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01 Q1 2015 Results Q1 Net Profit AED 620 million, up 36% versus Q1 2014 Net profit up 36% to AED 620 million due to the growth in recurring revenues and high margin ■ land plot sales. Gross profit from recurring revenue assets grew 61% to AED 368 million led by the continued ■ stabilisation of Yas Mall, leased residential units and a strong performance from the hotel portfolio. Revenues for the first quarter 2015 were AED 1,385 million compared to AED 1,719 million in ■ the first quarter 2014. Gross profit margins of 47% in Q1 2015, up from 20% in the first quarter of 2014. ■ Gross debt reduced to AED 8.2 billion from AED 9.2 billion as at 31 December 2014. ■ AED 1.2bn of sales in Q1 2015 following launch of off-market sales at Al Merief and Nareel ■ Island.
02 Q1 Operational Highlights Recurring revenue asset stabilisation Retail Close to 320 units now trading at Yas Mall . Yas Mall is fully leased and expected to be fully ■ occupied by Q4 2015. Residential 4,800 unit strong residential portfolio achieved occupancy of 96% as at 31 March 2015. ■ Office Office portfolio achieved 90% leasing as at 31 Mar 2015, following further leasing agreements ■ signed at Aldar HQ Hotels Q1 2015 occupancy across the hotel portfolio at 86% , ahead of 84% in Q1 2014 supported by ■ tourism boost to Abu Dhabi
03 Q1 Operational Highlights (cont’d) Development Development handovers 163 units handed over during the quarter, principally at The Gate (88 units) and Al Raha Beach ■ developments (69 units) 3 land plot sales handed over during the quarter at Shams Al Reem Island and Khalifa City. ■ Ground breaking commenced at Ansam ■ Development launches and announcements Al Merief residential land plot sales launched in March 2015 and successfully sold all 281 land ■ plots off market. Nareel Phase II land plot sales launched on 10 May 2015 following successful Phase I ■ 2,000 units across three residential developments announced at CityScape: Mayan , Meera and ■ West Yas . Al Falah Mall and Al Jimi Mall Expansion announcements ■ Government Managed Projects Abu Dhabi Plaza Kazakhstan progressing well. ■
04 Profit and Loss Improved quality of earnings AED millions Q1 2015 Q1 2014 Remarks 2014 FY 2013 FY Revenue down due to lower development revenue as guided Revenues 1,385 1,719 6,551 5,380 for, partly offset by growth in recurring revenues Direct costs (738) (1,372) (5,033) (3,616) Improved margins supported by high margin land plot sales and improved margins on recurring revenue assets Gross profit 647 347 1,518 1,764 Gross profit Margin 47% 20% 23% 33% SG&A expenses (88) (95) (454) (420) Depreciation and Amortization (51) (55) (228) (309) 2015 Q1 includes infrastructure reimbursements on Al Reem Island and Yas Island Other Income 167 419 950 617 Significant reduction in interest expense following refinancing Finance expense (62) (150) (382) (727) efforts over the last 18 months Finance income 18 40 110 186 Reduction in finance income due to retirement of finance lease Fair value gain, project cost impairments/ (11) (51) 751 (1,477) write-offs & reversal of impairments Gain on Business combination - - - 2,591 Net Profit for the period 620 456 2,266 2,225 Attributable to: Owners of the Company 618 454 2,235 2,246 Non-controlling interests 2 2 31 (21) Profit for the period 620 456 2,266 2,225 Basic and diluted earnings per share 0.08 0.06 0.28 0.34
05 Segmental Performance 500 2,000 453 Segmental Revenue Performance AED Millions AED Millions 400 Q1 2015 Q1 2014 1,126 300 259 1,000 200 157 579 139 102 96 100 55 49 39 28 11 10 0 0 Investment Properties Hotels Schools Operative Villages Leisure Construction Property Dev. & sales 400 350 Segmental Gross Profit Performance 282 300 AED Millions AED Millions 301 300 250 Q1 2015 Q1 2014 200 200 165 150 119 100 100 48 36 50 14 10 9 6 4 3 1 (2) 0 0 Investment Properties Hotels Schools Operative Villages Leisure Construction Property Dev. & sales Gross 66% 64% 31% 26% 18% 18% 20% 36% 33% 34% (2%) 1% 49% 11% Profit Margin
06 Balance Sheet Continued strengthening of balance sheet As at 31 Mar As at 31 Dec AED millions Remarks 2015 2014 Property, plant and equipment 3,164 3,200 Quarterly depreciation charge partially offset by impairment reversals. Investment properties 14,615 14,401 Increase principally due to transfer of leased Gate units from inventory. Development work in progress 2,936 2,871 Increase due to works at Al Raha Beach and ground breaking at Ansam. Reflects the recognition of cost of sales for units handed over during the quarter and Inventory 2,267 2,758 transfer of leased Gate units to IP. Receivables 8,311 9,619 Mainly reflects the AED1.3bn Government of Abu Dhabi receivable in January 2015. Increase supported by GoAD receivable and collections on land plot, partly offset by Cash 5,225 4,664 AED1bn debt repament. Other Assets 1,035 1,035 Total Assets 37,553 38,549 Equity 18,288 18,373 Principally reflects transfer of Q1 2015 retained earnings. Debt 8,161 9,170 Decrease due AED1bn repayment of Government receivable backed debt. Decrease mainly due to utilisation of advances on units and land plots, partly offset Payables, Advances and Other Liabilities 11,104 11,006 by AED 180 million new advances on Ansam, Hadeel, Nareel and Al Merief. Total Liabilities and Equity 37,553 38,549 Net Debt to Equity(excluding restricted cash) 19% 30% Net Debt to Equity(including restricted cash) 16% 25%
07 Government transaction cash flows Clear outlook on remaining government receivables ALDAR Government Deals AED millions Total Q2-Q4 Date Particulars (AED in millions) 2015 Q2-Q4 2016 2017 2015 – 2017 December 2009 Sale of F1 Race Track 348 348 348 1,044 January 2011 Sale of Al Raha Beach Land and Yas Island Assets* 475 475 - 950 January 2013 Shams Infrastructure Reimbursement & Sale of Gate units 300 - - 300 1,123 823 348 2,294 * Cash flow timing depends on handover of related assets ** Excludes AED2.0bn of on-balance sheet infrastructure recoverables outstanding taken as at 31 March 2015. Q1 2015 other income included AED133m infrastructure recoverables which principally ■ related to Al Reem Island and Yas Island – not related to Shams Infrastructure reimbursements AED 574 million received post quarter end part of an agreement with Government of Abu ■ Dhabi which will result in regular payments on handover of infrastructure assets
08 Summary Strong quarter supported by growth in recurring revenues Stabilisation of recurring revenues ■ • Strong Q1 2015 performance supported by growth in recurring revenues • Stabilisation to continue over course of 2015 at Yas Mall Clear and defined development plan ■ • Four development launches focused on destination development • AED 1.2bn of new sales across Al Merief and Nareel • Abu Dhabi real estate market fundamentals remain stable Continued strengthening of balance sheet ■ • Expect to achieve debt strategy target over next 12-18 months • Consolidation of Shams land plots and resale back into the market
Q&A 09 Questions? ■
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