Emaar Properties (P.J.S.C) · DFM:EMAAR
Emaar Properties (P.J.S.C) — Emaar Malls Group PJSC — Investor Presentation (November 2014)
19 slides from Emaar Properties (P.J.S.C)'s investor presentation, Nov 17, 2014
Slide 1: Emaar Malls Group PJSC Corporate Presentation
Emaar Malls Group PJSC Corporate Presentation 17 November 2014 The Dubai Mall: Fountain
Slide 2: Overview
Overview The Dubai Mall: Main Entrance 22
Slide 3: Emaar Malls Group at a Glance
Emaar Malls Group (“EMG”) at a Glance 58 MM Footfall (9M 2014) 99% ~50% 75 MM GLA Occupancy of luxury market in Rate (9M 2014) Dubai(1) Footfall (2013) AED 1.9 bn / AED 2.4 bn ~AED 41 Bn ~5.9 MM Revenue 9M 2014 / 2013 Market sq.ft. of GLA(3) AED 1.5 bn / AED 1.7 bn Capitalisation(2) EBITDA 9M 2014 /
Slide 4: Corporate Strategy
Corporate Strategy To consolidate its position as the leading shopping and entertainment operator in the GCC region and grow its assets base through optimization of existing assets; self-developed and green field developments as well as acquisition from Emaar Properties and other government-related
Slide 5: Strong Financial Results
Strong Financial Results Track Record of Double Digit Top Line Growth Consistently Improving EBITDA… Total Revenue EBITDA 16% 30% 25% AED MM 24% AED MM 1,739 2,395 1,475 1,446 1,950 1,908 1,185 1,525 1,651 1,037 5,031 5,158 5,295 5,,301 5,387 68% 74% 73% 75% 79% 2011 2012 2013 9M 2013 9M 2014 2011 2
Slide 6: Overview of The Most Attractive UAE Retail Portfolio
Overview of The Most Attractive UAE Retail Portfolio Division Assets Selected Pictures Super Regional The Dubai Mall Malls Regional Dubai Marina Mall (including Pier 7) Malls Souk Al Bahar, fine dining destination with views on the Dubai Fountain and Burj Specialty Khalifa Retail Gold & Diam
Slide 7: Strong Performance Across the EMG Portfolio
Strong Performance Across the EMG Portfolio Community Integrated Operational Super Regional Malls Regional Malls Specialty Retail Total EMG Retail Due to temporary closure for 97% occupancy rate based 99 99 98 94 addition of new tenants on signed leases 95 92 85 87 81 GLA Occupancy 71 Rate (%) 9M 20
Slide 8: Strong Performance Across the EMG Portfolio (cont'd)
Strong Performance Across the EMG Portfolio (cont’d) Community Integrated Financial Super Regional Malls Regional Malls Specialty Retail Total EMG Retail +13% +35% +10% +36% +15% 1,897 1,550 112 136 90 99 Rental Income 83 100 (AED MM) 1,372 1,646 9M 2013 9M 2014 9M 2013 9M 2014 9M 2013 9M 2014 9M 20
Slide 9: Key Performance Indicators
Key Performance Indicators 97% occupancy rate based on signed leases Occupancy Ratio Footfall % MM 3% pts. 17% 7% pts. 7% 95 93 92 89 104 76 81 86 89 76 71% 73% 72% 72% 72% 2011 2012 2013 9M 2013 9M 2014 2011 2012 2013 9M 2013 9M 2014 Tenant Sales Rent per sq.ft.(1)(2) AED MM 13% 16% AED/sq.ft. 15%
Slide 10: Evolution of Rental Income Breakdown
Current Portfolio: Evolution of Rental Income Breakdown 1 Evolution of Rental Income and Breakdown Contractual base rent escalation of typically 7% per annum 2 Net turnover rent based on 23% percentage of tenants sales 2,386 15% 28% 15% 3 Majority of annual service 1,944 1,897 11% charges char
Slide 11: Key Strengths
Key Strengths Significant GLA 5.9 m Sq ft of GLA, 95% Occupancy (Sep 2014). Significant and Growing Footfall TDM 58 million footfall 9M 2014, 5% increase. Positive footfall trends across the Malls division. The Dubai Mall 3.7m Sq ft GLA, GLA occupancy at 99% (Sep 2014). Diversified Lease Pay
Slide 12: 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 and Galleries Lafayette. Dubai Mall is being expanded with additional leasable area of approximately 15% of the current mall. The expansion is
Slide 13: Active Tenant Management Drives Increase in Renewal Rates
Active Tenant Management Drives Increase in Renewal Rates Active Tenant Management Attractive Renewal Terms Achieved in 9M 2014 Significant waitlist allows EMG to actively manage its tenant Base Rent Increase: C.1,066 k sq.ft. of the lease base expires in 2014 achieved a base rent increase of 27
Slide 14: The Dubai Mall: Flagship Asset of the Portfolio
The Dubai Mall: Flagship Asset of the Portfolio The #1 Mall in the World by Annual Footfall The Dubai Mall Key Figures Latest Available Footfall by Center MM 75 46 40 39 ~4% ~50% 38 34 of Dubai GDP Of luxury goods 31 30 28 (Tenant Sales)(1) sold in Dubai in 2013 The Les 4 Mall of Westfield Le Forum
Slide 15: Developments: Tangible External Growth Through Pipeline
Developments: Tangible External Growth Through Pipeline Overview of Pipeline The Dubai Mall Fashion expansion Targeted Weight of EMG Extensions vs. Greenfield Development Pipeline vs. Under Development In % of GLA Total Portfolio Up to 87% Extension <20% 13% of GAV Greenfield GLA Est. Cost Expected
Slide 16: Financial Highlights – AED in millions
Financial Highlights – AED in millions Sep-14 Jun-14 Sep-14 Sep-13 Sep-14 Sep-13 % % % Qtr Qtr Qtr Qtr YTD YTD Revenue Rental Income 646 649 0% 646 540 20% 1,897 1,646 15% Other Income 4 4 0% 4 3 33% 11 5 120% Total Revenue 650 653 0% 650 543 20% 1,908 1,651 16% Expenses Operating Expenses (128) (95
Slide 17: Balance Sheet and Ratio Analysis – AED in millions
Balance Sheet and Ratio Analysis – AED in millions 2011 2012 2013 Sep-14 Non-Current Assets Property, plant and equipment 231 424 303 322 Investment properties 7,353 7,256 7,330 20,442 Current Assets Inventories 7 9 15 15 Trade receivables 233 238 194 88 Advances and prepayments 21 44 35 86 Due from
Slide 18: Board of Directors and Corporate Governance
Board of Directors and Corporate 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 t
Slide 19: Thank You
Thank You The Dubai Mall: Waterfall 19 19
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