Emaar Properties (p.j.s.c) · DFM:EMAAR

Emaar Properties (p.j.s.c) — Emaar Malls Group PJSC — Q2 2015 Earnings Presentation

18 slides from Emaar Properties (p.j.s.c)'s earnings presentation, Sep 1, 2015

  1. Slide 1: Emaar Malls Group PJSC Q2 2015 Results

    EMAAR MALLS GROUP PJSC Q2 2015 RESULTS 1 September 2015

  2. Slide 2: Highlights

    HIGHLIGHTS 15% 99% Footfall Increase in Rental World’s Most Income GLA Occupancy Visited Leisure & Rate (H1 2015) Lifestyle (H1-15 vs. H1-14) Destination Revenue ~AED 37 Bn ~5.9 MM H1 2015 – AED 1,462 MM H1 2014 – AED 1,258 MM Market EBITDA sq.ft. of GLA(2) Capitalisation(1) H1 2015 – AED 1,153 MM H

  3. Slide 3: Our Vision and Strategy

    Our Vision To create world class malls delivering memorable experiences 12 Protect and Grow Portfolio in Local Market Strategy Expand Internationally 3 Innovate and Lead Transition to Next Generation Mall Q2 2015 RESULTS 3 1 September 2015

  4. Slide 4: Financial Results

    FINANCIAL RESULTS Track Record of Double Digit Top Line Growth Consistently Improving EBITDA Total Revenue EBITDA AED MM AED MM 18% 19% 2,395 2,708 2,032 16% 1,739 15% 1,950 1,446 1,462 1,153 1,258 999 5,158 5,295 5,371 5,327 5,402 74% 73% 75% 79% 79% 2012 2013 2014 H1 2014 H1 2015 2012 2013 2014 H1

  5. Slide 5: Portfolio

    PORTFOLIO Division Assets GLA(1) Selected Pictures Super Regional  The Dubai Mall 3,718 Malls Regional  Dubai Marina Mall (including Pier 7) 425 Malls  Souk Al Bahar, fine dining destination with views on the Dubai Fountain Specialty and Burj Khalifa 740 Retail  Gold & Diamond Park, only dedicat

  6. Slide 6: Portfolio Results

    PORTFOLIO RESULTS Community Integrated Operational Super Regional Malls Regional Malls Specialty Retail Total EMG Retail 99 99 98 (1) 95 95 96 91 87 85 81 Occupancy Rate (%) H1 2014 H1 2015 H1 2014 H1 2015 H1 2014 H1 2015 H1 2014 H1 2015 H1 2014 H1 2015 impacted due to closure of certain units for e

  7. Slide 7: Portfolio Results (Cont'd)

    PORTFOLIO RESULTS (CONT’D) Community Integrated Financial Super Regional Malls Regional Malls Specialty Retail Total EMG Retail CAGR 15% CAGR 16% CAGR 17% CAGR 24% CAGR 16% 1,452 1,185 1,250 Rental Income 1,026 110 (AED MM) 81 76 89 70 65 H1 2014 H1 2015 H1 2014 H1 2015 H1 2014 H1 2015 H1 2014 H1 20

  8. Slide 8: The Dubai Mall Results

    THE DUBAI MALL RESULTS Apparel Financial and Fashion Avenue High End Jewelry Food and Beverage Others Accessories impacted due to closure of 29.4 27.6 Sales per sq.ft. certain units for expansion annualised 13.7 12.7 (AED’000) 4.5 4.5 4.2 4.3 3.2 3.3 H1 2014 H1 2015 H1 2014 H1 2015 H1 2014 H1 2015 H

  9. Slide 9: Rental Income

    RENTAL INCOME 1  Contractual base rent escalation of typically 7% per annum 13% 2 2,694  Net turnover rent based 23% 2,386 14% on percentage of tenants sales 15% 11% 16% 1,452 1,944 3 11% 12% 1,250 13%  Majority of annual service 14% 4 14% 15% 12% charges charged to the 3 10% 11% 8% tenants recov

  10. Slide 10: Key Strengths

    KEY STRENGTHS Significant GLA  5.9 m Sq ft of GLA, 96% Occupancy (Jun 2015). Significant and Growing Footfall and Tenant Sales  EMG: footfall 62 million (11% increase); Tenant Sales per sq.ft. AED 4,538 (Similar to H1 2014) The Dubai Mall  3.7m Sq ft GLA, GLA occupancy at 99% (Jun 2015). Diversif

  11. Slide 11: Key Strengths (Cont'd)

    KEY STRENGTHS (CONT’D) Exclusive Tenants  Several exclusive tenants who do not have retail outlets anywhere else in the UAE / GCC including Bloomingdales, Galleries Lafayette.  Dubai Mall is being expanded with additional leasable area of approximately 15% of the current mall. The expansion is lik

  12. Slide 12: Renewal Rates

    RENEWAL RATES Active Tenant Management Attractive Renewal Terms Achieved in 2015  Significant waitlist allows EMG to actively manage its  Base Rent Increase: C.566 k sq.ft. of the lease tenant base expires in 2015 achieved a base rent increase of  Waitlist of more than 4,000 businesses across all

  13. Slide 13: Flagship Asset: The Dubai Mall

    FLAGSHIP ASSET The Dubai Mall Key Figures ~5% ~50% 11% of Dubai GDP Of luxury goods Footfall (Tenant Sales)(1) sold in Dubai in Source Bain & Co. 2013 CAGR 2012-14 3.7 MM sq.ft. >1,000 GLA Main Units 17% 21% Tenant Sales Rental Income 99% Jun 2015 GLA 2012-14 CAGR Occupancy Rate CAGR 2012-14 Total S

  14. Slide 14: Development Pipeline

    DEVELOPMENT PIPELINE Overview of Pipeline The Dubai Mall Fashion expansion Targeted Weight of EMG Extensions vs. Greenfield Development Pipeline vs. Under Development Total Portfolio In % of GLA Up to 100% <20% Extension of GAV  Commence: January 2014, expected opening date: GLA Est. Cost Expected

  15. Slide 15: The Dubai Mall - Expansions

    THE DUBAI MALL - EXPANSIONS 2 1. Fashion Avenue Expansion 1 2. Zabeel Expansion 3 3. Boulevard Expansion 4 4. Fountain View Expansion Q2 2015 RESULTS 15 1 September 2015

  16. Slide 16: Financial Highlights

    FINANCIAL HIGHLIGHTS Q2 2015 Q1 2015 % Q2 2015 Q2 2014 % H1 2015 H1 2014 % Revenue 727 735 (1%) 727 653 11% 1,462 1,258 16% Operating Expenses (118) (100) 18% (118) (95) 24% (218) (180) 21% Operating profit 609 635 (4%) 609 558 9% 1,244 1,078 15% Sales, marketing, general & (46) (45) 2% (46) (31) 48

  17. Slide 17: Governance

    GOVERNANCE Overview of Board of Directors Non- independent Directors Mohamed Alabbar, Chairman Ahmed Al Matrooshi Abdulla Belyoahah Abdulrahman Alhareb Chairman of Emaar Properties, Member of the Consultation Board Member of the National Chairman of Dubai Member of the Dubai World Expo Committee on

  18. Slide 18: Q2 2015 RESULTS

    ‫شكرا‬ Q2 2015 RESULTS 18 1 September 2015

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