Slide 1: Investor Presentation FY 2010
Confidential Investor Presentation FY 2010 Depa United Group Dubai UAE Dubai,
Slide 2: Disclaimer
DISCLAIMER This material contains certain statements that are “forward-looking” including management’s management s expectations and analysis analysis. These statements are based on management’s current expectations and are naturally subject to uncertainty and changes in circumstances. Actual result
Slide 3: Contents
CONTENTS 2010 Overview Claims and Provisions Backlog Financials Outlook Appendix 2
Slide 4: 2010 Summary
2010 SUMMARY Revenues and net profits shrink after four years of compounded annual growth of over 63% AED Million Revenue Revenues 2,689 2010 was the Company’s ‘recession year’, with revenues declining 32.5% over 2009 +76% 1 972 1,972 1,814 after a Compounded Annual Growth Rate (CAGR) of 76% for f
Slide 5: 2010 Summary: Backlog quality and diversity
2010 SUMMARY Quality and diversity of backlog a key strength and focus Year End Backlog AED Million Backlog 2,700 2,100 2,180 The Company’s backlog value remains strong at AED 2.2billion (vs. AED 2.1billion FY09). 1,619 Only 30% of the backlog is constituted of UAE projects. Management has foc
Slide 6: Contents
CONTENTS 2010 Overview Claims and Provisions Backlog Financials Outlook Appendix 5
Slide 7: Claims, Impairments and Provisions
CLAIMS, IMPAIRMENTS AND PROVISIONS Strong operational performance prior to provisions, impairments on goodwill and claims H1 2010 FY 2010 AED million Net Profit Net Profit Before Before Provisions Provisions Provisions Provisions Burj Khalifa (23.9) Claim (70.0) 106.0 (186.0) 99.0 Impairments Net Pr
Slide 8: Contents
CONTENTS 2010 Overview Claims and Provisions Backlog Financials Outlook Appendix 7
Slide 9: Backlog – Key Project List
BACKLOG – KEY PROJECT LIST Backlog diversification has increased, with Malaysia and Azerbaijan being added to operations All projects are in the advanced stage of construction . Depa continues to have healthy contracted backlog which stood at AED 2.18 billion. Backlog B kl consists i t off 253
Slide 10: Backlog – Geographical Distribution
BACKLOG – GEOGRAPHICAL DISTRIBUTION Increased international backlog exposure and reduced regional exposure Estimated Backlog <AED 100 M AED 100 - 150 M Bahrain Qatar >AED 150 M DDS: Thailand Malaysia Parker: China Korea Zurich London Miami Singapore EUROPE & AFRICA GCC & LEVANT ASIA Intercontinental
Slide 11: Backlog – Geographical Diversification
BACKLOG – GEOGRAPHICAL DIVERSIFICATION Significant reduction in UAE and GCC exposure over the last five years BACKLOG BY GEOGRAPHY 0.2% 1.7% Europe 6.3% 6 3% 5 0% 5.0% 11.8% 13.8% 4.8% 1.0% 18.1% 3.4% Asia 9.7% 3.3% 23.1% 36.0% n) 6 4% 6.4% g (AED billion 13.1% Africa 17.0% 10.6% GCC Ex‐UAE 11.0% ue
Slide 12: Backlog – Geographical Diversification
BACKLOG – GEOGRAPHICAL DIVERSIFICATION International (non-GCC) portion of backlog at 52% BACKLOG BY GEOGRAPHY FY 2009 FY 2010 Europe Europe Asia 6% 5% 5% Dubai 15% Dubai 33% Asia UAE Ex- Africa 36% Dubai 23% 15% GCC Ex- UAE Ex-Dubai UAE 22% Africa 18% GCC Ex-UAE 11% 11% % 11
Slide 13: Backlog – Sector Diversification
BACKLOG – SECTOR DIVERSIFICATION Hospitality remains a key market sector, with residential increasing due to Design Studio BACKLOG BY SECTOR FY 2009 FY 2010 Shops, Malls Theming Others 3% Yachts 1% and Offices 3% 4% Infrastructure Yachts Others 8% 8% 11% Theming 6% Shops, Malls and Offices Residenti
Slide 14: Contents
CONTENTS 2010 Overview Claims and Provisions Backlog Financials Outlook Appendix 13
Slide 15: Financial Overview
FINANCIAL OVERVIEW Receivables aging illustrates largest portion of receivables age under 120 days AED Million Actual Actual Actual Ratio Analysis 2008 2009 2010 Quick Ratio Current Ratio Debt to Equity Ratio Revenue 1,972 2,689 1,814 2006 0.39 2006 1.2 2006 0.37 2007 0.36 2007 1.1 2007 0.55 Revenue
Slide 16: Shareholder Structure
SHAREHOLDER STRUCTURE Institutional Investors accounts for approximately 58 % of total shareholdings Shareholder Composition 0.3% 10.7% 7 0% 7.0% 6.0% 28.0% 13.1% 45.4% 58.0% 3.0% 24.5% 4.0% Institutional Investors Middle East Trading, Lending and Miscellaneous North America Retail Investors UK & Ir
Slide 17: Contents
CONTENTS 2010 Overview Claims and Provisions Backlog Financials Outlook Appendix 16
Slide 18: Outlook
OUTLOOK 2011 will see the Company return to strong profits and future growth. We continue to win projects in existing geographies, such as Singapore, as well as expand into new areas such as Azerbaijan, Syria and Malaysia. We W expect growth h ffrom South S h East E and dCCentrall A Asia i iin
Slide 19: Contents
CONTENTS 2010 Overview Claims and Provisions Backlog Financials Outlook Appendix 18
Slide 20: Selected Balance Sheet Figures
Selected Balance Sheet Figures AED Million Actual Actual Actual Dec 31, 2008 Dec 31,2009 Dec 31, 2010 Cash in Hand 739 543 450 Unbilled Revenue 862 910 474 Total Current Assets 2,350 2,272 1,801 Total Assets 3,295 3,372 3,038 Total Current Liabilities 1,265 1,261 1,091 Total Liabilities 1,477 1,398
Slide 21: Selected Cash Flow Figures
Selected Cash Flow Figures AED Million Actual Actual Actual 2008 2009 2010 Net Cash generated from Operating Activities 47 100 174 Net Cash used in Investing Activities (254) (132) (206) Net Cash generated from/(used in) Financing 946 (281) (10) Activities AR days y ((exclude Unbilled Revenue)) 56 d
Slide 22: Geographic Segmentation Trend (2008 - 2010)
Geographic Segmentation Trend (2008 - 2010) Revenue 17% 17% 66% 2008 2009 2010 AED Million 21
Slide 23: Activity Segmentation Trend (2008 - 2010)
Activity Segmentation Trend (2008 - 2010) 1% 13% Revenue 86% 2008 2009 2010 AED Million Milli 22