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

Emaar Properties (p.j.s.c) — Emaar Malls Group PJSC — FY2014 Earnings Presentation

16 slides from Emaar Properties (p.j.s.c)'s earnings presentation, Mar 3, 2015

  1. Slide 1: Emaar Malls Group PJSC FY 2014 Results

    EMAAR MALLS GROUP PJSC FY 2014 RESULTS 3 March 2015

  2. Slide 2: Highlights

    HIGHLIGHTS 80 MM 99% ~50% Footfall (2014) of luxury GLA Occupancy market in 75 MM Rate (2014) Dubai(1) Footfall (2013) ~AED 37 Bn ~5.9 MM AED 2.7 bn / AED 2.4 bn Revenue 2014 / 2013 Market sq.ft. of GLA(3) AED 2.0 bn / AED 1.7 bn Capitalisation(2) EBITDA 2014 / 2013 21% 19% ~1 MM Tenant Sales EBITDA

  3. Slide 3: 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

  4. Slide 4: Financial Results

    FINANCIAL RESULTS Track Record of Double Digit Top Line Growth Consistently Improving EBITDA Total Revenue EBITDA 18% 19% AED MM 2,708 AED MM 2,395 2,032 1,950 1,739 1,446 5,158 5,295 5,371 74% 73% 75% 2012 2013 2014 2012 2013 2014 Main Units GLA (‘000 sq.ft.) EBITDA Margin Net Income Profit for the

  5. Slide 5: Portfolio

    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 Specialty Burj Khalifa Retail  Gold & Diamond Park, only dedicated gold & diamond mal

  6. Slide 6: Portfolio Results

    PORTFOLIO RESULTS Community Integrated Operational Super Regional Malls Regional Malls Specialty Retail Total EMG Retail 99 99 98 (2) 93 (1) 93 95 92 93 87 89 85 82 Occupancy Rate 74 73 (%) 64 2012 2013 2014 2012 2013 2014 2012 2013 2014 2012 2013 2014 2012 2013 2014 CAGR 11% CAGR 34% CAGR 22% CAGR

  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 17% CAGR 18% CAGR 17% CAGR 32% CAGR 18% 2,225 150 184 2,694 1,991 135 2,386 127 150 1,626 118 1,944 108 99 Rental Income 105 (AED MM) 2012 2013 2014 2012 2013 2014 201

  8. Slide 8: Rental Income

    RENTAL INCOME 1  Contractual base rent escalation of typically 7% per annum 2 2,694 13%  Net turnover rent based 2,386 14% on percentage of tenants 23% sales 15% 11% 1,944 3 11% 12%  Majority of annual service 14% 4 14% charges charged to the 3 10% tenants recovered (c.57% 14% 2 in 2014)(1) 63% 4

  9. Slide 9: Key Strengths

    KEY STRENGTHS Significant GLA  5.9 m Sq ft of GLA, 95% Occupancy (Dec 2014). Significant and Growing Footfall and Tenant Sales  TDM: footfall - 80 million (7% increase); tenant sales - AED 16 billion (14% increase)  Positive footfall trends across the Malls division. The Dubai Mall  3.7m Sq ft G

  10. Slide 10: 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

  11. Slide 11: Renewal Rates

    RENEWAL RATES Active Tenant Management Attractive Renewal Terms Achieved in 2014  Significant waitlist allows EMG to actively manage its  Base Rent Increase: C.1,336 k sq.ft. of the lease tenant base expires in 2014 achieved a base rent increase of  Waitlist of more than 4,000 businesses across a

  12. Slide 12: Flagship Asset

    FLAGSHIP ASSET The #1 Mall in the World by Annual Footfall The Dubai Mall Key Figures Latest Available Footfall by Center 2014 2013 MM 80 75 46 40 39 ~5% ~50% 38 34 of Dubai GDP Of luxury 31 30 28 (Tenant Sales)(1) goods sold in Dubai in 2013 The Les 4 Mall of WestfieldLe Forum Part West Intu Westfi

  13. Slide 13: 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 87% Extension <20% 13% of GAV Greenfield GLA Est. Cost Expected Project Name (sq.ft.) (AED MM) Open

  14. Slide 14: Financial Highlights

    FINANCIAL HIGHLIGHTS Dec-14 Sep-14 Dec-14 Dec-13 Dec-14 Dec-13 % % % Qt r Qt r Qt r Qt r YTD YTD /------------------------------------------------------------ AED in million ------------------------------------------------------------/ Revenue 800 649 23% 800 744 8% 2,708 2,395 13% Expenses Operatin

  15. Slide 15: 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

  16. Slide 16: FY 2014 Results

    ‫شكرا‬ FY 2014 RESULTS 16 3 March 2015

Emaar Malls Group PJSC — FY2014 Earnings Presentation on 6ix