Al Dar Properties · ADX:ALDAR
Al Dar Properties — H1 2023 Earnings Presentation
35 slides from Al Dar Properties's earnings presentation, Aug 1, 2023
Slide 1: H1 2023 Results Presentation
H1 2023 RESULTS PRESENTATION Aldar Properties 01 August 2023
Slide 2: H1 2023 Group Highlights
H1 2023 GROUP HIGHLIGHTS H1 2023 Results Presentation 01 August 2023
Slide 3: H1 2023 Executive Summary
H1 2023 EXECUTIVE SUMMARY Group Aldar Development Revenue EBITDA Net Profit Record YTD UAE sales at AED 10.6bn & revenue backlog at AED 19.9bn • Increasing overseas and resident expat buyers (19% and 30% of UAE sales AED 6.3bn AED 2.4bn AED 2.1bn respectively) +18% YoY +34% YoY +38% YoY • 10 new pro
Slide 4: Aldar Development
ALDAR DEVELOPMENT Record YTD UAE sales at AED 10.6bn and revenue backlog at AED 19.9bn on the back of strong demand from international and expat buyers driven by Abu Dhabi’s appeal as a premier lifestyle and business destination Revenue (AED mn) Group Sales (AED bn) 7.0 14.4 +10% 0.6 11.6 5.2 3,886
Slide 5: Aldar Investment
ALDAR INVESTMENT Higher occupancy across the portfolio; New acquisitions performing above expectations Revenue (AED mn)1 Investment Properties Hospitality & Leisure Education Occupancy 94% Occupancy 69% 27 Schools +42% Commercial 96% 9 Operated schools 2,491 ADR AED 589 (+53% YoY) 1,752 Residential
Slide 6: Q3 2023 YTD Announcement Highlights
Q3 2023 YTD ANNOUNCEMENT HIGHLIGHTS Aldar Development Aldar Investment Balghaiylam Residential Development (Aldar Projects) Eltizam merger with Aldar Estates (Principal Investments) ▪ Developed in collaboration with Abu Dhabi Housing Authority ▪ Eltizam Asset Management Group owned by IHC & ADNEC Gr
Slide 7: Robust Group Balance Sheet Supporting Growth
ROBUST GROUP BALANCE SHEET SUPPORTING GROWTH AED mn H1 23 Debt and Facilities (AED bn) Available Liquidity (AED bn) Debt 10,954 Free Cash 1 4.5 Cash 10,960 Committed undrawn Equity 34,962 H1 23 Sukuk H1 23 facilities Facilites drawn 5.5 Debt to Equity 31% 5.9 5.5 Debt to Total Assets 16% Debt Maturi
Slide 8: Q2 2023 Sustainability Highlights
Q2 2023 SUSTAINABILITY HIGHLIGHTS Globally Recognized Green Buildings Green Leases Renewable Energy • Completed LEED gap assessment for existing • Green leases activated for all retail leases at • Work ongoing to finalize a tender for onsite portfolio The Grove Solar Energy generation projects, to c
Slide 9: Delivering Positive Impact to Our Communities
DELIVERING POSITIVE IMPACT TO OUR COMMUNITIES Our aim is to shape lives for the better by creating positive and tangible impact that enrich inclusive, happy & healthy, and resilient communities through strategic partnerships Our Impact Journey & 2023 Impact Highlights Launched the Annual Developing
Slide 10: 2023 Guidance
2023 GUIDANCE Aldar Development group sales and revenue backlog guidance revised up FY 2023 FY 2023 Guidance Revised Guidance Aldar Group Equity Deployment AED 5bn No change Group Sales AED 15 to 17bn AED 19 to 21bn Aldar Development Group Revenue Backlog AED 21 to 23bn AED 27 to 29bn Project Manage
Slide 11: Q&A
Q&A H1 2023 Results Presentation 01 August 2023
Slide 12: H1 2023 Group Results
H1 2023 GROUP RESULTS H1 2023 Results Presentation 01 August 2023
Slide 13: Q2/H1 2023 Group Financial Highlights
Q2/H1 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 Q2 23 Q2 22 Var H1 23 H1 22 Var Revenue 3,240 2,669 21% 6,305 5,353 18% 6,305 5,353 3,
Slide 14: H1 2023 Group Balance Sheet
H1 2023 GROUP BALANCE SHEET Strong balance sheet position supported by prudent capital management and robust governance Balance Sheet Leverage AED mn 30 Jun 2023 31 Dec 2022 Property, plant and equipment 5,672 5,607 Investment properties 24,199 23,933 Aldar Development Aldar Investment LHFS, DWIP &
Slide 15: Aldar Development
ALDAR DEVELOPMENT H1 2023 Results Presentation 01 August 2023
Slide 16: Aldar Development Q2/H1 2023 Financial Performance
ALDAR DEVELOPMENT Q2/H1 2023 FINANCIAL PERFORMANCE AED mn Q2 23 Q2 22 Var H1 23 H1 22 Var H1 2023 Property Dev. & Sales (UAE only) • Sales +164% YoY to AED 10.6bn Group Sales 7,027 3,119 125% 11,576 5,332 117% • Revenue +25% YoY, driven by ongoing UAE 6,397 2,497 156% 10,600 4,010 164% execution of
Slide 17: UAE Landbank Overview
UAE LANDBANK OVERVIEW Landbank is spread across key investment zones in Abu Dhabi, Dubai and Ras Al Khaimah Landbank1 Locations Abu Dhabi Destinations Abu Dhabi Saadiyat Island GFA 1.8mn sqm 69mn sqm Land Area 65.0mn sqm GFA 11.5mn sqm2 Yas Island GFA 2.8mn sqm ▪ Large & highly accretive landbank Mi
Slide 18: UAE Development Projects Pipeline
UAE DEVELOPMENT PROJECTS PIPELINE TOTAL AS AT 30 June 23 LAUNCH PROJECT LOCATION PROJECT STATUS YEAR SOLD UNITS NET SALES VALUE (AED MN) UNITS LAUNCHED % Sold % Completion Noya Yas Island 2020 509 966 510 99.8% 78% under construction Noya Viva Yas Island 2021 479 1,009 479 100.0% 62% under construct
Slide 19: Aldar Projects
ALDAR PROJECTS Execution of projects on track to meet guidance Project Management Backlog Progression (AED bn) Project Management CAPEX Backlog AED 61.1bn Gross Profit 64 4 65 AED 234mn 9 62 61 58 2 (3) (3) (3) (2) 29 34 23 31 30 2022 New Awards 35 35 31 31 31 AED 35.6bn 30-Jun-22 Work New 30-Sep-22
Slide 20: Aldar Investment
ALDAR INVESTMENT H1 2023 Results Presentation 01 August 2023
Slide 21: Aldar Investment Q2/H1 2023 Financial Performance
ALDAR INVESTMENT Q2/H1 2023 FINANCIAL PERFORMANCE AED mn Q2 23 Q2 22 Var H1 23 H1 22 Var H1 2023 Investment Properties • Commercial: +115% YoY Adj. EBITDA2 to AED Recurring Revenue1 1,244 893 39% 2,491 1,752 42% 281mn primarily driven by ADGM acquisition Investment Properties3 (IP) 537 452 19% 1,075
Slide 22: Investment Properties Overview
INVESTMENT PROPERTIES OVERVIEW1 Commercial Residential Retail Logistics No. of assets 15 12 36 2 Leasable area (‘000 sqm) 502 824 535 166 Occupancy 96% 95% 92% 89% WAULT (yrs) 4.1 2.6 3.7 4.9 H1 2023 Revenue (AEDmn) 382 (+67% yoy) 292 (-2% yoy) 359 (+2% yoy) 30 H1 2023 NOI (AEDmn) 315 (+62% yoy) 241
Slide 23: Hospitality & Leisure
HOSPITALITY & LEISURE 3rd largest hospitality owner in the UAE by number of keys HOTELS THE HOTEL PORTFOLIO CONSISTS OF ASSETS FROM 3 TO 5 STAR, IN ADDITION TO HOTEL APARTMENTS AED mn H1 23 H1 22 Key assets: ▪ W Yas Island Revenue 529 266 ▪ Radisson Blu ▪ Crowne Plaza Adj. EBITDA 181 45 ▪ Rotana ▪ A
Slide 24: Aldar Education
ALDAR EDUCATION 2nd largest private school operator in the UAE Operated Schools Managed Schools AED 1bn investment plan fully committed adding ~12k seat capacity by AY25/26 • +14% enrolment growth YoY • +31% enrolment growth YoY driven • +6% like-for-like supported by by addition of ESE schools (Dub
Slide 25: Principal Investments
PRINCIPAL INVESTMENTS1 Principal Investments H1 2023 EBITDA increased 70% to AED 67mn • Principal Investments’ (PI) primarily Revenue (AED mn) consists of Aldar Estates, a platform which offers integrated property Aldar Estates management, facility management, advisory, security and landscaping 346
Slide 26: Segmental Breakdown
SEGMENTAL BREAKDOWN H1 2023 Results Presentation 01 August 2023
Slide 27: Segmental Breakdown: Q2 2023 vs Q2 2022
SEGMENTAL BREAKDOWN Q2 2023 vs Q2 2022 Revenue (AED mn) 1,522 1,135 452 537 246 302 342 288 283 137 142 159 162 158 Investment Hospitality & Leisure Education Principal Property Dev. Project Mgmt. Egypt Properties Investments 1 & Sales Services Q2 22 Q2 23 EBITDA (AED mn) 603 566 435 312 66 105 100
Slide 28: Segmental Breakdown: H1 2023 vs H1 2022
SEGMENTAL BREAKDOWN H1 2023 vs H1 2022 Revenue (AED mn) 2,973 2,370 894 1,075 529 575 604 577 564 266 281 312 311 335 Investment Hospitality & Leisure Education Principal Property Dev. Project Mgmt. Egypt Properties Investments 1 & Sales Services H1 22 H1 23 EBITDA (AED mn) 950 993 734 597 181 225 2
Slide 29: Appendix
APPENDIX H1 2023 Results Presentation 01 August 2023
Slide 30: Diversified Business Model (FY 2022)
DIVERSIFIED BUSINESS MODEL (FY 2022)1 Leading Abu Dhabi property company with diversified business model comprised of two core businesses; ALDAR Development and Aldar Investment 2 Mkt Cap: AED 34.8bn Revenue: AED 11.2bn Credit rating: Baa2 (Parent)3 EBITDA: AED 3.7bn Aldar Development Aldar Investme
Slide 31: 2022 Capital Deployment
2022 CAPITAL DEPLOYMENT Significant activity in 2022 across existing and new markets: c. AED 11.5bn of capital deployed or committed, 7- 8% stabilized NOI yield on investments Aldar Investment (c. AED 7.4bn) Aldar Development (c. AED 4.1bn) Date Transaction Value (AED mn) Segment Date Transaction Va
Slide 32: H1 2023 Announcement Highlights
H1 2023 ANNOUNCEMENT HIGHLIGHTS Aldar Development Aldar Investment Al Fahid Island acquisition in Abu Dhabi Joint Venture with Mubadala ▪ Introduction of unique beachfront offering in Abu Dhabi ▪ Develop new commercial assets on Al Maryah Island (Abu Dhabi) within ADGM ▪ 3.4mn sqm island between Yas
Slide 33: General Sustainability Highlights
GENERAL SUSTAINABILITY HIGHLIGHTS Protecting The Environment ▪ Launched Aldar Net Zero Plan, outlining our pathway to achieve Net Zero emissions by 2050 ▪ Integrating Carbon Cost Analysis in all Aldar Development launches ▪ Launched and signed Real Estate Climate Pledge with Ministry of Climate Chan
Slide 34: 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] Omar Nashaat Investor Relations Tel: +971 (0)2 810 6237 Email: [email protected] 34
Slide 35: 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