Al Dar Properties · ADX:ALDAR
Al Dar Properties — Aldar Properties PJSC — Investor Presentation (March 2018)
21 slides from Al Dar Properties's investor presentation, Mar 5, 2018
Slide 1: Investor Presentation
Investor Presentation 5th of March 2018
Slide 2: Disclaimer
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 shou
Slide 3: Abu Dhabi Real Estate Market Drivers
ABU DHABI REAL ESTATE MARKET DRIVERS Strong Abu Dhabi macro environment – one of the few remaining ‘AA’ rated economies Abu Dhabi Vision 2030 – non-oil GDP diversification Real GDP is expected to reach approximately 1,020 billion in 2022 growing at an average annual increase of 4.3% between 20
Slide 4: Aldar Properties PJSC Overview
ALDAR PROPERTIES PJSC OVERVIEW BBB and Baa2 rated (S&P and Moody’s respectively) • S&P rating: BBB $ 4.6¹ billion market • Moody’s rating: Leading Abu Dhabi developer and asset manager behind the cap Baa2 Emirate’s most iconic and complex projects $1.4 billion $ 425m NOI (2017) investment plan Govt
Slide 5: Clear Corporate Structure: Two Core Business Units
CLEAR CORPORATE STRUCTURE TWO CORE BUSINESS UNITS DELIVERING DESIRABLE DESTINATIONS THAT CREATE LONG-TERM SHAREHOLDER VALUE Development Management Asset Management Monetise landbank Maximise value of assets AED 18 billion ($5 AED 1.6 billion ($425 AED 3.7 billion ($1 75 million sqm land bank billion
Slide 6: 2017 at a Glance
2017 AT A GLANCE Launch and sale of The Bridges on Launch and sale of Water’s Edge Completion of International Commenced handover of Ansam Reem Island on Yas Island Tower acquisition and Al Hadeel OPERATIONAL HIGHLIGHTS FINANCIAL HIGHLIGHTS • $953 million full year development sales value • $1.7 bil
Slide 7: Development Overview
DEVELOPMENT OVERVIEW Where we stand today Aldar plays a pivotal role in the real estate sector Largest real estate developer in Abu Dhabi - $940 million in 10 current projects 7,000 units launched sales in 2017 Delivering approximately one third of new residential supply $ 1.1 billion revenue
Slide 8: 2017 Development Highlights
2017 DEVELOPMENT HIGHLIGHTS DEVELOPMENT SALES ACTIVITY • Development sales value of $953 million • Strong Q4 – $300 million across over 600 units, driven by sales at Water’s Edge and West Yas • 1,900 units launched in 2017 – ahead of 1,500 unit guidance • 83% sold across all Aldar units launched as
Slide 9: Abu Dhabi Map
ABU DHABI MAP Yas Island Reem Island Al Raha Beach 9
Slide 10: Clear Development Pipeline Over Coming Years
CLEAR DEVELOPMENT PIPELINE OVER COMING YEARS AED $2.9 BILLION (AED 10.5 Billion) IN SALES ACROSS CURRENT PROJECTS Al Merief: 281 units Nareel: 147 units Meera: 408 units The Bridges: 1,272 units (100% sold) (59% sold) (91% sold) (93% sold) Q4 2017 2018 2019 2020 Ansam: 552 units (93% sold) West Yas:
Slide 11: $5 Billion Asset Management Portfolio
$5 BILLION ASSET MANAGEMENT PORTFOLIO RETAIL RESIDENTIAL COMMERCIAL HOSPITALITY ~15-20% of total market High-quality residential ~10% of total Abu Dhabi ~10% of total Abu Dhabi stock under management portfolio across Abu Dhabi market stock market stock 470,000 sqm GLA across 25 4,800 243,000 sqm GLA
Slide 12: Asset Management Performance
ASSET MANAGEMENT PERFORMANCE Large and diverse $5 billion asset management business generating $425 2017FY NOI breakdown million of NOI 6% 4% $1.4 billion investment plan in place that will drive both long and short term 31% NOI growth 25% Outperforming wider market across all sectors supporte
Slide 13: Focus on Shareholder Return
FOCUS ON SHAREHOLDER RETURN • Progressive dividend over last six years, Dividend per share supported by growth and stabilization of recurring revenues 12 fils • Formalised asset management and 11 fils development dividend policy provides clear and 10 fils transparent shareholder returns 9 fils • 201
Slide 14: Summary
SUMMARY Strong development business • Develop in infrastructure enabled destinations • Tapping into market demand – high quality, mid-market residential High quality, diverse asset management business • High-quality diversified $5 billion asset portfolio • Resilient performance despite softer market
Slide 15: Appendix
Appendix 15
Slide 16: Financial Statements – Profit and Loss
FINANCIAL STATEMENTS – PROFIT AND LOSS AED millions Q4 2017 Q4 2016 2017 FY 2016 FY Revenues 1,869 1,411 6,180 6,237 Direct costs (1,096) (889) (3,525) (3,598) Gross profit 773 552 2,655 2,639 Gross profit Margin 41% 37% 43% 42% SG&A expenses (143) (112) (407) (404) Depreciation and Amortization (48
Slide 17: Financial Statements – Balance Sheet
FINANCIAL STATEMENTS – BALANCE SHEET As at As at AED millions 31 Dec 2017 31 Dec 2016 Property, plant and equipment 2,931 2,986 Investment properties 16,077 15,773 Development work in progress 1,477 1,298 Inventory 2,593 2,449 Receivables 5,353 5,263 Cash 6,885 6,696 Other Assets 1,082 1,096 Total A
Slide 18: Quarterly Segmental Analysis
QUARTERLY SEGMENTAL ANALYSIS Q4 2017 recurring revenues of AED 796 million (Q4 2016: AED 787 million, Q3 2017: AED 666 million) ¹ Q4 2017 Segmental Revenue Performance AED Millions 672 543 493 445 439 421 426 352 343 183 175 92 26 28 23 Investment Properties Hospitality & Leisure Adjacent Businesses
Slide 19: Full Year Segmental Analysis
FULL YEAR SEGMENTAL ANALYSIS 2017 FY recurring revenues of AED 2,851 million (2016 FY: AED 2,945 million) ¹ 2,387 2,128 2017 FY Segmental Revenue Performance 1,723 1,819 AED Millions 1,674 1,371 506 540 150 119 Investment Properties Hospitality & Leisure Adjacent Businesses Development Management Pr
Slide 20: Government Transactions
GOVERNMENT TRANSACTIONS Remaining Remaining cash inflows P&L events Transaction (AEDm) 2018 2019 Total Other income Sale of Al Raha Beach Land ¹ 285 190 475 - Infrastructure recoverables ² 363 256-535 619-898 201-480³ 648 446-725 1,094-1,373 201-480 ¹ Al Raha Beach land plot handed over in Q3 2016 w
Slide 21: Thank You
THANK YOU For any further enquiries please contact: Chris Wilson Mohamed ALMaazmi Head of Investor Relations Investor Relations + 971 2 810 5624 + 971 2 810 5866 [email protected] [email protected]
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