Results Presentation

Emaar Properties
Q3 2015 Results
November 2015
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 presentation are made without responsibility on the part of Emaar Properties PJSC, their
advisors, or members of Emaar Group (including their directors, officers and employees).
None of the statements contained in this presentation is to be relied upon as a statement or
representation of fact.
All parties must satisfy themselves as to the correctness of each of the statements contained in this
presentation.
Emaar Properties PJSC and members of the Emaar Group do not make or give, and neither members of
the Emaar Group nor any of their directors or officers or persons in their employment or advisors has any
authority to make or give, any representation or warranty whatsoever in relation to this presentation.
This presentation may not be stored, copied, distributed, transmitted, retransmitted or reproduced, in
whole or in part, in any form or medium without the permission of Emaar Properties PJSC.
Q3 2015 Results Presentation
November 17, 2015
Page 1
Table of Contents
KEY HIGHLIGHTS
INCOME STATEMENT
BALANCE SHEET
OPERATIONAL OVERVIEW
APPENDIX
Q3 2015 Results Presentation
November 17, 2015
Page 2
Key Highlights
Income Statement
Balance Sheet
Operational Overview
Appendix
Emaar Properties at a Glance
#2
195 MM
43%
listed developer
by market cap
in MENA(1)
SQM of land
bank
(60% of EBITDA)
recurring
revenues
+39,700
13.90
154.51
residential units
delivered since
2001
AED NAV/
Share
AED BN
Market Value of
Assets
#1
13 Hotels
Visited Mall in
the World
(Owner)
1,950+ Keys
90%
34.880
27,594
Overall sales in
key international
markets
AED BN
Backlog(2)
Units Under
Construction(3)
Q3 2015 Results Presentation
(1): Market Cap of AED 43.46 BN as at November 12, 2015
(2): Backlog figure refers to Group backlog including UAE and International excluding India and EEC
85%+
sold
of Dubai total
units launched
in 2014/15
November 17, 2015
(3):Units Under Construction figure refers to the Group including UAE and international
Page 3
Key Highlights
Income Statement
Balance Sheet
Operational Overview
Appendix
Key Financial Highlights for the Group
AED MM
Q3 2015
Q3 2014(1)
% Change
YTD 2015
YTD 2014(1)
% Change
Group Property Sales
2,983
3,230
(8)%
11,442
14,489
(21)%
Revenue
3,329
2,136
56%
9,849
7,888
25%
Gross Profit
1,661
1,101
51%
5,177
4,483
15%
50%
52%
(4)%
53%
57%
(7)%
1,240
961
29%
4,095
3,702
11%
37%
45%
(18)%
42%
47%
(11)%
843
645
31%
3,048
2,622
16%
25%
30%
(17)%
31%
33%
(6)%
0.12
0.09
33%
0.43
0.38
3%
Equity
40,306
44,193
(9)%
40,306
44,193
(9)%
Cash
16,879
16,886
–
16,879
16,886
–
3,623
4,644
(22)%
3,623
4,644
(22)%
Margin (%)
EBITDA
Margin (%)
Net Profit
Margin (%)
EPS (AED/ Share)
Net Cash
Emaar on Track to Boost Profitability in the Coming Years
Q3 2015 Results Presentation
(1): Q3 2014 and YTD 2014 Completed Contract figures restated and presented as Percentage-of-Completion figures for comparative purposes only
November 17, 2015
Page 4
Key Highlights
Income Statement
Balance Sheet
Operational Overview
Appendix
Key Achievements

Successfully launched 3 new projects in Dubai in Q3 2015 with a total sales
value of AED 1.987 BN—AED 9.360 BN YTD 2015; total sales in Q3 2015
amounted to AED 1.393 BN—AED 7.513 BN YTD 2015.

Together, the Hospitality, Malls, and Retail subsidiaries contributed 43% of the
Group’s revenue and 60% of EBITDA.

Hotels average occupancy of 79%(1) YTD 2015; 84% at The Address Hotels.

Emaar Malls Group welcomed 90 million visitors during the first 9 months of
2015; achieved a 25% Base Rent renewal increase in leases renewed in Q3
2015—29% YTD 2015.

Emaar Misr commences trading on The Egyptian Exchange (EGX) on July 5,
2015 after pricing at EGP 3.80/share.

Emaar Misr achieves a 6% increase in sales Y-o-Y, up to AED 3.283 BN YTD
2015.
Q3 2015 Results Presentation
(1): Hotels average occupancy figure refers to the hotels in Dubai only (excluding Armani)
November 17, 2015
Page 5
Key Highlights
Income Statement
Balance Sheet
Operational Overview
Appendix
Results by Segment
Revenues(1)
Breakdown of Results
AED million
25%
46%
Revenues
24%
15%
-
15%
1,396 1,734
1,844 2,115
1,196 1,199
768 880
Emaar
Hospitality
Emaar Retail
& Leasing
9%
9,849
7,888
Emaar
Properties
2,684
12%
3,921
UAE
International Emaar Malls
Development Development
Group
40%
21%
Gross Profit(1)
18%
AED million
15%
5,177
4,483
Emaar
Properties
19%
18%
Total: AED 9,849 MM
(5)%
18%
443 524
489 463
549 649
UAE
International Emaar Malls
Development Development
Group
Emaar
Hospitality
Emaar Retail
& Leasing
(19)%
22%
258 210
470 575
Emaar
Hospitality
Emaar Retail
& Leasing
1,427 1,692
17%
1,575
1,849
EBITDA(2)
14%
5%
30%
EBITDA(1)
AED million
11%
5%
21%
3,702 4,095
1,150 1,204
13%
1,465 1,655
200 242
Emaar
UAE
International Emaar Malls
Properties Development Development
Group
YTD 2014
YTD 2015 % QoQ Change
40%
6%
Total: AED 4,095 MM
UAE Development
Emaar Malls Group
International Development
Emaar Hospitality
Emaar Retail & Leasing
Solid Growth Across a Diverse Portfolio with Recurring Revenues Contributing 60% of EBITDA
Q3 2015 Results Presentation
(1): Q3 2014 and YTD 2014 Completed Contract figures restated and presented as Percentage-of-Completion figures for comparative purposes only
(2): EBITDA doughnut chart does not include a 5% EBITDA from ‘Others’
November 17, 2015
Page 6
Key Highlights
Balance Sheet
Income Statement
Operational Overview
Appendix
Balance Sheet Overview
Balance Sheet Overview
Change in Cash & Cash Equivalents(1)
%
AED million
Total: AED 77,604 MM
+3,909
9,304
Bank Balances &
Cash
12
Trade & Other
Payables
18
Advances from
Customers
7,671
-1,298
-932
-46
22
Trade & Other
Receivables
10
9
Development
Properties
32
8
1
Interest-Bearing
Loans &
Borrowings
Sukuk
Other Liabilities
Dec-14
Cash
Balance
Operating
CF
Investing
CF
Financing
FX
CF
Difference
Debt Maturity Profile
AED million
Loans to &
Investments in
Associates & JVs
12
Investment
Properties
11
Property, Plant &
Equipment
Other
48
2
Assets
4
Non-Controlling
Interests
4,591
2,755
2,401
Shareholder’s
Equity
92
11
Sep-15
Cash
Balance
2,246
383
356
503
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Emaar Properties Sukuk(2)
Liabilities & Equity
Emaar Malls Syndicated Loan
Dubai Hills
Other Loans in International
Subsidiaries & Others
Emaar Malls Sukuk
Conservative Capital Structure with Significant Scope for Growth
Q3 2015 Results Presentation
(1): Cash & Cash Equivalents = Total Cash – Deposits Maturing After 3 Months & Deposits Under Lien; Total Cash = AED 16,879 BN
(2): Debt maturing in 2016 and 2019 also includes some international subsidiary debt
November 17, 2015
Page 7
Key Highlights
Income Statement
Balance Sheet
Operational Overview
Appendix
Credit Ratios
EBITDA / Interest
Net Debt / EBITDA
12.0x
0.5x
9.1x
6.1x
2013
2014
2015
2014
2015
2014
2013
2014
Net Debt / Equity
Debt / GAV
18.0%
5.6%
2014
2013
-0.67x
-0.78x
2015
2014
2015
2015
2014
-11.1%
17.0%
17.0%
2014
2015
-9.8%
2013
Solid Credit with Negative Net Debt-to-Equity and Significant Debt Coverage
Q3 2015 Results Presentation
November 17, 2015
Page 8
Key Highlights
Income Statement
Balance Sheet
Operational Overview
Appendix
UAE Development
Market Overview




665 units launched in Q3 2015 with a
total sales value of AED 1.987 BN;
3,225 units launched in the first 9
months of 2015, with a total sales
value of AED 9.360 BN.
Q3 2015 sales across all projects in
the UAE amounted to AED 1.393 BN,
totaling AED 7.513 BN YTD 2015.
Segment Highlights

Q3 2015 Launches
Picture
Creekside 18 A
Sales Value: AED 841 MM
Sales Value: AED 424 MM
# of Units: 150
Picture # of Units: 221
Expected Completion: NA
Total UAE backlog amounted to AED
24.068 BN in the first nine months, to
be recognized over the next 4 years.
32 units were handed over in Q3
2015; 436 units YTD 2015.
The Parkways (Plots)
Expected Completion: 2019
Forte T2
Sales Value: AED 722 MM
Picture
# of Units: 294
Expected Completion: 2019
Q3 2015 Results Presentation
November 17, 2015
Page 9
Key Highlights
Income Statement
Balance Sheet
Operational Overview
Appendix
International Development
Market Overview


Q3 2015 sales across all international
projects amounted to AED 1,590 BN;
AED 3,929 BN YTD 2015.
Emaar Misr outperforms yet again,
exceeding both internal sales targets
and industry peers in Egypt achieving
total sales of AED 3,283 BN YTD 2015
vs AED 3,086 BN in the same period
last year; a 6% increase Y-o-Y.
Emaar Misr commences trading on The
Egyptian Exchange (EGX) on July 5,
2015 after pricing at EGP 3.80/share.
Units Released
Subsidiaries

Q3 2015 International Sales(1)
Egy
pt
93
7
8,251
KSA
94
6
793
Turk
ey
72
Leb
an…
77
Paki
stan
Associate
28
1008
23
65
532
35
1,645
Indi
a
92
8
18,841
Tota
Total
l
90
10
31,070
% Sold of Units Released
Q3 2015 Results Presentation
(1): International Sales figures presented in the bar chart are cumulative figures, since launch up to this financial period
November 17, 2015
Page 10
Key Highlights
Income Statement
Balance Sheet
Operational Overview
Appendix
Emaar Malls Group
Footfall
(MM)
GLA
(MM SQFT)
Occupancy
Rate (%)
Q3
2015
Q3
2014
%
Change
YTD
2015
YTD
2014
%
Change
28
25
10%
90
81
11%
5,920
5,898
–
5,920
5,898
–
96%
95%
1%
96%
95%
1%
Tenant
Sales
(AED MM)
3,930
3,559
10%
13,547
13,333
2%
Base Rent
(AED MM)
497
427
16%
1,464
1,239
18%
Turnover
Rent
(AED MM)
25
49
(49)%
144
163
(12)%
Revenue
(AED MM)(1)
728
650
12%
2,190
1,908
15%
EBITDA
(AED MM)
531
476
12%
1,684
1,475
14%
Margin
(%)
73%
73%
–
77%
77%
–
Key Highlights

10% increase in footfall across the EMG portfolio
in the third quarter; 11% YTD.

Achieved a 25% Base Rent renewal increase for
leases renewed in Q3 2015; 29% YTD.

Tenant Sales increase 10% in Q3 across the
EMG portfolio, driven primarily by both Eid
Holidays falling in the same quarter.
YTD 2015 Revenue Split
Other Rental
Income
13%
Service and
Other
Charges
13%
Net Turnover
Rent
7%
Base Rent
67%
Solid Performance, Achieving a 15% Increase in Revenue YTD 2015
Q3 2015 Results Presentation
(1): In Emaar Properties’ financials, EMG Rental Revenue only is consolidated in Revenue; EMG Other Income is consolidated in Emaar Properties’ Other Income
November 17, 2015
Page 11
Key Highlights
Income Statement
Balance Sheet
Operational Overview
Appendix
Emaar Hospitality Group
Occupancy
Rate (%)(1)
Q3
2015
Q3
2014
%
Change
YTD
2015
YTD
2014
%
Change
70%
70%
–
79%
82%
(4)%
RevPar
(AED)(1)
778
838
(7)%
1,032
1,131
(9)%
Room
Revenue
(AED MM)
130
120
8%
490
507
(3)%
F&B &
Other
Revenue
(AED MM)
185
183
1%
709
689
3%
Total
Revenue
(AED MM)
315
EBITDA
(AED MM)
9
–
100%
210
258
(18)%
Margin
(%)
3%
–
100%
18%
22%
(18)%
Key Highlights

8% increase in room revenue Q-o-Q attributable
mainly to both Eid Holidays falling in Q3.

The Address Hotels continue to outperform
Dubai’s hospitality market, achieving an 84%
Occupancy Rate YTD 2015 vs. the Dubai
average of 77% in the same period(2).
YTD 2015 Revenue Split(1)
Rental Pool
6%
303
4%
1,199
1,196
–
Other
17%
Room
Revenue
38%
Food And
Beverage
39%
Emaar Hospitality Resilient, Outperforming the Broader Hospitality Market
Q3 2015 Results Presentation
(1): Refers to the hotels in Dubai only (excluding Armani)
(2): As per STR Report, September 2015
November 17, 2015
Page 12
Key Highlights
Income Statement
Balance Sheet
Operational Overview
Appendix
Emaar Misr for Development
Q3
2015
Q3
2014
%
Change
YTD
2015
YTD
2014
%
Change
Units
Launched
747
457
64%
1,962
1,224
60%
Units
Delivered
132
170
(22)%
600
482
24%
Net Sales
(AED MM)
1,384
1,523
(9)%
3,283
3,087
6%
Revenue
(AED MM)
472
389
21%
1,390
1,027
35%
EBITDA
(AED MM)
156
107
46%
429
225
91%
Margin
(%)
33%
28%
18%
31%
22%
41%
Net Profit
(AED MM)
174
105
66%
470
197
139%
Margin
(%)
37%
27%
37%
34%
19%
79%
Cash (AED
MM)
914
447
104%
914
447
104%
Key Highlights

Emaar Misr outperforms yet again, exceeding
both internal sales targets and industry peers in
Egypt achieving total sales of AED 3.283 BN
YTD 2015 vs AED 3.086 BN in the same period
last year; a 6% increase Y-o-Y.

Delivered units amounting to AED 586 MM YTD
2015 vs. AED 490 MM in the same period last
year; a 20% increase Y-o-Y, attributable to an
increase of handovers in Mivida.

Emaar Misr commences trading on EGX on July
5, 2015 after pricing at EGP 3.80/share, raising
EGP 2.28 BN.
YTD 2015 Revenue Split
Commercial Units
1%
Townhouses
27%
Condominiums
13%
Villas
59%
Emaar Misr Positioned Local Market Leader Delivering Superior Growth Across All Metrics
Q3 2015 Results Presentation
(1): Emaar Misr financial information provided above is based on the accounting policies adopted by the Group
November 17, 2015
Page 13
Key Highlights
Income Statement
Balance Sheet
Operational Overview
Appendix
Summary
Financial
Performance

With YTD 2015 Group sales amounting to AED 11,442 BN and a total backlog of
AED 34,880 BN, Emaar is on track to boost profitability in the coming years.
UAE
Development

YTD 2015 sales across all projects in the UAE amounted to AED 7,513 BN and total
backlog amounted to AED 24,068 BN to be recognized over the next 4—5 years.
International
Development

YTD 2015 sales across all international projects amounted to AED 3,929 BN; Emaar
Misr commences trading on EGX on July 5, 2015 at EGP 3.8/share.
Emaar Malls
Group

Solid performance, achieving a 15% increase in revenue YTD 2015.
Emaar Hospitality
Group

Emaar Hospitality resilient, outperforming the broader hospitality market.
Emaar Misr for
Development

Emaar Misr positioned local market leader delivering superior growth across all
metrics, achieving a 35% increase in revenue YTD 2015.
Balance Sheet

Conservative capital structure with significant scope for growth.
Q3 2015 Results Presentation
November 17, 2015
Page 14
Appendix
Key Highlights
Income Statement
Balance Sheet
Operational Overview
Appendix
Overview of Divisions
Property
Development UAE
• Leading master plan
developer in Dubai
• JVs with GREs
• Over 33,700
residential
properties delivered
in the UAE since
2001(1)
• Projects under
construction
substantially sold
(85% of total units
launched in 2014 &
2015 have been
sold)
• 28 Million SQM of
Land Bank
Property
Development
International
• Active in 10 targeted
high growth
countries
• Formed JVs with
strong local partners
• Close to 6000
residential
properties delivered
since 2006(1)
• Achieved overall
sales level of 90% in
its key international
markets
• 167 Million SQM of
Land Bank
Emaar Malls Group
• Listed on DFM since
October 2014
• Owner and operator
of the most visited
mall in the world,
The Dubai Mall
• Portfolio of over
550,000 SQM of
GLA in retail
properties in Dubai
Emaar Hospitality
Group
Emaar Retail &
Leasing
• Hotel owner and
operator (13 hotels
and over 1950 keys)
• Provider of premium
entertainment and
manager of leisure
assets
• The Address, Vida,
Armani and Manzil
brands
• Entry into the
upscale affordable
segment through
Rove Hotels
• Operator of the
Dubai Opera
expected to
commence
operations in 2016
Q3 2015 Results Presentation
(1): Up to Q3 2015
(2): GLA of Emaar Dubai’s commercial leasing portfolio
• Operator of the
Dubai Aquarium,
Underwater Zoo,
Reel Cinemas,
KidZania, SEGA
Republic and Dubai
Ice Rink
• Portfolio of over
140,000(2) SQM of
GLA in commercial
properties in Dubai
November 17, 2015
Page 16
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.

Enter into joint ventures in Dubai to get access to significant land bank with no
immediate cash outflow for land purchases.

Replicate the Dubai business model in international markets.

Increase international contribution to Group revenue.

Limit funding from the parent to land acquisition and initial infrastructure related
construction.

Additional funding to be raised at the project level through pre-sales, debt financing,
IPO, and strategic sales.
Monetize Core
Assets

Monetize core assets (IPO / REITs) including, Hospitality, Turkey, and India to
provide further growth capital and create significant value for shareholders.
Recurring
Revenues

Increase recurring revenues.

Develop mall assets internationally & expand EHG’s hotel brands globally.
IRR

Target a minimum equity IRR of 15% on non-property development businesses.
Dubai
International
Funding
Q3 2015 Results Presentation
November 17, 2015
Page 17
Key Highlights
Income Statement
Balance Sheet
Operational Overview
Appendix
Overview of Development Projects Under Development
Project
Business Description
Sale Value
(AED)
Units
Date of Launch
Expected Completion
Date
% Completion
Recognized
Dubai Operations
The Address The Blvd
531
1,913,140,862
Sep-12
2016
72.60%
Fountain Views
289
1,062,652,294
Jan-13
2016
31.14%
Fountain Views 2
289
1,101,436,520
Feb-13
2016
28.33%
Fountain Views 3
208
1,142,159,704
Sep-13
2017
21.87%
The Address Sky View T1
300
1,343,091,978
Mar-13
2017
23.92%
The Address Sky View T2
204
977,558,152
May-13
2017
23.92%
27
415,879,976
May-13
2017
23.92%
Burj Vista
651
1,890,682,286
Apr-13
2017
22.46%
Blvd Crescent T1
252
836,196,776
Mar-14
2019
The Address Sky View Sky Collection
Downtown Dubai
Blvd Crescent T2
74
219,296,712
Jun-14
2019
Blvd Heights T1
255
828,971,440
Sep-14
2018
Blvd Heights T2
237
750,750,812
Nov-14
2018
Vida Downtown
327
1,297,813,488
Jan-14
2018
Boulevard Point
359
1,173,482,670
Jan-14
2018
Opera Grand
249
1,880,053,323
May-14
2019
Downtown Views
424
1,087,737,512
April-15
2019
Forte T1
517
1,716,381,002
May-15
2019
Sep-15
2019
Forte T2
294
722,113,072
5,487
20,359,398,579
The Hills Residence
426
892,755,571
Jun-13
2018
Vida Residence The Hills
136
416,653,768
Dec-13
2018
562
1,309,409,339
Aseel Villas
-
139,150,140
Jun-14
2017
Aseel Plots
55
308,993,518
Jun-14
NA
55
448,143,658
Downtown Dubai Total
Emirates Hills
Emirates Hills Total
Arabian Ranches
Arabian Ranches Total
Q3 2015 Results Presentation
November 17, 2015
Page 18
Key Highlights
Income Statement
Balance Sheet
Operational Overview
Appendix
Overview of Development Projects Under Development (Cont’d)
Project
Business Description
Sale Value
(AED)
Units
Date of Launch
Expected Completion
Date
Palma
121
497,714,448
Sep-13
2016
Rosa
144
787,498,872
Nov-13
2017
Lila
219
871,855,472
Jan-14
2017
Rasha
140
762,192,320
Feb-14
2017
Yasmin
98
553,319,024
Feb-14
2017
Samara
177
728,920,176
Apr-14
2017
Azalea
108
414,141,904
Feb-15
2018
Ranches II Total
1,007
4,615,642,216
Grand Total - Dubai Operations
7,111
26,732,593,792
Arabian Ranches II
% Completion
Recognized
68.38%
Dubai Hills Estates(1)
Dubai Hills
Views and Grove – Villas
-
418,667,650
Dec-13
2016
Views and Grove – Plots
97
2,320,123,189
Dec-13
NA
Mulberry Park Heights
664
1,247,803,632
Mar-14
2018
Acacia Park Heights
477
1,001,019,576
Feb-15
2019
Maple
646
1,745,319,910
Apr-15
2019
1,884
6,732,933,957
Residences South T1
174
410,847,512
Nov-14
2018
Residences North T1
174
409,869,512
Nov-14
2018
Residences North T2
149
341,157,312
Nov-14
2018
Residences North T3
101
324,124,688
Nov-14
2018
Residences South T2
149
342,822,312
Jan-15
2018
Residences South T3
101
324,145,688
Jan-15
2018
Grand Total – Dubai Hills
33%
Dubai Creek(1)
Dubai Creek
Residences Podium
Creekside 18 A
Grand Total – Dubai
Creek
24
66,975,312
Jan-15
2018
221
423,596,248
Sep-15
2019
1,093
2,643,538,584
Q3 2015 Results Presentation
November 17, 2015
(1): Overview of Development Projects Under Development in Dubai Hills Estates and Dubai Creek does not include land plots available for sale except Views and Grove in Dubai Hills
Page 19
Key Highlights
Income Statement
Balance Sheet
Operational Overview
Appendix
Location of Development Projects
Q3 2015 Results Presentation
November 17, 2015
Page 20
Key Highlights
Income Statement
Balance Sheet
Appendix
Operational Overview
Location of Development Projects: Downtown Dubai
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
The Address Sky View
The Address Fountain Views
The Address The BLVD
Burj Vista
A2
A3
A4
Opera House
B1
B2
B4
C1 & C2
C3
Downtown Views
Forte
Opera Grand
BLVD Heights
BLVD Crescent
BLVD Point
Vida Residence Downtown
Standard Chartered Building
Emaar Square 1,2,3
Emaar Square 4,5,6
Boulevard Plaza
The Lofts
Mohammed Bin Rashid Boulevard
8 BLVD Walk
Stand Point
Burj Park
Burj Residences
29 BLVD
Claren
The Dubai Fountain
BLVD Central
Burj Khalifa Tower
Souk Al Bahar
Al Bahar Residences
The Palace
Burj Residences
The Old Town Island
Sahaa Offices
Attareen Residences
Vida Hotel
56
14
55
3
54
21
23
53
24
22
1
2
26
35
19
52
4
5
36
33
6
37
46
48
7
40
28
8
25
47
41
38
51
29
11
9
49
13
15
42
10
30
39
16
12
31
45
34
17
43
18
32
20
44
27
44
45
46
47
The Old Town Qamardeen District
The Old Town Al Manzil District
Al Dukkan Yansoon Offices
Al Manzil Residences
48
49
50
51
Tajer Residences
Al Manzil Hotel
South Ridge
Burj Views
50
52
53
54
55
The Address Downtown Dubai
The Dubai Mall
The Address Dubai Mall
The Dubai Mall Za’beel Expansion
Q3 2015 Results Presentation
Under Development or not launched
Completed
56
Rove Hotel (Za’abeel)
November 17, 2015
Page 21
Key Highlights
Income Statement
Balance Sheet
Appendix
Operational Overview
Location of Development Projects: Arabian Ranches
1
Al Reem 1
2
Al Reem 2
3
Al Reem 3
4
Saheel
5
Golf Homes
6
Dubai Polo Club
7
Mirrador La Coleccion 1
8
Mirrador La Coleccion 2
9
Hattan
10
Alvorada 1
11
Alvorada 2
12
Alvorada 3
13
Alvorada 4
14
Palmera 1
15
Palmera 2
16
Palmera 3
17
Palmera 4
18
La Avenida 1
19
La Avenida 2
20
Alma 1
21
Alma 2
22
Savannah
23
Al Mahra
24
Terranova
25
Mirrador
26
School
27
Retail Center Mosque
28
Golf Course
29
Residents Club
30
Retail School Centre
31
Sub Station
32
Lila
33
Palma
34
Rosa
35
Casa
36
Rasha
37
Samara
38
Yasmin
39
Azalea
1
3
27
26
25
22
21
20
4
18
19
24
28
5
23
9
7
8
12
10
13
11
14
17
32
15
16
33
34
6
35
31
36
38
37
29
30
39
Q3 2015 Results Presentation
Arabian Ranches 1
2
Arabian Ranches 2
November 17, 2015
Page 22
Key Highlights
Income Statement
Balance Sheet
Appendix
Operational Overview
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
School
10
Juma Mosque
11
Regional Retail
12
Utilities
13
Metro Station
14
Golf Academy
12
12
12
10
11
13
10
2
5
9
13
4
7
12
10
10
12
14
3
1
6
8
Q3 2015 Results Presentation
November 17, 2015
Page 23
Key Highlights
Income Statement
Balance Sheet
Operational Overview
Appendix
Location of Development Projects: Dubai Creek (JV with Dubai Holding)
Q3 2015 Results Presentation
November 17, 2015
Page 24
Key Highlights
Income Statement
Balance Sheet
Operational Overview
Appendix
Overview of Delivery Schedule
Units Delivered/ Year
6,987
5,819(2)
5,554
3,787
1,085
2015
UAE
2016
2017
2018
2019
International(1)
Q3 2015 Results Presentation
(1): International deliveries do not include India
(2): 2019 deliveries are based on projects launched up to September 30, 2015 and may change as more projects are launched
November 17, 2015
Page 25
Key Highlights
Income Statement
Balance Sheet
Appendix
Operational Overview
Overview of UAE Delivery Schedule
# of Units
Completed
Under Development
Cumulative till 2014
Downtown
9,911
5,487
9,911
Dubai Marina
4,450
Arabian Ranches
4,305
55
4,305
253
1,007
253
14,370
562
14,370
2015
2016
2017
2018
2019(1)
1,109
1,390
1,178
1,810
Emaar Properties
Arabian Ranches II
Emirates Living (Excluding Land)
Emaar Towers
168
Dubai Hills Estate
Umm Al Quwain
Total Residential
Downtown Commercial Space (SQFT)
4,450
778
108
562
277
42
664
1,123
2,512
2,933
872
221
3,384
3,154
277
8,940
33,734
2,807,613
2,807,613
Dubai Marina Commercial Space (SQFT)
768,385
768,385
Emirates Living Commercial Space (SQFT)
613,145
613,145
4,189,143
4,189,143
Total Commercial Space (SQFT)
121
168
1,829
33,734
55
1,272
2,223
Associate
The Lagoons
Grand Total Residential
1,093
33,734
10,033
33,734
Q3 2015 Results Presentation
(1): 2019 deliveries are based on projects launched up to September 30, 2015 and may change as more projects are launched
1,272
2,223
November 17, 2015
Page 26
Key Highlights
Income Statement
Balance Sheet
Appendix
Operational Overview
Overview of International Delivery Schedule
Country
Entity
Completed
Under Development
To be Developed
Cumulative till 2014
2015
2016
2017
2018
2019
2,212
3,823
3,586
1,587
789
970
1,823
2,565
1,887
Emaar Middle East
515
411
1,029
343
53
580
89
565
325
Emaar Turkey
232
1,069
162
21
543
335
240
Metn Renaissance
310
91
208
193
155
21
53
36
151
EGKL & EDIL
149
1,233
727
111
67
401
1,031
197
302
Total
3,418
6,627
5,550
2,396
1,085
2,515
3,331
3,603
2,665
EMGF
5,706
10,934
5,653
5,706
5,879
3,473
5,221
1,818
196
Grand Total
9,124
17,561
11,203
8,102
6,964
5,988
8,552
5,421
2,861
Subsidiaries
Emaar Misr
Associate
Q3 2015 Results Presentation
November 17, 2015
Page 27
Key Highlights
Income Statement
Balance Sheet
Operational Overview
Appendix
Emaar Group Hotel Portfolio
Management Company
Classification
Keys
Residences in Hotel
Pool(6)
Operational
AHM(1)
5 Star
160
NA
2010
The Address Downtown Dubai
TAH&R(2)
5 Star
196
193
2008
The Address Dubai Mall
TAH&R(2)
5 Star
244
192
2009
The Address Dubai Marina
TAH&R(2)
5 Star
200
24
2009
The Address Montgomerie Dubai
TAH&R(2)
Standard
21
NA
2006
The Palace Downtown Dubai
TAH&R(2)
5 Star
242
NA
2007
Manzil Downtown Dubai(3)
Emaar Hospitality
4 Star
197
NA
2007
Vida Downtown Dubai(4)
Emaar Hospitality
4 Star
156
NA
2007
Arabian Ranches Golf Club
Emaar Hospitality
Standard
11
NA
2007
Residences(5)
Nuran
Standard
90
NA
2006
Armani Hotel at Via Manzoni (Milan, Italy)
AHM(1)
5 Star
95
Accor
5 Star
288
NA
2006
Emaar Misr
4 Star
130 + 20(8)
NA
2007(9)
Hotel
Emaar Hospitality Group Hotel Portfolio
Dubai
Armani Hotel at Burj Khalifa
Nuran Marina
International
2011
Other Emaar Group Hotels (7)
International
Novotel (Hyderabad, India)
Al Alamein Hotel (Marassi, Egypt)
(1): AHM: Alabbar Hotel Management
(6): Residences in the Hotel Pool are operated by Emaar Hospitality like hotel rooms, on behalf of unit owners, for a % of revenue
(2): TAH&R: The Address Hotels and Resorts
(7): Other Emaar Group Hotels are not operated by Emaar Hospitality Group
(3): Formerly Al Manzil Hotel; reopened after renovation on December 15, 2014
(8): Al Alamein Hotel includes 130 rooms and 20 villas
(4): Formerly Qamardeen Hotel; reopened after renovation on June 16, 2013
(9): Al Alamein Hotel is a landmark Egyptian hotel operating since 1964 and acquired by Emaar in 2007
(5): Emaar maintains management rights only; disposed ownership on June 7, 2012
Q3 2015 Results Presentation
November 17, 2015
Page 28
Key Highlights
Income Statement
Balance Sheet
Operational Overview
Appendix
Emaar Hospitality Group: Asset Performance Breakdown
Emaar Hospitality Group: Asset Performance Breakdown
The Address Downtown
The Palace Downtown
The Address Dubai Mall
YTD 2015
YTD 2014
YTD 2015
YTD 2014
YTD 2015
YTD 2014
53,508
53,508
66,066
66,066
66,612
66,612
87%
84%
80%
78%
86%
84%
ADR (AED)
1,891
1,911
1,508
1,600
1,493
1,596
RevPar (AED)
1,637
1,603
1,206
1,250
1,278
1,344
87,600
85,756
79,674
82,553
85,148
89,538
Available Room Nights
Occupancy (%)
Room Revenue (AED Thousands)
Emaar Hospitality Group: Asset Performance Breakdown
The Address Dubai Marina
Manzil Downtown(1)
Vida Downtown(2)
YTD 2015
YTD 2014
YTD 2015
YTD 2014
YTD 2015
YTD 2014
54,600
54,600
53,781
35,657
42,588
42,588
80%
82%
62%
84%
78%
79%
ADR (AED)
945
1,030
843
981
913
935
RevPar (AED)
756
849
527
829
714
743
41,302
46,375
28,340
29,547
30,401
31,639
November 17, 2015
Page 29
Available Room Nights
Occupancy (%)
Room Revenue (AED Thousands)
Q3 2015 Results Presentation
(1): Formerly Al Manzil Hotel – Closed for renovation and reopened as Manzil Downtown Dubai on December 15, 2014
(2): Formerly Qamardeen Hotel – Closed for renovation and reopened as Vida Downtown Dubai on June 16, 2013
Key Highlights
Income Statement
Balance Sheet
Operational Overview
Appendix
Emaar Hospitality Group: Overview of Hotels / Apartments Under
Development
Location
Launch
Keys
Serviced Apartments(1)
Estimated Completion
The Address The BLVD
Downtown
2012
198
523
2016
The Address Sky View
Downtown
2013
167
524
2017
The Address Fountain Views
Downtown
2013
194
777
2017
The Greens
2013
160
136
2017
Downtown
2013
NA
340
2018
Rove
Za'abeel
2014
420
NA
2016
Rove
Port Saeed
2014
270
NA
2016
Rove
Oud Metha
2014
286
NA
2016
Rove
Jaffliya
2015
270
NA
2017
Rove
Al Wasl
2015
480
NA
2017
Rove
Dubai Marina (Marsa)
2015
384
NA
2017
Hotel
Vida Hills Hotel & Residences
Vida Residences
Q3 2015 Results Presentation
(1): The Serviced Apartments figures refer to the total number of apartments and not the units in the hotel pool
November 17, 2015
Page 30
Key Highlights
Income Statement
Balance Sheet
Operational Overview
Appendix
Overview of Land Bank
Gross Land Area
(Million SQM)
Country
Saudi Arabia (Emaar Economic City)
123.6
Saudi Arabia (Emaar Middle East)
3.5
India
30.1
Egypt
7.6
Pakistan
1.7
Turkey
0.5
Lebanon
0.3
Key International Markets
167
UAE(1)
28
Total
195
Q3 2015 Results Presentation
November 17, 2015
Page 31
(1): UAE Land Bank includes the GLA of Dubai Hills (9.61 Million SQM), Dubai Creek (5.57 Million SQM), DWTC (1 Million SQM), Rove Hotels (0.03 Million SQM), DWC (6.76 Million SQM), and Emaar Dubai which includes Lusaily and the
remaining plots in Downtown Dubai (4.71 Million SQM)
Key Highlights
Income Statement
Balance Sheet
Appendix
Operational Overview
Group Structure
EMAAR Properties PSJC
Emaar Dubai
Property Development
Projects—100%
Emaar International
Emaar Investments
Emaar Malls Group
84.6%
Hotels & Resorts
100%
Hospitality
100%
Giorgio Armani Hotels
100%
The Address Hotels
100%
Emrill Services
33.33%
Emaar MGF-India
48.86% (JV with MGF)
KSA-EEC
30.59%
Turner Int’l ME
50%
Dubai Mall
100%
District Cooling
100%
CCCPL, EHTPL, BHLPL,
Hyderabad-India
74% (JV with APIC)
Turkey
100%
Amlak
48.08%
Int’l Malls
100%
Capital Partner
100%
Syria
60%
Pakistan
EGKL–73.1%
EDIL–100%
Emaar Industries &
Investments
40%
Emaar Retail LLC
100%
Morocco
100%
Misr-Egypt
88.96%
Emaar Int’l Hospitality
100%
Reel Cinema
100%
KSA-EME
61%
Lebanon
65%
Vida Hotel + Resorts
100%
MENA Hamptons
100%
Int’l Jordan
100%
Emaar America
100%
Rove Hotels
50% (JV with Meeras)
Emaar Bawadi
50% (JV with Dubai
Properties)
Dead Sea Co. of Tourism
29.33%
Emaar Hotel
Management
100%
Emaar Leisure Group
100%
Dubai Opera
100%
Dubai Hills Estate
50% (JV with Meeras)
Q3 2015 Results Presentation
November 17, 2015
Page 32
Key Highlights
Income Statement
Balance Sheet
Appendix
Operational Overview
EEC’s Financial Growth Quarterly Breakdown
Q3 2014
Q4 2014
Q1 2015
Q2 2015
Q3 2015
SAR MM
111
236
229
303
145
169
213
157
147
85
85
47
69
50
8.1
Revenue
Gross Profit
YTD 2015 Net Order Intake & Revenue: Segment Breakdown
Net Income
YTD 2015 Breakdown of Revenue
SAR MM
972
82.2%
500
10%
54
Residential
Development
60
Industrial Valley
Order Intake
47
Commercial
Development
7.7%
0.16%
1
(1)
Other Income
Revenue
Total: SAR 466 MM
Residential Development
Commercial Development
Industrial Valley
Other Income(1)
Q3 2015 Results Presentation
KAEC Investor Relations: Seifeldien Sammakieh: [email protected]; Maria AlZahrani: [email protected]
(1): Other Income constitutes value added services, service charges, and income from education
November 17, 2015
Page 33
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.
Deliveries
Completed units that are ready for handover to clients; some delivered/completed units may not have been
sold and remain in inventory until sold.
Handovers
Handing over the unit to the client, at which point the unit is no longer in Emaar’s custody and is recognized
as revenue.
Under Development
Launched projects including those under construction and those that have not yet commenced
construction.
Gross Land Area (GLA)
Is all land remaining after the exclusion of completed projects and plots launched for sale / under
development.
Q3 2015 Results Presentation
November 17, 2015
Page 34