Al Dar Properties · ADX:ALDAR
Al Dar Properties — Investor Presentation (September 2015)
25 slides from Al Dar Properties's investor presentation, September 2015
Slide 1: Aldar Properties Investor Presentation
ALDAR Aldar Properties Investor Presentation September 2015 hs i r a | ' | ee ;
Slide 2: Disclaimer
00 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 s
Slide 3: Aldar at a glance
01 Aldar at a glance Leading Abu Dhabi developer, behind the Emirate’s Key metrics most iconic and complex projects Selected high profile examples: Formula 1 facilities AED18.3bn c.400 on Yas Island, World Trade Centre Abu Dhabi and Market cap1 Employees Shams Abu Dhabi community on Reem Island
Slide 4: Anchored around 3 key segments
02 Anchored around 3 key segments Property development management 30% Asset management 51% Adjacent businesses 19% Property Development Retail Schools Current projects – Ansam, Hadeel, Nareel, 470,000 sqm GLA across 27 assets Aldar Academies – 100% owned Merief, Meera and Al Raha Beach Yas M
Slide 5: UAE economic overview – solid fundamentals
03 UAE economic overview – solid fundamentals UAE federation established in 1971 comprising of seven GDP split ¹ independently run Emirates FY09: USD 254bn FY14: USD 399bn 34% Politically stable country with strong business 46% environment 54% 66% Second largest economy in GCC with growing pop
Slide 6: Abu Dhabi at a glance
04 Abu Dhabi at a glance Largest Emirate in UAE (over 80% of the total Abu Dhabi – Key metrics in context land) Abu Dhabi Dubai FY14 GDP of USD262 billion¹ – representing 63% of total UAE nominal GDP Population (2013) 2.45mm 2.21mm Key global oil producer and exporter – 7th largest oil reserve
Slide 7: Abu Dhabi property market overview
05 Abu Dhabi property market overview Stable outlook across Abu Dhabi real estate market Q2 2014 Q2 2015 Residential Rental Rents Rental Rents Growth Falling Growth Falling Slowing Slowing Residential Rental Rents Rental Rents Growth Bottoming Growth Bottoming Accelerating Out Accelerating Out Hotel
Slide 8: Aldar: Benefiting from the Abu Dhabi story
06 Aldar: Benefiting from the Abu Dhabi story Yas Island Trusted partner of the Abu Dhabi Government Committed shareholder: c. 38% stake Key enabler of the Abu Dhabi plan 2030 Delivery of strategic assets and various projects Gate Towers for the Government Disciplined investment strategy
Slide 9: Investment case
07 Investment case Robust market Attractive macro-economic backdrop and property outlook fundamentals Leading position in the Abu Largest real estate player in Abu Dhabi Dhabi property market Key engine of the Abu Dhabi plan 2030 Strong development Focus on destination developments expertise
Slide 10: Clear strategy – delivering on our promises
08 Clear strategy – delivering on our promises… Maximize value of our recurring Execution of our strategy revenue assets Delivering growth to the recurring revenue assets Focus on Reopening the off-plan sales market in Abu Dhabi Abu Dhabi Optimise Deleveraging and refinancing of the Monetize
Slide 11: Under the leadership of a strong management team
09 …under the leadership of a strong management team Mohamed Al Mubarak - Chief Executive Officer (9+ years at Aldar / Sorouh) Prior to joining Aldar, Mohamed worked with Barclays Capital in London, focusing on investment and finance in the MENA region Chairman of Farah Leisure, Aldar Academies
Slide 12: Asset management business
ALDAR Asset management business
Slide 13: Diverse recurring revenue assets
11 Diverse recurring revenue assets Retail Space Under Management Retail Retail Space Under Residential Management Aldar owns retail space across 27 developments Aldar owns residential units across 10 developments Leased Leased Yas Mall – fully leased, 340 units of 370 trading (Q2 2015) 98% (Q2 2015
Slide 14: Strong Growth in Recurring Revenues NOI
12 Strong Growth in Recurring Revenues NOI… Diversified and Growing Recurring Revenue NOI contribution 1,800 ~1,600 1,600 % Contribution to stabilised ~1,400 2016E recurring revenue NOI 1,400 1,200 5% 1,000 AED MN 15% 1,000 35% 800 700 15% 600 400 30% 200 0 2013A 2014A 2015 Q2 ¹ 2016E Residential Re
Slide 15: Property development business
ALDAR i
Slide 16: Track record of delivering high quality developments
14 Track record of delivering high quality developments Abu Dhabi – Key metrics Aldar has been a key developer in the Abu Dhabi story, delivering 23,000 residential units into the market, of which over 7,000 have been handed over to the Government of Abu Dhabi as part of its National Housing initiat
Slide 17: Development Plan – destination development
15 Development Plan – destination development Yas Island Shams Al Reem Island Entertainment and leisure destination Includes a world-class motor sports racetrack, the Ferrari World Abu Dhabi theme park, and a water park High density urban destination Will feature high quality retail and comm
Slide 18: 2015 development announcement and launches
16 2015 development announcement and launches Al Merief H1 2015 residential development launches and announcements Al Merief – 281 land plot unit – launched and sold out in Mar 15 Meera – 400 units, mid-income, Shams Island, investment zone Meera – Phase I launched in Jun 15 Mayan – 700 unit
Slide 19: Development project summary as at 30 June 2015
17 Development project summary as at 30 June 2015 Sold unit Launch Sold Revenue Expected Project Location Recognition sales value date units ¹ recognition % completion (AEDm) ² Ansam Yas Island Over-time 2014 472 777 4% 2017 Hadeel Al Raha Beach Over-time 2014 211 420 7% 2017 Nareel Abu Dhabi Island
Slide 20: Development management business
18 Development management business Aldar has delivered and continues to work with the Government of Abu Dhabi on projects - ~AED50bn in Government projects executed or under execution Leading Developer of Government Projects and Infrastructure National Housing - Ghuraibah P1 National Housing - Sil
Slide 21: Financial overview
ALDAR Financial overview
Slide 22: H1 2015 Financial Highlights
20 H1 2015 Financial Highlights H1 2015 H1 2014 Movement 2014FY AEDm USDm AEDm USDm % AEDm USDm Revenue 2,285 622 3,913 1,065 (42)% 1 6,551 1,783 Recurring revenues 1,388 378 1,024 279 36% 2,249 612 Gross Profit (AEDm) 1,092 297 673 183 62% 1,518 413 Recurring revenue NOI 707 192 440 120 61% 1,010 2
Slide 23: Strengthening the balance sheet
21 Strengthening the balance sheet Gross debt (AEDmm) Clear and well defined debt strategy on track 13.8 - 35/40% LTV of recurring revenue asset NOI 9.2 7.1 Progressive decrease in gross debt continued in H1 2015 with a AED2.1bn debt repayment Dec-13 Dec-14 Jun-15 Moody’s and S&P upgrades to I
Slide 24: Investment highlights
22 Investment highlights Robust market fundamentals Leading position in the Abu Dhabi property market Strong development expertise… …combined with an attractive portfolio of recurring income assets Robust balance sheet and deleveraging track record Support of a strong and committed shareholder Highl
Slide 25: Investor relations contact
23 Investor relations contact Chris Wilson Head of Investor Relations T: +971 2 810 5624 M: +971 56 446 0501 E: cwilson@aldar.com
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