Emaar Properties (p.j.s.c) · DFM:EMAAR
Emaar Properties (p.j.s.c) — Emaar Malls PJSC — FY2016 Earnings Presentation
18 slides from Emaar Properties (p.j.s.c)'s earnings presentation, Mar 6, 2017
Slide 1: Emaar Malls PJSC FY 2016 Results
EMAAR MALLS PJSC FY 2016 RESULTS 6 March 2017
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 FY 2016 RESULTS 3 6 M
Slide 4: Highlights
HIGHLIGHTS 8% Footfall Increase in Rental 99% World’s Most Income Visited Leisure & GLA Occupancy (2016 vs. 2015) Lifestyle Rate (2016) Destination 8% 9% 13% Revenue EBITDA Profit 2016: AED 3,227 MM 2016: AED 2,447 MM 2016: 1,874 AED MM 2015: AED 2,992 MM 2015: AED 2,250 MM 2015: AED 1,656 MM 11% Re
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 FY 2016 RESULTS 5 6 March 2017
Slide 6: Financial Results
FINANCIAL RESULTS Track Record of Double Digit Top Line Growth Consistently Improving EBITDA Total Rental Income for the year EBITDA for the year 11% 12% AED MM AED MM 2,992 3,227 2,694 2,447 2,386 2,250 2,018 1,730 5,295 5,371 5,423 5,419 73% 75% 75% 76% 2013 2014 2015 2016 2013 2014 2015 2016 Main
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 735 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 99 100 96 96 90 88 85 85 Occupancy Rate (%) 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 648 602 539 Rent per sq.ft. 411 505 387 (AED/sq.ft.) 300 318 223 223 2015 2016 2
Slide 9: Portfolio Results (Cont'd)
PORTFOLIO RESULTS (CONT’D) Community Integrated Operational Super Regional Malls Regional Malls Specialty Retail Total EM Retail 3,227 2,992 2,447 2,639 Rental Income 254 (AED MM) 182 224 167 154 152 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 82 EBITDA 80 79 75 75 75 76 Margin 72 73 72 (%) 20
Slide 10: Rental Income
RENTAL INCOME 1 Contractual base rent escalation of typically 7% 8% per annum 3,227 11% 2 2,992 14% Net turnover rent based 2,694 14% on percentage of tenants 12% 14% sales 12% 7% 11% 8% 3 Majority of annual service 12% 4 charges charged to the 3 tenants recovered (c.66% 2 in 2016)(1) 66% 67%
Slide 11: Key Strengths
KEY STRENGTHS Significant GLA 5.9 m Sq ft of GLA, 96% Occupancy (Dec 2016) The Dubai Mall 3.7m Sq ft GLA, GLA occupancy at 99% (Dec 2016) Diversified Lease Payment Risk Lease payment risk diversified across a significant number of tenants. Key anchor tenants comprise large regional and inter
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 2016 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 31-December-2016) tenant base Waitlist of more than 4,0
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: Q3 2017 Targeted tenan
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) FY 2016 RESULTS 15 6 March 2017
Slide 16: Financial Highlights
FINANCIAL HIGHLIGHTS Q4 2016 Q3 2016 % Q4 2016 Q4 2015 % 2016 2015 % AED' million AED' million AED' million Rental Income 835 774 8% 835 821 2% 3,227 2,992 8% Operating expenses (129) (123) 5% (129) (120) 8% (472) (461) 2% Operating profit 706 651 8% 706 701 1% 2,755 2,531 9% Sales, marketing, gener
Slide 17: Balance Sheet and Key Ratios
BALANCE SHEET AND KEY RATIOS 31-Dec-15 31-Dec-16 Carrying value Fair value Carrying value Fair value ASSETS /------------------------------------------ AED' million ------------------------------------------/ Property plant and equipment & Inv estment Properties 21,050 49,283 21,422 53,245 Bank bala
Slide 18: Thank you
شكرا FY 2016 RESULTS 18 6 March 2017