Diversified Real Estate Play In UAE & International Markets
Diversified Real Estate Play In UAE & International Markets Resilient Business Model With Strong Growth Potential Total Revenues In AED Mn 13% 27,897 ✓ Significant growth delivered in difficult 25,536 market environment 23,699 18,417 15,707 ✓ Good business mix with strong upside 17,715 15,085 15,427
Slide 8: Strong Balance Sheet
Strong Balance Sheet Solid Credit Profile with very Comfortable Net Debt-to-Equity and Debt Coverage AED Million 9M 2022 Comfortable Debt Maturity Profile – Sep 2022 Debt 16,830 Cash 14,273 Net Debt 2,557 8,068 Equity 71,448 Total Assets 125,351 3,503 1 2,183 1,379 1,714 Key Ratios 9M 2022 Debt / Eq
Slide 9: Emaar In “The Value Zone”
Emaar In “The Value Zone” Emaar Properties is Trading at Significant Discount to its NAV despite Superior Financial Metrics 57% -46% Market Cap (AED Bn) -19% -59% Premium / (Discount) to BV 52.0 49.8 2 Premium / (Discount) to NAV 1 2014 9M 2022 8 | 1) Market valuation based on share price as at 8th
Slide 10: Sum of The Parts Valuation Analysis
Sum of The Parts Valuation Analysis Emaar’s market cap1 Emaar’s share of Listed companies AED 50 Bn > AED 19 Bn 49.8 13.4 Current share price implies significant 2.4 discount to Emaar’s 2.8 30.8 unlisted businesses 0.5 49.8 At the time of merger, Emaar's 30.8 share of Emaar Malls market cap was AED
Slide 11: Expanding Footprint in UAE & International Markets
Expanding Footprint in UAE & International Markets 10 |
Slide 12: Developer of Iconic Master Plans Transforming Dubai
Developer of Iconic Master Plans Transforming Dubai… Downtown Dubai Dubai Marina 2005 Today 2003 Today ✓ 500-acre Flagship Mega-Development ✓ Largest Man-Made Marina1 (3.5 sq.km.) development of ✓ One of the Most Visited Destinations In The World its kind ✓ Includes World’s Tallest Building & World’
Slide 13: Having Stood Multiple Tests of Time
…Having Stood Multiple Tests of Time Emaar’s Unique Proposition of Integrated Masterplans and Superior Quality helped to Deliver Consistent Performance in UAE Emaar’s Sales1 – Ahead of the Competition4 (~3.5x in 2021) In AED Bn 27.4 ✓ Displayed strong sales traction 18.0 14.4 14.2 14.8 ✓ Significant
Slide 14: Renowned For Its Iconic Retail Assets
Renowned For Its Iconic Retail Assets… The Dubai Mall – Most Visited Mall in the World ✓ World renowned shopping & entertainment destination ✓ 4.3 Mn sq. ft. GLA1 (incl. Fashion Avenue Expansion) ✓ 98% Occupancy1 ✓ 1,200+ stores with leading retailers and marquee global brands ✓ Robust footfall in 2
Slide 15: Delivering Robust Growth
…Delivering Robust Growth Emaar Malls Delivered Consistent Growth over 2012 to 2019 Robust Growth in Footfalls… 6.1 6.0 6.1 6.1 6.2 ✓ Preferred gateway to Dubai’s consumerism for 5.2 5.3 5.4 5.4 5.4 5.4 aspiring retailers and brands 6% ✓ Urban lifestyle destination and unique retail 114 124 125 130
Slide 16: Complemented By Immersive Entertainment Avenues
…Complemented By Immersive Entertainment Avenues Entertainment & Other Business: Major Tourist Attractions driving Footfalls at The Dubai Mall Robust Growth & Superior Margins In AED Mn ✓ At The Top, world’s highest observation desk 66.6% 67.7% 68.6% 62.6% 58.7% 58.9% 59.4% 60.4% ✓ Dubai Aquarium &
Slide 17: Hospitality Assets Deliver Steady Performance
Hospitality Assets Deliver Steady Performance Strong Rebound in Performance during Challenging Market Environment Emaar Hotels: Hospitality Business: ✓ Able to maintain healthy EBITDA margin in a weak Resilient & Profitable In AED Mn market with operating costs under control 44.6% 39.2% 37.8% ✓ Hosp
Slide 18: Replicating Our Success In International Markets
Replicating Our Success In International Markets Leverage Emaar’s Strength And Unlock the Land Bank Potential in Key International Markets Development Retail Entertainment Hospitality ✓ c. 45,000 units sold & c. 31,700 units ✓ Own & operate iconic ✓ Launch entertainment ✓ Adopt an asset-light delive
Slide 19: Business Strategy & Outlook
Business Strategy & Outlook 18 |
Slide 20: Top Priorities
Top 3 Priorities Maintain Leadership Position in Our Markets Focus on Execution & Cash Flow Generation Focus on Maximising Shareholder Returns 19 |
Slide 21: UAE Development Strategy: Consolidate and Prepare for the Next Growth Phase
UAE Development Strategy: Consolidate and Prepare for the Next Growth Phase Leverage the Strength Marketing to Well-planned Execution Product Innovations of Master Developments International Customers & Delivery • Leverage on the existing • Unique product offering for • Targeting international • Tim
Slide 22: UAE Retail Strategy: Multi-format Growth Strategy
UAE Retail Strategy: Multi-format Growth Strategy Leverage Superior Asset Mix Robust Retail Space Growth • Offer diverse retailing experience - super-regional malls, • Well-planned extensions at The Dubai Mall to enhance regional malls, specialty retail, community retail centers customer experience
Slide 23: UAE Retail Strategy: Adopt Low-Risk Model For Future Expansions
UAE Retail Strategy: Adopt Low-Risk Model For Future Expansions Operate As Pure Rental Income Play Projects under Emaar Malls • Pure Rental Income Play GLA Expected • Focus on rental income growth and cash flow generation Project Name (‘000 sq.ft.) Opening • Minimal Development Risk TDM Boulevard Ex
Slide 24: Sustainability
Sustainability Environment, Social & Governance 23 |
Slide 25: Enhancing Focus on ESG
Enhancing Focus on ESG… Engaging the future by integrating ESG criteria into all decisions and transforming assets to improve their environmental and social impacts. 1 ENVIRONMENT ✓ Climate Strategy & Portfolio Resilience, Sustainable Operations, Energy and Emissions 2 SOCIETY ✓ Diversity & Inclusio
Slide 26: Enhancing Focus on ESG: Environment focus
Enhancing Focus on ESG: Environment focus Working on becoming a leader in sustainability in the real estate industry, aligned ourselves 1 with Sustainable Development Goals (SDGs) INDUSTRY, RESPONSIBLE AFFORDABLE CLEAN CLEAN WATER INNOVATION AND CONSUMPTION AND CLIMATE ACTION ENERGY INFRASTRUCTURE P
Slide 27: Enhancing Focus on ESG: Social focus
Enhancing Focus on ESG: Social focus Committed to working closely with the community, uphold the highest standards of living, 2 our people are a driving force behind our success Catering to society and putting Healthcare & Safety first ▪ Emaar successfully vaccinated over 5,000 of its employees, the
Slide 28: Enhancing Focus on ESG: Governance focus
Enhancing Focus on ESG: Governance focus Strong corporate governance ensures accountability and the highest level of integrity in 3 management practices across our organisation ANTI BRIBERY AND CODE OF WHISTLEBLOWER NO GIFT POLICY ANTI CORRUPTION CONDUCT POLICY POLICY Our Anti-Bribery and Corruption
Slide 29: 9M 2022 Results Update
9M 2022 Results Update —___
Slide 30: 9M 2022 Key Highlights
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development 9M 2022 Key Highlights Strong Property Sales EBITDA Revenues at AED 26.9 Bn1 AED 8.4 Bn (3% higher than 9M 2021) AED 18.9 Bn (~1.5X of 9M 2021) Net Profit Revenue Backlog (Attributable to the owners of the C
Slide 31: Key Highlights
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development Key Highlights AED Million Q3 2022 Q3 2021 % Change 9M 2022 9M 2021 % Change Group Property Sales1 9,222 9,304 (1%) 26,895 26,146 3% Revenue 5,326 6,764 (21%) 18,901 19,124 (1%) Gross Profit 2,733 2,562 7% 9
Slide 32: Segment Analysis
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development Segment Analysis Segment Wise Revenues (AED Mn) Revenue Share % EBITDA Share % -1% 7% 19,124 18,901 6% 16% 580 749 1,258 1,109 6% 38% 3,191 21% AED 49% AED 18,901 Mn 8,372 Mn + 117% 3,951 3,000 29% + 48% 3,2
Slide 33: Historical Trend
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development Historical Trend In AED Mn Revenues Gross Profit CAGR 13% CAGR 9% 12,836 27,896 11,503 11,592 25,535 23,699 9,237 18,417 17,716 7,957 15,084 7,035 6,463 13,098 2015 2016 2017 2018 2019 2020 2021 2015 2016 20
Slide 34: Balance Sheet & Cash Flow Overview
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development Balance Sheet & Cash Flow Overview Balance Sheet Overview Cash Flow Overview In AED Mn Total: AED 125,351 Mn 350 Bank Balances & Cash 11% 14% Trade & Other Payables (3,585) 13,596 (167) 14% Advances from Cus
Slide 35: Dividend Policy
Dividend Policy • Emaar Properties PJSC acknowledges the importance of dividends in driving total shareholder returns • Our ability to pay dividend depends on several factors including, but not limited to, availability of distributable cash, capital expenditure plans and other cash requirements for
Slide 36: Emaar Development – Key Highlights
Consolidated UAE Development International Emaar Malls Emaar Hospitality Results Development Emaar Development – Key Highlights1 AED Million 9M 2022 9M 2021 % Change 9M 2022 Revenue Breakup Property Sales 4 23,167 20,943 11% Revenue 9,340 11,604 (20%) 16% Gross Profit 4,018 4,380 (8%) Margin (%) 43.
Slide 37: UAE Development – Current Project Status
Consolidated UAE Development International Emaar Malls Emaar Hospitality Results Development UAE Development – Current Project Status 100% Owned Developments 100% Consolidated JV JV/JDAs with 50% Share Others Ras Al Khaimah Rashid (100% owned land Downtown Arabian Dubai 6 Emaar Dubai Dubai Emaar The
Slide 38: Emaar Development – Historical Trend
Consolidated UAE Development International Emaar Malls Emaar Hospitality Results Development Emaar Development – Historical Trend In AED Mn Revenues Gross Profit CAGR 20% CAGR 16% 6,700 15,433 15,602 5,735 12,746 5,061 8,863 9,758 3,761 3,478 6,899 2,861 5,253 2,395 2015 2016 2017 2018 2019 2020 * 2
Slide 39: International Development – Key Highlights
Consolidated UAE Development International Emaar Malls Emaar Hospitality Results Development International Development – Key Highlights International Sales – Units Released Revenue Backlog1 Booked Sales c. AED 14.6 Bn c. AED 3.7 Bn 97% 3% 16,769 To be recognized over in 9M 2022 next 3-4 years 99% 1%
Slide 40: International Development – Key Highlights
Consolidated UAE Development International Emaar Malls Emaar Hospitality Results Development International Development – Key Highlights Emaar Misr – Development1 Key Highlights AED Million EGP Million • Delivered 1,732 units during 9M 2022 9M 2022 9M 2021 % Change 9M 2022 9M 2021 % Change • Emaar Mi
Slide 41: Emaar Mall Management – Key Highlights
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development Emaar Mall Management – Key Highlights1 Excl Namshi AED Million 9M 2022 9M 2021 % Change 9M 2022 9M 2021 % Change Revenue 3,883 3,128 24% GLA (Mn SQFT) 6.8 6.8 (0%) Gross Profit 2,870 2,212 30% Occupancy Rat
Slide 42: Established Portfolio with Diverse Retailing Formats
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development Established Portfolio with Diverse Retailing Formats… Total GLA Retail Assets Division Location & Catchment Key Highlights ('000 sq. ft.) • Downtown Dubai – • World renowned shopping & entertainment destinat
Slide 43: Focus on Digitalisation for Enhanced Customer Service
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development Focus on Digitalisation for Enhanced Customer Service… THE DUBAI MALL APP 2.0 – CORE FEATURES Digital Initiatives taken at The Dubai Mall – Easy Parking ✓ Delivery Service ✓ Leveraging customer data analytic
Slide 44: With Active Marketing Events for Better Customer Engagement
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development …With Active Marketing Events for Better Customer Engagement Emirates Skywards Miles Loyalty Program at The Dubai Mall • Members – 865k • Spend captured since inception – AED 10.7Bn • Number of transactions
Slide 45: Diversified Tenant Mix & Category Mix
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development Diversified Tenant Mix & Category Mix… Diverse Retailers And Marquee Brands With Many Having Exclusive Presence At Emaar Malls 2021 Category Mix - % GLA 5.3%, Supermarket 4.4%, 4.8%, Health & Beauty Furnishi
Slide 46: Active Tenant & Space Management with Healthy Lease Renewals
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development Active Tenant & Space Management with Healthy Lease Renewals… Active Tenant Management Portfolio Lease Expiry Schedule % GLA of main unit expiring leases • Meet changing retail trends and evolving 32% consum
Slide 47: Steady Rental Income Growth, High Operating Profitability
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development …And Steady Rental Income Growth, High Operating Profitability Steady Rental Income Robust Revenue Model Chart Title Revenue Model: 3,647 • Rent equals higher of base rent or turnover rent 3,599 3,449 3,323
Slide 48: New Expansions – Dubai Hills Mall
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development New Expansions – Strong Growth Potential 1 – Regional Shopping Mall Dubai Hills Mall Superior Positioning & Offerings Strong Catchment • Outdoor high-street mall with superior design & architecture • Located
Slide 49: New Expansions – Dubai Expo Mall
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development New Expansions – Strong Growth Potential 1 Dubai Expo Mall – Regional Shopping Mall Superior Positioning & Offerings Strong Catchment • Over 190 retail & F&B outlets • Located close to Expo 2020 site • 1,000
Slide 50: Emaar Mall Management (Excl. Namshi) – Historical Trend
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development Emaar Mall Management (Excl. Namshi) – Historical Trend In AED Mn Rental Income EBITDA 3,599 3,647 3,323 3,449 3,227 2,934 2,952 2,992 2,676 2,615 2,447 2,250 2,192 1,407 1 1 2015 2016 2017 2018 2019 2020 20
Slide 51: Emaar Hospitality – Key Highlights
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development Emaar Hospitality – Key Highlights 9M 2022 9M 2021 * % Change 9M 2022 Revenue Breakup Occupancy Rate (%)* 67% 61% 9% RevPar (AED)1 586 356 64% Room Revenue Room Revenue (AED Mn) 407 228 79% F&B Revenue F&B &
Slide 52: Emaar Hospitality – Asset Performance
Consolidated International UAE Development Emaar Malls Emaar Hospitality Results Development Emaar Hospitality – Asset Performance Address Boulevard 1 The Palace Downtown Address Dubai Mall1 Address Downtown 9M 2022 9M 2021 9M 2022 9M 2021 9M 2022 9M 2021 9M 2022 9M 2021 Available Room Nights 53,508
Slide 53: Annexure
= AVY 7 SE he he del wT) = ana HTT Te wir [TIRE Annexure
Slide 54: Divisions Overview
Divisions Overview UAE Entertainment & International Operations Malls* Hospitality Development Leasing • Leading master plan • Active in 10 targeted high • Owner and operator of • Hotel owner and operator • Provider of premium developer in Dubai growth countries one of the most visited (34 hotels wi
Slide 55: UAE Development – Projects Overview
UAE Development – Projects Overview Wholly-owned projects Downtown Dubai Arabian Ranches Dubai Marina Emirates Living Emaar Beachfront The Valley Garden All under-construction Expansion of the Two waterfront Green-focused An exclusive residential A gated community projects (including Vida current Ar
Slide 56: UAE Development – Projects Overview
UAE Development – Projects Overview 100% Consolidated JV JVs/JDAs with 50% share Rashid Yachts & Dubai Hills Estate Dubai Creek Harbour** Emaar South Zabeel Square Marina* Joint Venture between Joint Venture between Joint Development Joint Venture between Joint venture between Emaar Emaar and Meraas
Slide 57: UAE Development – Projects Under Development (100% Owned)
UAE Development – Projects Under Development (100% Owned) % Remaining Collections of Sold Value Project Value Area Launch % Collected of % Completion % Gross Margin Till Post Project (100% Owned) Units % Unit Sold % Value Sold Total (AED Mn)(1) (SQF) Period sold value Sep-22 Sep-22² Handover Handove
Slide 58: UAE Development – Projects Under Development (JVs)
UAE Development – Projects Under Development (JVs) % Remaining Collections of Sold Value Project Value Area Launch % Collected of % Completion % Gross Margin Till Post Project (Joint Ventures) Units % Unit Sold % Value Sold Total (AED Mn)(1) (SQF) Period sold value Sep-22 Sep-22² Handover Handover D
Slide 59: UAE Development – Projects Under Development (JVs)
UAE Development – Projects Under Development (JVs) % Remaining Collections of Sold Value Project Value Area Launch % Collected of % Completion % Gross Margin Till Post Project (Joint Ventures) Units % Unit Sold % Value Sold Total (AED Mn)(1) (SQF) Period sold value Sep-22 Sep-22² Handover Handover D
Slide 60: UAE Development – Completed Projects (100% Owned)
UAE Development – Completed Projects1 (100% Owned) % Remaining Project Value Area % Collected of sold Project (100% Owned) Units (2) % Unit Sold % Value Sold Collections of (AED Mn) (SQF) value Sold Value Downtown Dubai 5,915 23,776 8,707,632 99% 99% 95% 5% Blvd Heights 551 1,805 775,306 98% 97% 89%
Slide 61: UAE Development – Completed Projects (JVs)
UAE Development – Completed Projects1 (JVs) % Remaining Project Value Area % Collected of sold Project (Joint Ventures) Units % Unit Sold % Value Sold Collections of (AED Mn)(2) (SQF) value Sold Value Dubai Hills Estates 8,671 26,596 22,424,395 99% 98% 86% 14% Park Heights I 271 319 217,558 100% 100
Slide 62: UAE Development – Location of Development Projects
UAE Development – Location of Development Projects ** * ‘Rashid Yachts & Marina’, formerly ‘Mina Rashid’ ** On 21 September 2022, the shareholders of Emaar Properties PJSC has approved to fully acquire shareholding of Dubai Creek Harbour. The transaction is subject to completion of certain condition
Slide 63: UAE Development – Expected Delivery Schedule (Units)
UAE Development – Expected Delivery Schedule (Units) Under Development Delivery Schedule Under Completed Development Q4-2022 2023 2024 2025 2026 - A - Emaar Development (fully consolidated) Downtown* 15,284 7,805 - 4,798 1,932 - 1,075 Emaar Beachfront 917 3,268 - 624 1,030 550 1,064 Dubai Marina 4,9
Slide 64: UAE Development – Land Bank Details
UAE Development – Land Bank Details Land Bank Evolution through Investments & Strategic Partnerships Year Masterplan 2012 Arabian Ranches II (million sq ft) GFA BTS 2011- 2022 2013 Dubai Hills Estate Multiple CAGR ~26x ~41% 2014 Dubai Creek Harbour ** 2015 Emaar South 416 2016 Downtown Views, Ras Al
Slide 65: International Development – Expected Delivery Schedule
International Development – Expected Delivery Schedule Under To be Cumulative Country Entity Completed 2022 2023 2024 2025 Development developed till Sep 2022 Subsidiaries Emaar Misr 11,185 5,584 10,061 11,148 501 2,158 2,229 1,820 Emaar Middle 936 - - 773 19 25 24 38 East Emaar Turkey 1,305 - - 1,2
Slide 66: International Development – Land Bank Details
International Development – Land Bank Details Gross Land Area International Land Bank (Mn SQ. FT.) Saudi Arabia (Emaar Economic City) * 1,119.4 Saudi Arabia (Emaar Middle East) 2.2 India (Emaar India) 146.7 Egypt 49.8 Pakistan 11.1 Lebanon 2.0 Total Key International Markets 1,331.2 * Emaar Economic
Slide 67: JV / JDA Accounting Treatment
JV / JDA Accounting Treatment Accounting P&L Balance Sheet Impact on Return on Capital Dubai Hills – • 100% consolidation • 100% consolidation • Neutral impact on ROCE Consolidation • 50% Minority Interest • 50% Minority Interest Rashid Yachts • 100% consolidation & Marina*– • 100% consolidation • N
Slide 68: Hospitality Group – Current Portfolio
Hospitality Group – Current Portfolio Residences in Hotel Hotel Management Company Classification Keys Operational Pool (5) Emaar Hospitality Group Hote l Portfolio Dubai Armani Hotel at Burj Khalifa Armani Hotel - Dubai 5 Star 160 2 2010 Address Downtown Dubai TAH&R(2) 5 Star 220 88 2008 (9) Addres
Slide 69: Hospitality Group – Hotels / Service Apartments Under Development
Hospitality Group – Hotels / Service Apartments Under Development1 Serviced Estimated Hotel Location Launch Keys 2 Apartments Completion Vida Dubai Marina Dubai Marina 2017 158 0 2022 Vida Dubai Mall Downtown 2017 195 380 2023 Address Grand Creek Harbour Dubai Creek Harbour 2017 223 794 2022 Palace
Slide 70: Fair Valuation Overview – GAV By Segment
Fair Valuation Overview – GAV By Segment December 2021 Book Value Split December 2021 Fair Value SalesSplit Sales 1% 5% 4% 1% 4% 3% 39% 22% 45% 35% 23% 18% Total AED 121 Bn* Total AED 189 Bn* UAE Development International Development UAE Development International Development Retail & Leasing Hospita
Slide 71: Fair Valuation Overview – GAV By Segment (Cont’d)
Fair Valuation Overview – GAV By Segment (Cont’d) GAV: Development Properties GAV: Fixed Assets 2021 2020 2021 2020 Book Fair Book Fair Book Fair Book Fair AED Million AED Million Value Value Value Value Value Value Value Value UAE 18,707 38,013 21,873 37,163 Hotels & Convention Egypt 7,477 9,257 5,
Slide 72: Fair Valuation Overview – NAV Table
Fair Valuation Overview – NAV Table In AED Mn 2021 2020 Book Value Fair Value Book Value Fair Value Cash and bank balances 8,539 8,539 6,211 6,211 Trade and Other Receivables 30,743 30,743 27,135 27,135 Development Properties 37,689 63,461 40,844 62,810 Investment in Associates and Joint Ventures 5,
Slide 73: Group Structure
Group Structure* EMAAR PROPERTIES PJSC (3) (5) 72 | * Included only material entities
Slide 74: Thank You
Thank You EMAAR PROPERTIES Name – Abhay Singhvi Email ID - ASinghvi@emaar.ae, investor-relations@emaar.ae 73 |
Emaar Properties PJSC — 9M 2022 Earnings Presentation on 6ix