Emaar Properties (p.j.s.c) · DFM:EMAAR
Emaar Properties (p.j.s.c) — Emaar Properties — Q2 2016 Earnings Presentation
38 slides from Emaar Properties (p.j.s.c)'s earnings presentation, Sep 20, 2016
Slide 1: Emaar Properties Q2 2016 Results
Emaar Properties Q2 2016 Results September 2016
Slide 2: Disclaimer
Disclaimer Emaar Properties PJSC, for themselves and for Emaar Group, give 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 prese
Slide 3: Table of Contents
Table of Contents KEY HIGHLIGHTS INCOME STATEMENT BALANCE SHEET OPERATIONAL OVERVIEW APPENDIX Q2 2016 Results Presentation September 20, 2016 Page 2
Slide 4: Emaar Properties at a Glance
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Emaar Properties at a Glance #1 196 MM 40% listed developer SQM of land (58% of EBITDA) by market cap bank in key recurring in MENA(1) countries revenues +40,500 15.08 165.65 residential units AED BN AED NAV/ delivered since
Slide 5: Key Financial Highlights for the Group
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Key Financial Highlights for the Group AED MM Q2 2016 Q2 2015 % Change H1 2016 H1 2015 % Change Group Property Sales 5,289 4,808 10% 10,440 8,459 23% Revenue 3,728 3,496 7% 7,257 6,520 11% Gross Profit 1,902 1,866 2% 3,808 3
Slide 6: Key Achievements
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Key Achievements AED 10.440 BN Group property sales achieved in H1 2016, 23% higher compared to H1 2015. Dubai sales increased by 45% to AED 8.854 BN in H1 2016 compared to AED 6.120 BN in H1 2015. Recurring revenue ge
Slide 7: Results by Segment
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Results by Segment Revenues Breakdown of Results AED million Revenues 11% 35% (12)% 11% (18)% 3% 7,257 6,520 8% 3,308 2,449 10% 1,032 1,171 1,581 1,420 884 721 615 596 46% Emaar UAE International Emaar Malls Emaar Emaar Reta
Slide 8: Balance Sheet Overview
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Balance Sheet Overview Balance Sheet Overview Change in Cash & Cash Equivalents(1) % AED million Total: AED 95,736 MM Trade & Other Bank Balances & 14 Payables +2,992 10,661 Cash 20 8,882 -331 -116 -767 Advances from Trade &
Slide 9: Credit Ratios
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Credit Ratios EBITDA / Interest Net Debt / EBITDA 12.34x 2014 2015 2016 12.0x 2014 2015 2016 9.1x 2014 2015 2014 -0.60x -0.78x -0.78x 2014 2015 2016 Net Debt / Equity Debt / GAV 2014 2015 2016 17.0% 17.0% 2014 2015 2016 15.7
Slide 10: NAV Bridge
Key Highlights Income Statement Balance Sheet Operational Overview Appendix NAV Bridge NAV Bridge December 2015 Fair value of GAV Split AED MM 1% 5% 5% +5,104 107,998 +5,345 103,248 +159 33% -2,562 -3,296 36% 88,794 20% Total: AED 165,654 MM UAE Development Emaar Hospitality International Developmen
Slide 11: UAE Development
Key Highlights Income Statement Balance Sheet Operational Overview Appendix UAE Development Market Overview Segment Highlights - H1 2016 Launches Harbour Views T1 Sidra 2,109 units launched in H1 2016 with Sales Value: AED 686 MM Sales Value: AED 1,415 MM a total sales value of AED 9.229 BN. H1
Slide 12: International Development
Key Highlights Income Statement Balance Sheet Operational Overview Appendix International Development Market Overview International Sales(1) Q2 2016 sales across all international Units Released projects amounted to AED 626 MM. Egy Total international backlog amounted to 93 7 9,110 pt AED 14.837
Slide 13: Emaar Malls
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Emaar Malls H1 2016 H1 2015 % Change Key Highlights Growth 29% of Base Rent renewal for leases renewed GLA 2016. 5,907 5908 - (MM SQFT) The Dubai Mall’s Fashion Expansion scheduled for opening in H1 2017. Occupancy Rate
Slide 14: Emaar Hospitality Group
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Emaar Hospitality Group Key Highlights H1 2016 H1 2015 % Change Hospitality results for H1 2015 includes The Occupancy Rate (%)(1) 84% 83% 1% Address Downtown which is currently not in operation. RevPar 1,018 1,162 12% (AE
Slide 15: Emaar Misr for Development
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Emaar Misr for Development(1) Change H1 2016 H1 2015 % Key Highlights Delivered 424 units in H1 2016. Units Launched 643 357 80% Total Emaar Misr backlog amounted to AED 8.446 Units Delivered 424 468 -9% BN at the end of
Slide 16: Summary
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Summary Financial With H1 2016 Group sales amounting to AED 10.44 BN and a total backlog of AED Performance 45.90 BN, Emaar is on track to boost profitability in the coming years. H1 2016 sales across all projects in the
Slide 17: Appendix
NW end Appendix
Slide 18: Overview of Divisions
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Overview of Divisions Property Property Emaar Hospitality Emaar Retail & Development Emaar Malls Group Development UAE Group Leasing International • Leading master plan • Active in 10 targeted • Listed on DFM since • Hotel o
Slide 19: Strategy
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Strategy Further consolidate Emaar’s position as of the largest developer of iconic projects in Dubai. Dubai Enter into joint ventures in Dubai to get access to significant land bank with no immediate cash outflow for la
Slide 20: Overview of Development Projects Under Development
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Overview of Development Projects Under Development Project Business Description Units Sale Value (AED) Date of Launch Expected Completion Date % Completi onRecognized Dubai Operations The Address The Blvd 533 1,946,461,638 S
Slide 21: Overview of Development Projects Under Development (Cont'd)
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Overview of Development Projects Under Development (Cont’d) Project Business Description Units Sale Value (AED) Date of Launch Expected Completion Date % CompletionRecognized Dubai Hills Estates Views and Grove - 558,213,960
Slide 22: Location of Development Projects
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Location of Development Projects Q2 2016 Results Presentation September 20, 2016 Page 21
Slide 23: Location of Development Projects: Downtown Dubai
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Location of Development Projects: Downtown Dubai 1 The Address Sky View 2 The Address Fountain Views 3 The Address The BLVD 4 Burj Vista 6 5 The Address Residences Dubai Opera 6 Rove Hotel (Za’abeel) 14 55 7 A4 8 Opera House
Slide 24: Location of Development Projects: Arabian Ranches
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Location of Development Projects: Arabian Ranches 1 Al Reem 1 2 Al Reem 2 3 Al Reem 3 4 Saheel 5 Golf Homes 1 6 Dubai Polo Club 3 7 Mirrador La Coleccion 1 8 Mirrador La Coleccion 2 27 26 9 Hattan 2 25 10 Alvorada 1 21 22 20
Slide 25: Location of Development Projects: Dubai Hills (JV with Meeras)
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Location of Development Projects: Dubai Hills (JV with Meeras) 1 Dubai Hills Golf Course 2 Mulberry/Park Heights 3 Golf Club 4 Tennis Academy 5 Village Retail 6 Street of Dreams 7 Driving Range 8 Luxury Estate Village 9 Scho
Slide 26: Location of Development Projects: Dubai Creek (JV with Dubai Holding)
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Location of Development Projects: Dubai Creek (JV with Dubai Holding) Q2 2016 Results Presentation September 20, 2016 Page 25
Slide 27: Overview of Delivery Schedule
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Overview of Delivery Schedule Units Delivery/ Year 13,148 11,257 8,886 7,619(1) 4,946 2016 2017 2018 2019 2020 UAE International Q2 2016 Results Presentation September 20, 2016 Page 26 (2): 2020 deliveries are based on proje
Slide 28: Overview of UAE Delivery Schedule
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Overview of UAE Delivery Schedule # of Units Completed Under Development Cumulative till 2015 2016 2017 2018 2019 2020 Emaar Properties Downtown 9,879 6,637 9,879 533 1,795 1,463 1,922 924 Dubai Marina 4,450 466 4,450 - - -
Slide 29: Overview of International Delivery Schedule
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Overview of International Delivery Schedule Country Entity Completed Under Development To be Developed Cumulative till 2015 2016 2017 2018 2019 2020 Subsidiaries Emaar Misr 2,876 4,283 5,099 2,408 970 1,823 2,565 1,887 2,605
Slide 30: Emaar Group Hotel Portfolio
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Emaar Group Hotel Portfolio Residences in Hotel Hotel Management Company Classification Keys Operational Pool(6) Emaar Hospitality Group Hotel Portfolio Dubai Armani Hotel at Burj Khalifa Armani Hotel - Dubai 5 Star 160 23 2
Slide 31: Emaar Hospitality Group: Asset Performance Breakdown
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Emaar Hospitality Group: Asset Performance Breakdown Emaar Hospitality Group: Asset Performance Breakdown The Address Downtown(1) The Palace Downtown The Address Dubai Mall H1 2016 H1 2015 H1 2016 H1 2015 H1 2016 H1 2015 Ava
Slide 32: Emaar Hospitality Group: Hotels / Apartments Under Development
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Emaar Hospitality Group: Overview of Hotels / Apartments Under Development Hotel Location Launch Keys Serviced Apartments(1) Estimated Completion The Address The BLVD Downtown 2012 196 533 2016 The Address Sky View Downtown
Slide 33: Overview of Land Bank
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Overview of Land Bank* Gross Land Area UAE Land Bank (Million SQM) Emaar Dubai 4.7 Dubai Hills 9.0 Dubai Creek 5.5 Dubai World Trade Centre (DWTC) 0.9 Dubai World Central (DWC) 6.7 Rove Hotels 0.02 Total UAE Land Bank 27 Gro
Slide 34: Group Structure
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Group Structure EMAAR Properties PSJC Emaar Dubai Emaar Malls Group Hotels & Resorts Hospitality Property Development Emaar International Emaar Investments 84.6% 100% 100% Projects—100% Emrill Services Emaar MGF-India KSA-EE
Slide 35: GAV by Segment
Key Highlights Income Statement Balance Sheet Operational Overview Appendix GAV by Segment December 2015 Book Value Split December 2015 Fair value Split Others 3% Associates 1% 8% Emaar Hospitality 5% 33% 8% 5% 36% Retail & Leasing UAE Development 21% 20% 36% 24% International Development Total: AED
Slide 36: GAV by Segment (Cont'd)
Key Highlights Income Statement Balance Sheet Operational Overview Appendix GAV by Segment (Cont’d) GAV: Development Properties GAV: Fixed Assets AED Million 2015 2014 AED Million 2015 2014 Book Fair Book Fair Book Fair Book Fair AED Million AED Million Value Value Value Value Value Value Value Valu
Slide 37: NAV Table
Key Highlights Income Statement Balance Sheet Operational Overview Appendix NAV Table 2015 2014 AED Million Book Value Fair Value Book Value Fair Value Cash and Bank Balances 17,919 17,919 16,018 16,018 Trade and Other Receivables 7,431 7,431 4,518 4,518 Development Properties 21,357 61,868 27,626 7
Slide 38: Glossary
Key Highlights Income Statement Balance Sheet Operational Overview Appendix Glossary Sales The sale of off-plan units in project launches or completed units from inventory. Completed units that are ready for handover to clients; some delivered/completed units may not have been Deliveries sold and re