Al Dar Properties · ADX:ALDAR
Al Dar Properties — FY2023 Earnings Presentation
33 slides from Al Dar Properties's earnings presentation, Feb 9, 2024
Slide 1: FY 2023 Results Presentation
FY 2023 RESULTS PRESENTATION Aldar Properties 09 February 2024
Slide 2: FY 2023 Group Highlights
FY 2023 GROUP HIGHLIGHTS FY 2023 Results Presentation 09 February 2024
Slide 3: FY 2023 Executive Summary
FY 2023 EXECUTIVE SUMMARY Group ▪ Cross-platform growth driven by ongoing execution of development revenue backlog, record development sales and contributions from recurring income portfolio Revenue EBITDA Net Profit ▪ 2022 & 2023 acquisitions delivering strong returns, surpassing underwriting expec
Slide 4: Strong Execution on Growth & Expansion Strategy
STRONG EXECUTION ON GROWTH & EXPANSION STRATEGY An Abu Dhabi based company, leveraging the strengths of its 2020 operating model, delivering an elevated platform in terms of scale, efficiencies and diversification in 2023 AED bn 2020 2023 3 -yr CAGR Market Cap 24.8 42.1 19% 3-yr TSR 88% Revenue 8.4
Slide 5: Core Business Growth Drivers
CORE BUSINESS GROWTH DRIVERS Strongly positioned to capitalize on sector diversification and geographic expansion Aldar Development Aldar Investment ▪ Become leading destination builder providing exceptional ▪ Grow recurring income portfolio through “Develop-to- experiences Hold” strategy ▪ Diversif
Slide 6: International Expansion Supports Diversification Strategy
INTERNATIONAL EXPANSION SUPPORTS DIVERSIFICATION STRATEGY Deploying capital and investing into “growth” real state sectors to address relevant long-term trends Long Term Trends “Growth” Real Estate Sectors Benefits to Aldar Winning Cities Homebuilding ▪ Enlarged sales network & client synergies Citi
Slide 7: 2023 Capital Committed
2023 CAPITAL COMMITTED Active capital deployment activity in 2023 across existing and new sectors and geographies: c. AED 9bn of capital deployed or committed Guidance: Equity Deployment AED 5bn Aldar Development (c. AED 5.9bn) Aldar Investment (c. AED 3.1bn) Transaction Value (AED mn) Transaction V
Slide 8: Aldar Development
ALDAR DEVELOPMENT Record UAE sales at AED 24bn & revenue backlog of AED 29bn driven by strong demand from overseas & expat buyers, Abu Dhabi’s appeal as a premier lifestyle & business destination and expansion into Dubai, RAK & UK Key Announcements of 2023 Revenue (AED mn) Group Sales (AED bn) Guida
Slide 9: Aldar Investment (1/2)
ALDAR INVESTMENT (1/2) Strong underlying portfolio performance & strong growth driven by capital deployment in 2022 & 2023 Key Announcements of 2023 • Commercial: JV with Mubadala; Initial office tower Revenue1 (AED mn) 37 floors with total net leasable area (NLA) of 63,000sqm +40% • Retail: AED 500
Slide 10: Aldar Investment (2/2)
ALDAR INVESTMENT (2/2) 2022 acquisitions performing above expectations with strong performance contribution Investment Properties Hospitality & Leisure Education Aldar Estates3 Occupancy 93% Occupancy 70% 31 Schools Property Management Commercial 95% 11 Operated schools Facilities Management Residen
Slide 11: Robust Group Balance Sheet Supporting Growth
ROBUST GROUP BALANCE SHEET SUPPORTING GROWTH (AED mn) FY 23 Debt and Facilities (AED bn) Available Liquidity (AED bn) Debt 12,079 Free Cash 1 Sukuk 5.5 2.9 Cash 11,718 Total Equity 38,183 FY 23 FY 23 Debt to Total Equity 32% Facilites drawn Committed undrawn facilities Debt to Total Assets 17% 6.6 7
Slide 12: FY 2023 Sustainability Highlights
FY 2023 SUSTAINABILITY HIGHLIGHTS Protecting The Environment ▪ Launched Aldar Net Zero Plan, outlining our pathway to achieve Net Zero emissions by 2050 ▪ Launched and signed Real Estate Climate Pledge with Ministry of Climate Change and Environment (MOCCAE), with 64 signatories of peers, suppliers
Slide 13: 2024 Guidance
2024 GUIDANCE FY 2024 Aldar Group Adj. EBITDA AED 6.0 to 6.3bn Sales AED 29 to 31bn Aldar Development EBITDA AED 3.9 to 4.1bn o/w Project Management Services AED 0.50 to 0.55bn Aldar Investment Adj. EBITDA1,2 AED 2.3 to 2.5bn1,2 1 Excludes Pivot 2 Adjusted for fair value movements (excluding amortiz
Slide 14: Q&A
Q&A FY 2023 Results Presentation 09 February 2024
Slide 15: FY 2023 Group Results
FY 2023 GROUP RESULTS FY 2023 Results Presentation 09 February 2024
Slide 16: FY 2023 Group Financial Highlights
FY 2023 GROUP FINANCIAL HIGHLIGHTS Sustained growth driven by ongoing execution of development revenue backlog, record development sales and contributions from recurring income portfolio Revenue (AED mn) (AED mn) Q4 23 Q4 22 Var FY 23 FY 22 Var Revenue 4,398 3,134 40% 14,161 11,200 26% 14,161 11,200
Slide 17: FY 2023 Group Balance Sheet
FY 2023 GROUP BALANCE SHEET Strong balance sheet position supported by prudent capital management and robust governance Balance Sheet Leverage (AED mn) 31 Dec 2023 31 Dec 2022 Property, plant and equipment 6,513 5,607 Investment properties 26,218 23,933 Aldar Development Aldar Investment LHFS, DWIP
Slide 18: Aldar Development
ALDAR DEVELOPMENT FY 2023 Results Presentation 09 February 2024
Slide 19: Aldar Development FY 2023 Financial Performance
ALDAR DEVELOPMENT FY 2023 FINANCIAL PERFORMANCE AED mn Q4 23 Q4 22 Var FY 23 FY 22 Var FY 2023 Property Dev. & Sales (UAE only) Group Sales 8,536 5,175 65% 27,931 14,414 94% • Sales +121% YoY to AED 24bn UAE 7,241 3,790 91% 24,281 10,989 121% • Revenue +31% YoY, driven by ongoing execution of Intern
Slide 20: UAE Landbank Overview
UAE LANDBANK OVERVIEW Landbank is spread across key investment zones in Abu Dhabi, Dubai and Ras Al Khaimah Landbank1 Locations Destinations Abu Dhabi Saadiyat Island GFA 2.0mn sqm 65mn sqm Land Area 63.0mn sqm GFA 9.6mn sqm2 Yas Island GFA 2.0mn sqm ▪ Large & highly accretive landbank Al Fahid Isla
Slide 21: UAE Development Projects Pipeline
UAE DEVELOPMENT PROJECTS PIPELINE Projects under construction, as at 31 December 20231 Highlights Net Sales Value Revenue Backlog GSA Avg sale Project Location Launch Year Sold Units (AED mn) Units Launched % Sold % Completion ('000) (sqm) price/sqm1 Noya Viva Yas Island 2021 479 1,009 479 100% 74%
Slide 22: Aldar Projects
ALDAR PROJECTS1 Aldar Projects awarded AED 30.3bn new project in 2023 Aldar Projects Backlog Progression (AED bn) Aldar Projects Backlog AED 81.9bn 26 82 65 62 61 2 2 59 (3) Aldar Projects 50 (3) (3) 2023 New Awards 31 27 26 28 (4) AED 30.3bn 55 55 34 35 35 31 32 Project Management Services 31-Dec-2
Slide 23: Aldar Investment
ALDAR INVESTMENT FY 2023 Results Presentation 09 February 2024
Slide 24: Aldar Investment FY 2023 Financial Performance
ALDAR INVESTMENT FY 2023 FINANCIAL PERFORMANCE AED mn Q4 23 Q4 22 Var FY 23 FY 22 Var FY 2023 Investment Properties • Commercial: +73% YoY Adj. EBITDA2 to AED 582mn Recurring Revenue1 1,754 1,320 33% 5,759 4,120 40% driven by stronger performance across the portfolio Investment Properties3 (IP) 530
Slide 25: Investment Properties Overview
INVESTMENT PROPERTIES OVERVIEW1 Commercial Residential Retail Logistics No. of assets 15 13 36 3 Leasable area (‘000 sqm) 504 826 521 216 Occupancy 95% 94% 91% 93% WAULT (yrs) 3.9 2.8 3.9 4.6 FY 2023 Revenue (AEDmn) 780 (+42% YoY) 578(-3% YoY) strata unit 718 (flat YoY) AJM & AHM 63 (+32% YoY) sales
Slide 26: Hospitality & Leisure
HOSPITALITY & LEISURE 3rd largest hospitality owner in the UAE by number of keys HOTELS Hotel portfolio consists of assets from 3 to 5 stars, in FY 23 FY 22 addition to hotel apartments Key assets: Revenue (AED mn) 1,116 828 ▪ W Yas Island ▪ Radisson Blu Adj. EBITDA1 (AED mn) 383 208 ▪ Crowne Plaza
Slide 27: Aldar Education
ALDAR EDUCATION 2nd largest private school operator in the UAE Investments announced in 2022 (AED 1bn) & 2023 (AED 350mn) to achieve ambitious growth; through greenfield, brownfield and acquisitions Operated Schools Schools1 Students (k) • +25% enrolment growth YoY driven by acquisition of Kent Coll
Slide 28: Aldar Estates
ALDAR ESTATES1 A leading regional Property & Facility Management Company Facility Management Revenue (AED mn) AED 1.1bn+ Total Orderbook +133% +76% 1,741 Property Management 748 150k+ Residential Units 681k sqm Commercial GLA FY 22 FY 23 604k sqm Retail GLA Integrated Community Services EBITDA (AED
Slide 29: Segmental Breakdown
SEGMENTAL BREAKDOWN FY 2023 Results Presentation 09 February 2024
Slide 30: Segmental Breakdown: Q4 2023 vs Q4 2022
SEGMENTAL BREAKDOWN Q4 2023 vs Q4 2022 Revenue (AED mn) 1,455 1,055 629 698 531 530 491 368 372 199 253 238 287 156 12 24 Investment Properties Hospitality & Leisure Education Estates Others Property Dev. Project Mgmt. Services International & Sales Q4 22 Q4 23 EBITDA (AED mn) 714 603 445 319 163 10
Slide 31: Segmental Breakdown: FY 2023 vs FY 2022
SEGMENTAL BREAKDOWN FY 2023 vs FY 2022 Revenue (AED mn) 5,790 4,414 1,908 2,139 1,741 1,135 1,208 1,414 1,263 828 1,116 592 687 748 44 77 Investment Properties Hospitality & Leisure Education Estates Others Property Dev. Project Mgmt. Services International & Sales FY 22 FY 23 EBITDA (AED mn) 2,133
Slide 32: Contact Us
ALDAR INVESTOR PRESENTATION CONTACT US For any further enquiries please contact: Pamela Chahine Head of Investor Relations Tel: +971 (0)2 810 6585 Email: [email protected] 32
Slide 33: Disclaimer
DISCLAIMER This presentation is intended for information purposes only and does not constitute or form part of an offer for sale or subscription or an invitation or solicitation of an offer to subscribe for or purchase securities of any kind and neither this document nor anything contained herein sh