All information, financial or otherwise, contained & presented herein, is based on indicative approximation, and included herein for preliminary presentation purposes only, and must not be considered investment advice or for any solicitation purposes. All information contained & presented herein is subject to change without prior notice, with no liability whatsoever on Union Properties PJSC, its directors, management or employees. Potential investors are advised to execute their own independent due diligence prior to placing any reliance on the information contained herein or investing. Union Properties PJSC Presentation for DFM Road Show New York, 19 th & 20 th October 2015
Table of Contents Executive Summary Development Pipeline Financial Highlights Executive Management
Executive Summary Overview Snapshot 2009 to 2014 Organizational Structure Subsidiaries, JVs & Properties
Overview Union Properties PJSC (UP) is the UAE’s first publicly listed property development company, and celebrated 20 years of growth in 2012. As one of the UAE’s leading property developers and investors it has to its credit such landmark developments as Green Community, MotorCity, Index Tower, Limestone House, Ritz Carlton DIFC and UpTown Mirdiff. Highly regarded for its innovative developments and praised for the quality of its products, UP remains one of the most credible and trustworthy property brands in the UAE .
Snapshot 2009 to 2014 At the peak of the financial crises in 2009, UP was beset with AED10 Billion of uncompleted development projects, AED7 Billion of bank debt, mark-to-market losses, and negative EPS. Under a new board & management, UP has turned a complete circle, successfully restructured itself, settled 100% of its legacy bank debt, completed & delivered all of its development projects, earned an EPS of 47% on par value of its shares in 2013, & paid 5% bonus shares as dividends in 2013 (for the first time since 2008), and 8% in 2014 (3% cash + 5% bonus shares).
Organizational Structure Board of Audit Com. NRC Directors General Joint Subsidiaries Manager Ventures Property IT HR / Admin Finance Projects Management • UP’s ownership is very widely held, with over 10,000 shareholders. • Ownership limit for Non-UAE nationals was increased in 2014 from 15% to 25% • Largest shareholder is EmiratesNBD Bank at approximately 10%
Subsidiaries, JV’s and Properties Subsidiaries Joint Ventures Properties Thermo Properties Investment Rental Properties Electro Mechanical Contracting Community Development Edara Emicool Uptown Mirdiff Project Management District Cooling The Fitout MotorCity Interior Design & Fitout ServeU Facilities Management Gmamco Duct Manufacturing & Trading Dubai Autodrome Circuit Racing & Go Karting
Development Pipeline Vertex Towers (Residential) Oia (G+5 Residential) The Link & 4 Star Hotel The Ribbon UpTown Mirdiff Retail Green Community West at DIP
Development Pipeline AED m Vertex Towers 1,200 Oia 500 The Link & 4* Hotel 350 The Ribbon 50 UpTown Mirdiff Retail 50 Green Community West at DIP 800 TOTAL DEVELOPMENT PROJECTS 2,950
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Vertex Towers (RESIDENTIAL) 5 high-end residential towers, with approx 700+ units, & 1.3m GFA, Project Overview: in a mix of villas, apartments & quality retail / F&B outlets
Oia (G+5) (RESIDENTIAL) Project Overview: 2, 3 and 4 bedroom high-end apartments, 480,000 GFA
The Link & 4 Star Hotel (RETAIL & HOTEL) Mixed use retail, F&B, hospitality & entertainment development. Project Overview: Approx. 350,000 square feet.
The RIBBON (RETAIL) Project Overview: 40,000 square feet of upscale retail & F&B outlets
Uptown Mirdiff (RETAIL) Project Overview: Refurbishment & Expansion of existing shopping centre
GCW Extension DIP (RESIDENTIAL) Project Overview: 210+ villas, 16 apartments & retail.
Financial Highlights
Financial Highlights 2007 to 2014 2014 2013 2012 2011 2010 2009 2008 2007 AED Millions Net Profit / (Loss) 865 1,580 176 (1,570) (1,529) (498) 763 684 Year-On-Year movement -45% 798% 111% -3% -207% -165% 12% Finance Expense 65 71 89 161 360 284 163 66 Year-On-Year movement -27% -45% -55% 27% 74% 147% -7% Total Debt 1655 1,569 3,642 3,888 6,509 7,051 6,410 3379 Year-On-Year movement 5% -57% -6% -40% -8% 10% 90% Shareholders Equity 4998 4,138 2,563 2,387 3,957 5,485 5,980 5225 (Book Value in fils) 141 123 76 70 117 162 195 187 Year-On-Year movement 15% 62% 9% -40% -28% -17% 4% Debt to Equity ratio 0.33 0.38 1.42 1.63 1.64 1.29 1.07 0.65 Earnings Per Share (EPS) in fils 24 47 5 (47) (45) (15) 25 22 Year-On-Year movement -49% 840% 111% -4% -200% -160% 14% Total Income 2068 4,664 1,897 3,187 1,230 3,822 4,751 3,276 Total Expenses 1,203 3,084 1,721 4,756 2,759 4,320 3,988 2,591 Total Expenses as % of Total Income 58% 66% 91% 149% 224% 113% 84% 79%
Balance Sheet Summary 2008 to 2014 2014 2013 2012 2011 2010 2009 2008 AED Millions Non Current Assets 6,793 5,920 6,551 6,585 10,250 14,153 15,879 Current Assets 1,706 1,532 2,541 2,592 4,638 3,312 3,341 TOTAL ASSETS 8,499 7,452 9,092 9,177 14,888 17,465 19,220 Current Liabilities 1,904 2,041 3,134 3,414 4,348 5,153 8,384 Non Current Liabilities 1,597 1,273 3,395 3,376 6,583 6,827 4,856 Total Liablities 3,501 3,314 6,529 6,790 10,931 11,980 13,240 Shareholders' Equity 4998 4,138 2,563 2,387 3,957 5,485 5,980 TOTAL LIABILITIES & EQUITY 8,499 7,452 9,092 9,177 14,888 17,465 19,220
Executive Management
Executive Management Khalid Kalban • Chairman of the Board of Directors, Union Properties PJSC • Business Administration degree from Metropolitan State College, USA • Managing Director & Chief Executive Officer of Dubai Investments PJSC since 1998 • Currently Director of the Board for National Insurance Company PJSC, Islamic Bank of Asia (Singapore), Takaful Re Ltd, and Vice Chairman at the Board of Arab Insurance Group. • In 2011, Mr. Kalban was awarded Creative CEO Award MENA Ahmad Al Marri • General Manager, and Board Member of Supervisory Board & Joint Venture entities • BSc in Economics & General Administration • Previously worked for 10 years with Ministry of Finance, and 14 years with Dubai Customs • Highly networked within the business community in the UAE Murtaza Chevel • Chief Financial Officer • Qualified as a Chartered Accountant with Ernst & Young in Toronto, Canada • Previously CFO at Palm Utilities, and Dubai Investments PJSC • Headed Ernst & Young’s lead advisory service line for health sciences in Canada, & Business Valuation practice in the Middle East • Involved in a number of corporate realignments, debt restructurings, & turnaround situations
Executive Management Isam Ababneh • Director of Development Projects • Responsible for all new & existing development projects at Union Properties • MSc in Civil Engineering from University of Chicago, and BSc from University of Jordan • Extensive in-depth experience in the US & the Middle East in all aspects of mixed-use urban development Ghalib Bin Kharbash • General Manager, Motor City • UAE national, with a Bachelor’s degree in Business from Dubai University & several certificates in property management • Over 20 years experience in Real Estate in various executive positions with large and semi- government organizations, including Deyaar Development PJSC, where he managed over 17,000 leasehold units Shahnaz Hasan • General Manager, UpTown Mirdiff • UAE national & graduate of Higher Colleges of Technology, Dubai Women’s College • Previously worked for multi nationals such as General Electric (Regional Staffing Head for Middle East & Africa) & HSBC (Emiratization Manager), as well as Economic Department Dubai, & Dubai Ports & Customs
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