Emaar Properties (p.j.s.c) · DFM:EMAAR
Emaar Properties (p.j.s.c) — Emaar Properties — Q1 2016 Earnings Presentation
38 slides from Emaar Properties (p.j.s.c)'s earnings presentation, May 2016
Slide 1: Emaar Properties Q1 2016 Results
Emaar Properties Q1 2016 Results May 2016
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: Table of Contents
Table of Contents KEY HIGHLIGHTS INCOME STATEMENT BALANCE SHEET OPERATIONAL OVERVIEW APPENDIX Q1 2016 Results Presentation June 28, 2016 Page 2
Slide 4: Emaar Properties at a Glance
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Emaar Properties at a Glance #2 196 MM 44% listed developer (65% of EBITDA) SQM of land by market cap recurring bank in MENA(1) revenues +40,000 15.08 165.65 residential units AED BN AED NAV/ delivered since Market Value of
Slide 5: Key Financial Highlights for the Group
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Key Financial Highlights for the Group AED MM Q1 2016 Q1 2015 % Change Group Property Sales 5,151 3,651 41% Revenue 3,529 3,024 17% Gross Profit 1,906 1,650 16% Margin (%) 54% 55% (1)% EBITDA 1,492 1,371 9% Margin (%) 42% 45
Slide 6: Key Achievements
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Key Achievements Successfully launched 4 new projects in Dubai in Q1 2016 with a total sales value of AED 4.481 BN, a 70% increase Y-o-Y. Q1 2016 sales across all international projects amounted to AED 960 MM. Together
Slide 7: Results by Segment
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Results by Segment Revenues Breakdown of Results AED million Revenues 17% 28% 44% 14% (18)% 6% 9% 3,529 3,024 1,155 1,476 12% 499 714 815 495 42% 346 406 314 334 Emaar UAE International Emaar Malls Emaar Emaar Retail Propert
Slide 8: Balance Sheet Overview
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Balance Sheet Overview Balance Sheet Overview Change in Cash & Cash Equivalents(1) % AED million Total: AED 80,755 MM Bank Balances & Trade & Other +1,406 8,882 +165 9,559 Cash 12 Payables -778 -116 23 Advances from 17 Custo
Slide 9: Credit Ratios
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Credit Ratios EBITDA / Interest Net Debt / EBITDA 12.48x 2014 2015 2016 12.0x 2014 2015 2016 9.1x 2014 2015 -0.78x -0.78x 2014 2014 2015 2016 -0.87x Net Debt / Equity Debt / GAV 17.0% 17.0% 17.0% 2014 2015 2016 2014 2015 201
Slide 10: NAV Bridge
Key Highlights Income Statement Balance Sheet Operational Overview Appendix NAV Bridge NAV Bridge December 2015 GAV Split AED MM 1% 5% 5% +5,104 107,998 +5,345 103,248 +159 33% -2,562 -3,296 36% 88,794 20% Total: AED 165,654 MM UAE Development Emaar Hospitality International Development Associates D
Slide 11: UAE Development
Key Highlights Income Statement Balance Sheet Operational Overview Appendix UAE Development Market Overview Segment Highlights 1,459 units launched in Q1 2016 with Q1 2016 Launches a total sales value of AED 4.481 BN. Q1 2016 sales across all projects in Harbour Views T1 Sidra the UAE amounted
Slide 12: International Development
Key Highlights Income Statement Balance Sheet Operational Overview Appendix International Development Market Overview Q1 2016 International Sales(1) Q1 2016 sales across all international Units Released projects amounted to AED 960 MM. Egy Total international backlog amounted to 94 6 8,875 pt AE
Slide 13: Emaar Malls
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Emaar Malls Q1 2016 Q1 2015 % Change Key Highlights Footfall (MM) 31 31 - Footfall remains flat at 2015’s peak levels across Emaar Malls portfolio. GLA Achieved a 35% Base Rent renewal increase for 5,907 5,874 1% leases
Slide 14: Emaar Hospitality Group
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Emaar Hospitality Group Q1 2016 Q1 2015 % Change Key Highlights 3% increase in Occupancy Rate Y-o-Y driven by Occupancy Rate seasonal factors. 92% 89% 3% (%)(1) RevPar (AED)(1) 1,236 1,392 (11)% Room Revenue (AED 170 210 (
Slide 15: Emaar Misr for Development
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Emaar Misr for Development(1) Q1 2016 Q1 2015 % Change Key Highlights Emaar Misr achieves a 78% increase in revenue Y-o- Units Launched 412 357 15% Y. Delivered 116 units in Q1 2016. Units Delivered 116 263 (56)% Total
Slide 16: Summary
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Summary Financial With Q1 2016 Group sales amounting to AED 5.151 BN and a total backlog of AED Performance 40.259 BN, Emaar is on track to boost profitability in the coming years. UAE Q1 2016 sales across all projects i
Slide 17: Appendix
NW end Appendix
Slide 18: Overview of Divisions
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Overview of Divisions Property Property Emaar Hospitality Emaar Retail & Development Emaar Malls Group Development UAE Group Leasing International • Leading master plan • Active in 10 targeted • Listed on DFM since • Hotel o
Slide 19: Strategy
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Strategy Further consolidate Emaar’s position as of the largest developer of iconic projects in Dubai. Dubai Enter into joint ventures in Dubai to get access to significant land bank with no immediate cash outflow for la
Slide 20: Overview of Development Projects Under Development
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Overview of Development Projects Under Development Sale Value Expected Completion % Completion Project Business Description Units Date of Launch (AED) Date Recognized Dubai Operations The Address The Blvd 533 1,944,128,638 S
Slide 21: Overview of Development Projects Under Development (Cont'd)
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Overview of Development Projects Under Development (Cont’d) Sale Value Expected Completion % Completion Project Business Description Units Date of Launch (AED) Date Recognized Palma 121 497,714,448 Sep-13 2016 93.56% Rosa 14
Slide 22: Location of Development Projects
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Location of Development Projects Q1 2016 Results Presentation June 28, 2016 Page 21
Slide 23: Location of Development Projects: Downtown Dubai
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Location of Development Projects: Downtown Dubai 1 The Address Sky View 2 The Address Fountain Views 3 The Address The BLVD 4 Burj Vista 6 5 The Address Residences Dubai Opera 6 Rove Hotel (Za’abeel) 14 55 7 A4 8 Opera House
Slide 24: Location of Development Projects: Arabian Ranches
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Location of Development Projects: Arabian Ranches 1 Al Reem 1 2 Al Reem 2 3 Al Reem 3 4 Saheel 5 Golf Homes 1 6 Dubai Polo Club 3 7 Mirrador La Coleccion 1 8 Mirrador La Coleccion 2 27 26 9 Hattan 2 25 10 Alvorada 1 21 22 20
Slide 25: Location of Development Projects: Dubai Hills (JV with Meeras)
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Location of Development Projects: Dubai Hills (JV with Meeras) 1 Dubai Hills Golf Course 2 Mulberry/Park Heights 3 Golf Club 4 Tennis Academy 5 Village Retail 6 Street of Dreams 7 Driving Range 8 Luxury Estate Village 9 Scho
Slide 26: Location of Development Projects: Dubai Creek (JV with Dubai Holding)
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Location of Development Projects: Dubai Creek (JV with Dubai Holding) Q1 2016 Results Presentation June 28, 2016 Page 25
Slide 27: Overview of Delivery Schedule
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Overview of Delivery Schedule Units Delivered/ Year 7,667 7,274 6,124 5,489(2) 3,071 2016 2017 2018 2019 2020 UAE International(1) Q1 2016 Results Presentation June 28, 2016 Page 26 (1): International deliveries do not inclu
Slide 28: Overview of UAE Delivery Schedule
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Overview of UAE Delivery Schedule # of Units Completed Under Development Cumulative till 2015 2016 2017 2018 2019 2020(1) Emaar Properties Downtown 9,879 6,504 9,879 533 1,795 1,463 1,908 805 Dubai Marina 4,450 4,450 Arabian
Slide 29: Overview of International Delivery Schedule
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Overview of International Delivery Schedule Country Entity Completed Under Development To be Developed Cumulative till 2015 2016 2017 2018 2019 2020 Subsidiaries Emaar Misr 2,546 4,596 5,116 2,408 970 1,823 2,565 1,887 2,605
Slide 30: Emaar Group Hotel Portfolio
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Emaar Group Hotel Portfolio Residences in Hotel Hotel Management Company Classification Keys Operational Pool(6) Emaar Hospitality Group Hotel Portfolio Dubai Armani Hotel at Burj Khalifa Armani Hotel - Dubai 5 Star 160 23 2
Slide 31: Emaar Hospitality Group: Asset Performance Breakdown
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Emaar Hospitality Group: Asset Performance Breakdown Emaar Hospitality Group: Asset Performance Breakdown The Address Downtown(3) The Palace Downtown The Address Dubai Mall Q1 2016 Q1 2015 Q1 2016 Q1 2015 Q1 2016 Q1 2015 Ava
Slide 32: Overview of Hotels / Apartments Under Development
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Emaar Hospitality Group: Overview of Hotels / Apartments Under Development Hotel Location Launch Keys Serviced Apartments(1) Estimated Completion The Address The BLVD Downtown 2012 196 533 2016 The Address Sky View Downtown
Slide 33: Overview of Land Bank
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Overview of Land Bank Gross Land Area UAE Land Bank (Million SQM) Emaar Dubai 4.69 Dubai Hills 9.09 Dubai Creek 5.57 Dubai World Trade Centre (DWTC) 0.95 Dubai World Central (DWC) 6.76 Rove Hotels 0.02 Total UAE Land Bank 27
Slide 34: Group Structure
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Group Structure EMAAR Properties PSJC Emaar Dubai Emaar Malls Group Hotels & Resorts Hospitality Property Development Emaar International Emaar Investments 84.6% 100% 100% Projects—100% Emrill Services Emaar MGF-India KSA-EE
Slide 35: GAV by Segment
Key Highlights Income Statement Balance Sheet Operational Overview Appendix GAV by Segment December 2015 Book Value Split December 2015 GAV Split Others 3% Associates 1% 8% Emaar Hospitality 5% 33% 8% 5% 36% Retail & Leasing UAE Development 21% 20% 36% 24% International Development Total: AED 79,556
Slide 36: GAV by Segment (Cont'd)
Key Highlights Income Statement Balance Sheet Operational Overview Appendix GAV by Segment (Cont’d) GAV: Development Properties GAV: Fixed Assets AED Million 2015 2014 AED Million 2015 2014 Book Fair Book Fair Book Fair Book Fair AED Million AED Million Value Value Value Value Value Value Value Valu
Slide 37: NAV Table
Key Highlights Income Statement Balance Sheet Operational Overview Appendix NAV Table 2015 2014 AED Million Book Value Fair Value Book Value Fair Value Cash and Bank Balances 17,919 17,919 16,018 16,018 Trade and Other Receivables 7,431 7,431 4,518 4,518 Development Properties 21,357 61,868 27,626 7
Slide 38: Glossary
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Glossary Sales The sale of off-plan units in project launches or completed units from inventory. Completed units that are ready for handover to clients; some delivered/completed units may not have been Deliveries sold and re