Emaar Properties (p.j.s.c) · DFM:EMAAR
Emaar Properties (p.j.s.c) — Emaar Malls PJSC — Q2 2016 Earnings Presentation
19 slides from Emaar Properties (p.j.s.c)'s earnings presentation, Sep 1, 2016
Slide 1: Emaar Malls PJSC Q2 2016 Results
Emaar Malls PJSC Q2 2016 RESULTS 1 September2016
Slide 2: Disclaimer
DISCLAIMER Emaar Malls PJSC (EM) gives 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 presentation are made without responsibil
Slide 3: Table of Contents
TABLE OF CONTENTS Highlights 4 Vision and strategy 5 Financial results 6 Portfolio 7 Portfolio results 8-9 Rental income 10 Key strengths 11 - 12 Lease renewal status 13 Development pipeline 14 The Dubai Mall expansions 15 Financial highlights 16 Balance sheet and key ratios 17 Governance 18 Q2 2016
Slide 4: Highlights
HIGHLIGHTS 11% Footfall Increase in Rental 99% World’s Most Income Visited Leisure & GLA Occupancy (H1-16 vs. H1-15) Lifestyle Rate (H1-16) Destination 11% 11% 17% Revenue EBITDA Profit H1-16: AED 1,618 MM H1-16: AED 1,270 MM H1-16: 987 AED MM H1-15: AED 1,452 MM H1-15: AED 1,143 MM H1-15: AED 845 M
Slide 5: 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 2016 RESULTS 5 1 September 2016
Slide 6: Financial Results
FINANCIAL RESULTS Track Record of Double Digit Top Line Growth Consistently Improving EBITDA Total Rental Income for the year/period EBITDA for the year/period AED MM AED MM 12% 14% 11% 2,250 11% 2,992 2,018 2,694 1,730 2,386 1,143 1,270 1,452 1,618 5,295 5,371 5,423 5,402 5,423 73% 75% 75% 79% 78%
Slide 7: Portfolio
PORTFOLIO Division Assets GLA(1) Selected Pictures Super Regional The Dubai Mall 3,711 Malls Regional Dubai Marina Mall (including Pier 7) 420 Malls Souk Al Bahar, fine dining destination with views on the Dubai Fountain Specialty and Burj Khalifa 739 Retail Gold & Diamond Park, only dedicat
Slide 8: Portfolio Results
PORTFOLIO RESULTS Community Integrated Operational Super Regional Malls Regional Malls Specialty Retail Total EM Retail 99 99 100 98 96 96 91 89 85 85 Occupancy Rate (%) H1 2015 H1 2016 H1 2015 H1 2016 H1 2015 H1 2016 H1 2015 H1 2016 H1 2015 H1 2016 645 584 538 Rent per sq.ft. 420 493 380 (AED/sq.ft
Slide 9: Portfolio Results (Cont'd)
PORTFOLIO RESULTS (CONT’D) Community Integrated Operational Super Regional Malls Regional Malls Specialty Retail Total EM Retail 1,61 1,31 8 1,18 8 1,452 5 129 Rental Income 95 110 (AED MM) 81 76 76 H1 2015 H1 2016 H1 2015 H1 2016 H1 2015 H1 2016 H1 2015 H1 2016 H1 2015 H1 2016 84 81 81 81 EBITDA 79
Slide 10: Rental Income
RENTAL INCOME 1 Contractual base rent escalation of typically 7% 11% per annum 2,992 11% 13% 2 2,694 14% 1,618 Net turnover rent based 2,386 14% 1,452 on percentage of 12% 15% tenants’ sales 15% 11% 13% 8% 12% 3 11% 12% 12% 7% Majority of annual service 8% 4 14% charges charged to the 3 tenant
Slide 11: Key Strengths
KEY STRENGTHS Significant GLA 5.9 m Sq ft of GLA, 96% Occupancy (Jun 2016). The Dubai Mall 3.7m Sq ft GLA, GLA occupancy at 99% (Jun 2016). Diversified Lease Payment Risk Lease payment risk diversified across a significant number of tenants. Key anchor tenants comprise large regional and int
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, Galleries Lafayette. Dubai Mall is being expanded with additional leasable area of approximately 15% of the current mall. The expansion is li
Slide 13: Lease Renewal Status
LEASE RENEWAL STATUS Active Tenant Management Attractive Renewal Terms Achieved in H1-16 Significant waitlist allows EM to actively manage its Lease Expiry Schedule % of leased main unit GLA due to be expiring in the forthcoming years (as of 30-June-2016) tenant base Waitlist of more than 4,000
Slide 14: Development Pipeline
DEVELOPMENT PIPELINE Overview of Pipeline The Dubai Mall Fashion expansion Targeted Weight of EM 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: H1 2017 Estimated cons
Slide 15: The Dubai Mall - Expansions
THE DUBAI MALL - EXPANSIONS 2 1. Fashion Avenue Expansion 1 2. Zabeel Expansion (including car park) 3 3. Boulevard Expansion 4 4. Fountain View Expansion (including car park) Q2 2016 RESULTS 15 1 September 2016
Slide 16: Financial Highlights
FINANCIAL HIGHLIGHTS Q2 2016 Q1 2016 % Q2 2016 Q2 2015 % H1 2016 H1 2015 % AED' million AED' million AED' million Rental Income 785 833 (6%) 785 721 9% 1,618 1,452 11% Operating expenses (112) (108) 4% (112) (118) (5%) (220) (218) 1% Operating profit 673 725 (7%) 673 603 12% 1,398 1,234 13% Sales, m
Slide 17: Balance Sheet and Key Ratios
BALANCE SHEET AND KEY RATIOS 31-Dec-15 30-Jun-16 Carrying value Fair value Carrying value Fair value ASSETS /------------------------------------------ AED' million ------------------------------------------/ Property plant and equipment (2) & Inv estment Properties 21,050 49,283 21,159 49,283 Bank
Slide 18: Governance
GOVERNANCE Overview of Board of Directors Non- independent Directors Mohamed Alabbar, Chairman Ahmed Al Matrooshi Abdulla Belyoahah Abdulrahman Alhareb Chairman of Managing Director of Director of Debt Management Chief Internal Audit Emaar Properties PJSC Emaar Properties PJSC Division of the Depart
Slide 19: Thank you
شكرا Q2 2016 RESULTS 19 1 September 2016