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investor presentation
INVESTOR PRESENTATION
MAY 2016
CONTENTS
TABLE OF CONTENTS
Majid Al Futtaim Group Overview & Performance Update
Appendix

Majid Al Futtaim Properties Shopping Mall Portfolio

Majid Al Futtaim Retail Geographic Footprint

Corporate Governance Structure

Board of Directors
2
2
MAJID AL FUTTAIM GROUP: OVERVIEW
Group Corporate Structure


Solid Track Record


The Group is the leading shopping mall, retail and leisure developer
and operator in the MENA region.
Diversified across three retail-focused business divisions, offering
complementary consumer offerings and operational synergies.
Have grown to one of the largest corporate entities in the UAE.
Have managed to maintain a robust financial profile and delivered
steady growth amidst the financial crisis.
Majid Al Futtaim Holding LLC Consolidated Financials (USDmn)
Mr. Majid Al Futtaim
(Founder)
Mr. Tariq Al Futtaim
99.6%
Item
2010
2011
Assets
9,246
9,658
Revenues
4,569
621
2012
2013
2014
2015
5Y CAGR
10,325 10,743 12,151
13,855
8.4%
5,011
5,604
6,180
6,878
7,445
10.3%
745
809
892
977
1,044
10.9%
0.4%
MAJID AL FUTTAIM
CAPITAL LLC
99.9%*
EBITDA
MAJID AL FUTTAIM HOLDING LLC
(Rated BBB/BBB)
MAJID AL FUTTAIM
PROPERTIES LLC
Best in Class Governance Principles
MAJID AL FUTTAIM
VENTURES LLC
MAJID AL FUTTAIM
RETAIL LLC
 Voluntarily adopted the principles of the Combined Code on Corporate
Governance for listed companies in the UK
 Strong operating company Board structures reporting to a group Board
Regional Footprint – 15 countries since 1992
Kazakhstan
Highest Rated Privately Owned Corporate in the GCC
Georgia
Armenia
Lebanon
Iraq
Kuwait
Egypt
Qatar
Saudi Arabia
Rating Agency
Rating
Outlook
Standard & Poor’s
BBB
Stable
Fitch
BBB
Stable
Pakistan
Bahrain
UAE
Ratings affirmed June 2015
Kenya
* BALANCE 0.1% HELD BY MAJID AL FUTTAIM TRUST LLC
2015 FIGURES BASED ON FULL YEAR AUDITED FINANCIAL STATEMENTS
3
3
MAJID AL FUTTAIM GROUP: OUR HISTORY
WE ARE A VISION-DRIVEN ORGANISATION THAT AIMS AT
CREATING GREAT MOMENTS FOR EVERYONE, EVERY DAY.
Over the last 20 years, we have revolutionised the face
of shopping, entertainment and leisure in the region.
Cinestar
Sofitel
Carrefour
City Centre
Dalkia
Magic Planet
Cinestar
Sofitel
Carrefour
City Centre
1995 – 1998
1999 – 2001
Dubai
Dubai
Rest of UAE
Oman
ORIX
Dalkia
Magic Planet
Cinestar
Sofitel
Carrefour
City Centre
2001 – 2003
UAE
Oman
Egypt
Fashion
ORIX
Dalkia
Magic Planet
Cinestar
Sofitel
Carrefour
City Centre
2003 – 2005
UAE
Oman
Egypt
Saudi Arabia
Najm Credit Card
City Centre Qurum
Ibis/Novotel Dubai
City Centre Bahrain
Mall of the Emirates
Ski Dubai
Kempinski Dubai
The Wave Muscat
Fashion
ORIX
Dalkia
Magic Planet
Cinestar
Sofitel
Carrefour
City Centre
2005 – 2009
UAE
Oman
Egypt
Saudi Arabia
Kuwait
Bahrain
Jordan
Qatar
City Centre Fujairah
Sheraton Hotel (MOE)
Playnation (Mirdif)
City Centre Mirdif
Wahooo! WaterPark
Najm Credit Card
City Centre Qurum
Ibis/Novotel Dubai
City Centre Bahrain
Mall of the Emirates
Ski Dubai
Kempinski Dubai
The Wave Muscat
Fashion
ORIX *
Dalkia
Magic Planet
VOX (Cinestar)
Pullman (Sofitel)
Carrefour
City Centre
2009 – 2012
UAE
Oman
Egypt
Saudi Arabia
Kuwait
Bahrain
Jordan
Qatar
Pakistan
Iraq
City Centre Shindagha
City Centre Me’aisem
Hilton Garden Inn
My City Centre Nasseriya
City Centre Clinic
Kempinski Bahrain
Gourmet Gulf
Waterfront City
City Centre Beirut
City Centre Fujairah
Sheraton Hotel (MOE)
Playnation (Mirdif)
City Centre Mirdif
Wahooo! WaterPark
Najm Credit Card
City Centre Qurum
Ibis/Novotel Dubai
City Centre Bahrain
Mall of the Emirates
Ski Dubai
Kempinski Dubai
The Wave Muscat
Fashion
Dalkia
Magic Planet
VOX (Cinestar)
Pullman (Sofitel)
Carrefour
City Centre
2012 – 2015
UAE
Oman
Egypt
Saudi Arabia
Kuwait
Bahrain
Jordan
Qatar
Pakistan
Iraq
Lebanon
Georgia
Armenia
* DURING 2013 THE GROUP SOLD ITS INVESTMENT IN MAF ORIX
4
BUSINESS OVERVIEW: MAJID AL FUTTAIM PROPERTIES
GROUP’S CORE BUSINESS
Overview of Majid Al Futtaim Properties
Majid Al Futtaim Properties’ Key Strengths
 Majid Al Futtaim Properties is the Group’s largest contributor in
terms of EBITDA and combines a balanced mix of operating
assets (primarily shopping centers) and developments.
Alliances and Partnerships with
Key Retailers
 The subsidiary’s core business is Shopping Malls:
 Currently operates 19 shopping malls (includes 4 JVs) in the
UAE, Egypt, Oman, Bahrain and Lebanon – currently developing
four new malls and recently completed an expansion of Mall of
the Emirates.
Established Track Record,
Reputation & Brand
MAJID AL FUTTAIM
PROPERTIES
 Leasable area of approx. 1.1 million square meters as at 31
December 2015 – aggregate visitors of 171 million in 2015,
reflecting 3% growth over 2014.
In-House Expertise (Fully
Integrated Operations)
Iconic Assets
Competitive Rent
to Sales Ratio
Prime Locations Secured for
Business
98%
180
98% Occupancy
Rate
Unique Leisure Offers
(Through Majid Al Futtaim Ventures)
99%
98%
97%
97%
150
100%
120
90
80%
72%
74%
75%
69%
72%
60
 Majid Al Futtaim Properties also owns 12 hotels adjacent to
shopping malls in the UAE (10) and Bahrain (2), with one under
development in Dubai, which aim to capitalize on tourist shopping
and enhance the value of the malls, while capturing higher traffic.
60%
40%
30
20%
135.7
146.9
156.5
167.0
171.3
2011
2012
2013
2014
2015
0
0%
Total Shopping Mall Footfall - Million
5
120%
Shopping Mall Occupancy
Hotels Occupancy
BUSINESS OVERVIEW: MAJID AL FUTTAIM RETAIL
GENERATING STEADY CASH FLOWS
Overview of Majid Al Futtaim Retail
Operating Framework
 Majid Al Futtaim Retail is one of the most active retailers in the
region and introduced the first hypermarket in the Middle East in
1995.
 Majid Al Futtaim Retail aims to capitalize on its strong supply chain
and procurement procedures to deliver value to its customers.
 Majid Al Futtaim Hypermarkets is a wholly owned subsidiary
since 25 June 2013 when Majid Al Futtaim acquired the remaining
25% from Carrefour SA. As part of the transaction, Majid Al Futtaim
also renewed its exclusive franchise partnership with the Carrefour
group until 2025 and extended it to an additional 19 new countries.
It now has the exclusive franchise rights for Carrefour in 38
countries predominantly across the Middle East, Africa and
CIS regions.
Sales Volume
Reinvest
Rebates
 Carrefour charges a sale-based franchise fee and provides
approval on new store openings.
Purchasing
Power
Supplier Rebates
 As at 31 December 2015, Majid Al Futtaim operated over 65
Carrefour hypermarkets, 80 Carrefour supermarkets and 6
convenience stores across 13 countries, as well as an online
store.
 Majid Al Futtaim plans to open 11 new Carrefour hypermarkets,
13 Carrefour supermarkets and 1 convenience store during
2016.
Low Prices
6
Good Quality
Wide Choices
BUSINESS OVERVIEW: MAJID AL FUTTAIM VENTURES
SEEKING COMPLEMENTARY BUSINESSES
Overview of Majid Al Futtaim Ventures
 Majid Al Futtaim Ventures builds and manages value enhancing businesses for the Majid Al Futtaim Group, focusing on select sectors that are
relevant for the wider business in the region.
 The current portfolio comprises both wholly owned companies and joint ventures.
 Majid Al Futtaim Ventures holdings are further split between strategic and investment holdings – strategic businesses comprise those which
provide a strategic fit to the Group’s business.
MAJID AL FUTTAIM
VENTURES
Strategic & Investment
Holdings
Majid Al Futtaim Leisure & Entertainment LLC
Majid Al Futtaim Cinemas LLC
 Provides unique leisure
offerings to Majid Al Futtaim
Malls (Ski Dubai, Magic Planet,
Lego, etc)
Majid Al Futtaim Fashion LLC
 Retails brands with exclusive
licensing rights for MENA (e.g.
Abercrombie & Fitch, Juicy Couture,
Monsoon Accessorize, etc)
 115 stores in 6 countries
Majid Al Futtaim Finance LLC
 Cinema business with182
screens across the MENA
region
ENOVA by VEOLIA
Majid Al Futtaim Food & Beverages LLC
 JV providing Energy
Services and Facilities
Management
 Formed in 2002 (as
Dalkia)
Wholly-Owned
 Acquired in 2013, JV
operates portfolio of
international brands like
California Pizza Kitchen,
Yo Sushi, Azkadenya, etc
Joint Venture
7
 Credit card issuer business
 Introduced Visa cards in 2010
(130,138 active cards)
Majid Al Futtaim Healthcare
 Multi-speciality and Day Care Surgery
Centre opened in 2013 in City Centre
Deira. Awarded ISO 15189 standard
and Joint Commission International’s
Gold Seal of Approval
SUMMARY OF MAJID AL FUTTAIM’S 2015 PERFORMANCE
CONTINUED STRENGTH OF BUSINESS FUNDAMENTALS HELP DELIVER STABLE FINANCIAL PERFORMANCE
Resilient Growth Registered in 2015
Revenues: +8% year-on-year
to c. USD 7.4bn
EBITDA: +7% year-on-year
to c. USD 1bn
Assets: +14% year-on-year
to c. USD 13.9bn
Leading MENA asset owner with high profile, landmark
locations
Market leadership in markets with positive long term macro
economic potential due to retail/consumer focus
Low volatility of operating income with diversified income
streams and a balanced financial profile
Complementary businesses with cross-synergies that
reduce individual business risks
Robust & best practice corporate governance framework
Prudent financial management with conservative liquidity
and risk management policies
8
HISTORICAL FINANCIAL PERFORMANCE OVERVIEW
SOLID FINANCIAL PERFORMANCE ON THE BACK OF A MANAGED GROWTH STRATEGY
Financial Highlights
Majid Al Futtaim Properties (USDmn)
Majid Al Futtaim has a proven track record of delivering strong financial
results on the back of an effective growth strategy
Revenue
Majid Al Futtaim Holding LLC Consolidated Financials (USDmn)
Item
2010 2011 2012
2013
2014
2015
5Y CAGR
9,246 9,658 10,325 10,743 12,151 13,855
8.4%
Assets
4,569
5,011
5,604
6,180
6,878
7,445
10.3%
Revenue
621
745
809
892
977
1,044
10.9%
EBITDA
2010
63.4%
62.0%
62.6%
62.0%
2011
2012
2013
2014
Item
5Y CAGR
12.1%
Revenue
12.8%
EBITDA
2015
Majid Al Futtaim Retail (USDmn)
Revenue
EBITDA Margin by Entity (%)
61.9%
476
389
710
645
604
532
1,114
1,040
966
858
751
629
 The Group’s ability to combine capital intensive high margin
business (shopping malls) with capital positive, high volume
business (hypermarkets) allows it to effectively manage its
growth.
70%
EBITDA
EBITDA
4,591
4,121
3,796
6,011
5,603
5,032
Item
5Y CAGR
9.6%
Revenue
9.3%
EBITDA
63.7%
206
321
312
268
253
245
60%
2010
50%
30%
18.6%
17.5%
12.6%
10%
0%
2012
2013
2014
2015
Majid Al Futtaim Ventures (USDmn)
40%
20%
2011
Revenue
14.2%
14.2%
EBITDA
392
293
13.0%
Item
5Y CAGR
13.6%
Revenue
14.4%
EBITDA
243
5.9%
5.5%
2011
2012
5.3%
5.6%
5.3%
2013
2014
2015
207
209
189
5.4%
2010
MAF Properties
MAF Retail
26
35
37
35
41
51
MAF Ventures
2010
9
2011
2012
2013
2014
2015
2015 PERFORMANCE OVERVIEW: GROUP
STRONG OPERATIONAL PERFORMANCE DESPITE HEADWINDS
Geographical Split – 31 December 2015
Key Highlights
Shopping Malls
By Revenue
 AED 1 billion Mall of the Emirates expansion unveiled
 City Centre network expanded to 13 malls with the opening of
City Centre Me’aisem and City Centre Shindagha
 City Centre Muscat expansion launched adding 72 new stores
(including fashion and dining options)
 We bought the freehold titles to Mall of the Emirates and City
Centre Deira gifted lands
Oman
5%
Oman
Saudi 5% Others
2%
Qatar1%
Others
11%
6%
Saudi
9%
UAE
53%
Qatar
8%
Bahrain
3%
Egypt
11%
Hotels
 Kempinski Mall of the Emirates relaunched with refurbished
rooms and three new dining experiences
 World’s 2nd largest Hilton Garden Inn opened near Mall of the
Emirates
By EBITDA
Bahrain
8%
UAE
72%
Egypt
6%
Others include Iraq, Georgia and Armenia
Segmental Split – 31 December 2015*
By EBITDA
By Revenue
Cinemas
 Vox Cinemas launched new technologies like VOX4DX, iMax and
an ultra-premium new innovative cinema experience mixing
movies and fine dining
Ventures
5%
Ventures
5%
Properties
15%
Retail
30%
Key recognitions
 Properties awarded ‘Retail Company of the Year’ by Gulf Business
 Carrefour UAE voted ‘2015 the Most Admired RetailerHypermarket’ for outstanding Customer Experience
 VOX Cinemas voted ‘2015 the Most Admired RetailerEntertainment’
 City Centre Mirdif recognized as the largest mall in the world to
attain LEED Gold EBOM certification
Properties
65%
Retail
80%
Business segment or geographical contributions broadly
unchanged in 2015
FIGURES BASED ON 2015 AUDITED RESULTS
*SEGMENTAL SPLIT IS BASED ON REVENUE AND EBITDA NUMBERS CALCULATED AGAINST CONSOLIDATED MAJID AL FUTTAIM HOLDING LLC FINANCIALS (EXCLUDING HEAD
OFFICE AND ELIMINATIONS AND ADJUSTMENTS)
10
2015 PERFORMANCE OVERVIEW: OPERATING UNITS
FY 2015
Properties
Revenues
+7%
SHOPPING
MALLS
EBITDA
+10%
HOTELS
Average Occupancy
98%
Footfall growth y-o-y
+3% (+4% LFL*)
Average Occupancy
72%
RevPAR Change y-o-y
-7%
Rent to sales
Retail
Revenues
EBITDA
Sales (LFL*)
2%
HYPERMARKETS
New Stores 2015
+9
Total Stores
67
SUPERMARKETS
New Stores 2015
+11
Total Stores
80
Total Screens
182
22/5
+7%
+3%
FY 2015
CINEMAS
+34%
L&E
EBITDA
Impacted by increased supply of rooms vs.
previous year, and slower tourism inflow
FY 2015
Ventures
Revenues
c.10%
+22%
FASHION
No of admissions
+40%
New Screens added
+58
New Sites added (Magic Planet/
Lego)
+5/+4
Total sites (Magic
Planet/Lego)
New Stores opened
+71 **
Operating 115 stores across 7 countries
11
* LFL: LIKE FOR LIKE
** NEW FASHION STORES LARGELY PERTAINING TO MONSOON ACCESSORIZE ACQUISITION
FIGURES BASED ON 2015 AUDITED RESULTS
RECENT DEVELOPMENTS – Q1 2016
ON TRACK TO DELIVER STABLE FINANCIAL PERFORMANCE AS PER OUR PLANS
Q1 2016
Revenues
Q1 2016
EBITDA
+14% vs Q1 2015
+10% vs Q1 2015
Q1 2016 Operating Drivers
Average Occupancy
Operating Units Revenues vs Q1 2016
Properties
SHOPPING MALLS
Rent to sales
+14%
Retail
+10%
Ventures
+48%
YTD Footfall y-o-y
98%
-2% (-2% LFL)**
c.10%
LFL YTD Average Occupancy
86%
LFL YTD RevPAR Change y-o-y
-4%
YTD Sales (LFL) y-o-y
+5%
HOTELS
RETAIL
New stores (hypermarkets & supermarkets)
CINEMAS
No of cinema admissions
+8
+32%
Key Highlights
 In partnership with Majid Al Futtaim, the 10th World Retail Congress was hosted in Dubai in April 2016
 Opened 3 new Carrefour hypermarkets and 3 new supermarkets, including entry into the group’s 14th market, Kazakhstan.
 Majid Al Futtaim Fashion opened 5 new stores
 Opening of a new cinema concept, “Outdoor”, the first open air Vox Cinema in the region
12
* Q1 2016 FIGURES EXTRACTED FROM UNAUDITED MANAGEMENT ACCOUNTS
** LFL: LIKE FOR LIKE
GROUP DEBT PROFILE (1/2)
Majid Al Futtaim Group’s Balance Funding Profile
Majid Al Futtaim Properties Level
(USD 900mn)
Majid Al Futtaim Holding Level
(USD 1,590mn)
All of which is Senior Unsecured
obligations at Holding level
Cross guarantees
All of which is Senior unsecured
obligations at Properties level
Other
(USD 420mn)
Primarily project finance with limited
recourse to borrower
All Senior Unsecured financing
obligations rank pari passu
among themselves
Total gross debt amounted to c.
USD 2.9bn as at 31 December 2015
(excluding USD 500mn hybrid
issuance)

Maintained focus on conservative liquidity and risk management policies

Well received issuance in the Debt Capital Markets – in October 2015 issued first 10yr Sukuk (USD 500mn)

Both Fitch Ratings and Standard & Poor’s have reaffirmed BBB rating with stable outlook in June 2015

Optimized debt portfolio and increased revolver component of bank financing to reduce cost of carry

Cash position of USD 380mn and undrawn available lines of over USD 2bn (as of 31 December 2015)

Average debt life extended to 5.2 years as of 31 December 2015*
13
FIGURES BASED ON 2015 AUDITED RESULTS
*USD500MN EQUITY HYBRID IS NOT TAKEN INTO ACCOUNT IN DEBT AND AVERAGE DEBT LIFE CALCULATIONS
GROUP DEBT PROFILE (2/2)
Majid Al Futtaim’s Robust Capital Structure
Debt Maturity Profile (USD mn)
1,600
Secured debt as a
percentage of
Gross Debt
Dec
2011
Dec
2012
Dec
2013
Dec
2014
Dec
2015
46%
7%
10%
13%
14%
Total Borrowings: USD 2.9bn
800
574
434
28%
<1%
4%
4%
264
47
3%
0
2016
6
10,500
5
9,000
4.9x
3.7x
4
2.8x
20%
Net Debt (USD mn)
2009
2015
2010
Net Debt (USD mn)
Net Debt / EBITDA (times)
14
2011
2012
2013
Equity (USD mn)
2014
8,642
2,517
7,603
2,179
6,580
1,924
5,975
1,882
5,355
3,000
2,122
2,517
1,044
2,179
977
1,924
892
1,882
809
2,122
745
2,311
621
2,239
0
461
0
EBITDA
29%
4,500
1,500
2014
29%
30%
1
2013
29%
3
500
2012
40%
31%
4,929
2.2x
2.4x
2
2011
2021 onwards
6,000
1,000
2010
2020
50%
7,500
2,311
2,000
2.2x
2019
40%
4,892
2,500
2.3x
2018
47%
46%
2,239
3,000
1,500
2017
Majid Al Futtaim’s Capital Structure
Strong Leverage Metrics
2009
377
400
EBITDA from
encumbered assets
as % of Total
EBITDA
0
1,212
1,200
10%
0%
2015
Net Debt / Equity (%)
FIGURES BASED ON 2015 AUDITED RESULTS
USD500MN EQUITY HYBRID IS NOT TAKEN INTO ACCOUNT IN DEBT CALCULATION
PRUDENT FINANCIAL MANAGEMENT
PROVIDING SOUND PLATFORM FOR GROWTH
Funding Risk Management Framework
 The group focuses on two very important pillars:
(1) Liquidity
(2) Risk Management
Target at least 18 months of financing
requirements
Active management of interest rate, credit
and FX risk
Maintain flexibility in terms of capital
commitments
Financial covenants further reinforce
capital management framework
Current Status
Funding Risk Management
Framework
Policy Covenant
Status as of
31 December 2013
Status as of
31 December 2014
Status as of
31 December 2015
Liquidity Coverage – Months
18
30+
24+
30***
0.50 – 3.00
3.60
1.75
2.38
Tangible Net Worth – USD billion
4.1
6.6
7.6
8.6
Total Net Debt to Total Equity (x)
<0.7
0.3
0.3
0.3
EBITDA Interest Cover (x) **
>2.5
6.2
8.7
>10
Interest Rate Risk – Duration in Years*
*Prior to March 2014, the Group’s IR Risk policy on duration was 3.9 +/- 1.0 years
** EBITDA Interest Cover means EBITDA over Net Finance Charges
*** As of May 2016, the available liquidity is also sufficient to cover 24+ months of net funding needs
15
FIGURES BASED ON 2015 AUDITED RESULTS
USD500MN EQUITY HYBRID IS NOT TAKEN INTO ACCOUNT IN DEBT CALCULATION
PRO-ACTIVE FUNDING STRATEGY
Majid Al Futtaim Funding Journey
 Liquidity assurance with
bank facilities despite
disrupted market.
 Spending Plans and
capital structure adjusted
‘09
 USD 2bn EMTN Program
established
 USD 1bn early
refinancing to strengthen
liquidity
 BCC/FCC financing
 Initiate Investor education
on MAF credit story
‘10
 Company’s debut Islamic
finance deal
 Majid Al Futtaim gets
credit rating from S&P
and Fitch
 BBB with Stable outlook
 Carrefour Minority share
purchase EUR 530mn
 Issued USD 500mn first
ever international
Corporate Hybrid issuance
from MENA
 Largest Majid Al Futtaim
Club Revolver USD 1.6bn
‘11
‘12
 USD 1bn Sukuk Program
established
 USD 400mn Debut Sukuk
 USD 500mn Debut conventional
bond issued
 USD 500mn MoEg Project
Finance in Egypt
‘13
 Optimized Sukuk
Program structure
 Opportunistic upsizing
and tenor extension on
bank facilities
 $500mn 10yr Sukuk
‘14
‘15
 Debut 10 year USD bond
issuance
 Further optimization of
debt portfolio through
USD 500mn Club
Revolver
FINANCING: STRATEGIC FOCUS AREAS
Diversified Sources of Funding
Matching cash flow profile of liability &
assets: lengthen tenor
Prudent financial policies (liquidity, risk
management)
Optimize debt portfolio opportunistically
Establish credibility & ongoing relationship
with investors
Reduce cost of financing
16
ADAPTING TO THE NEW NORMAL
Oil Prices at Record Low
Planned fiscal reforms across GCC
Slowing GDP Growth in the Region
Tighter Bank liquidity in the system
This new normal is causing potential
headwinds in the market
Increased Global Terrorism Threat
& Rising Conflicts in the ME Region
RISKS
MENA population to reach ~460M in 2020 with tourists
expected to exceed ~150M by 2020*
OPPORTUNITIES
Opening of Iran is steering foreign investment interest and
will unlock growth opportunities
Mega-events positioning the ME as key destination; Expo 2020
(expected 25M visitors and ~300k jobs creation)*
Growing popularity in ME for new retail format
Dubai considered a mature global leading retail and brand
destination; second after London
Strong opportunities exist in the
region, given sound fundamentals and
a dynamic and growing market
Assets being repriced across the region
* SOURCE: WORLD BANK, DTCM
17
REMAINING FOCUSED ON OUR STRATEGIC PRIORITIES
Maintain leadership
in our core countries
Protect our leadership
position in the UAE
Expand to be leaders
in adjacent/core
geographies
Build a foundation
position in Africa
Expand considerably
our presence in Egypt
and Saudi Arabia,
driven by our shopping
malls business
Expand in additional
African countries,
primarily with
Carrefour
18
Grow to scale at least
one adjacent
business
Evaluate business
opportunities in
adjacent businesses
BUILDING OUR CAPABILITIES TO BECOME FIT FOR PURPOSE
Investing in digital initiatives…
Digital Transformation Strategy
Seamless Commerce
Infrastructure
(physical & digital)
Differentiated Customer
Experience
Superior Customer
Intelligence
… and in our human capital
MAJID AL FUTTAIM LEADERSHIP
INSTITUTE
MAJID AL FUTTAIM LEADERSHIP MODEL
AND VALUES
19
ORGANIZATIONAL HEALTH INDEX (OHI)
SURVEY
LOOKING TO DELIVER SUSTAINABLE GROWTH VIA BALANCING
OPPORTUNITIES & RISKS
COMING FROM A POSITION OF STRENGTH…
Established Track Record,
Reputation & Brand
Publicly rated
UAE core focus
Alliances and Partnerships
with Key Retailers
Privately owned
Prime Locations Secured for
Business
Strong Balance Sheet
Best in Class Corporate
Governance
Diversified Sources of
Funding
Stable Cash Flow Generation
…WE ARE LOOKING TO SEIZE
OPPORTUNITIES AMIDST A
VOLATILE ENVIRONMENT…
…WHILE APPROPRIATELY
MANAGING THE RISKS
 STRENGTHENING UAE POSITION
 EXPANDING IN GROWTH MARKETS
 BUSINESS PERFORMANCE
MANAGEMENT




20
TOP DOWN CAPITAL ALLOCATION
STRESS TESTING
COUNTRY RISK MANAGEMENT
DEFINED POLICIES & PROCEDURES
MEASURED GROWTH & STEADY DEVELOPMENT PIPELINE
TRUE TO OUR COMMITMENT TO OUR CREDIT RATING, OUR TOP-DOWN CAPITAL ALLOCATION APPROACH IS
MANAGED WITHIN THE DEBT CAPACITY OF THE BBB METRICS AND WITH AN EYE ON PRUDENT FINANCIAL
MANAGEMENT.
EGYPT
Mall Development Pipeline
UAE & OMAN
KSA
City Centre Al Zahia (Sharjah,
UAE)
 Greenfield Super Regional Mall
 GLA: 136,000 M2
 Land acquired
 Construction start 2016
 Opens 2019
City Centre Sharjah Expansion
(Sharjah, UAE)
 Expansion
 Incremental GLA: 13,400 M2
 Land acquired
 Construction start 2015
 Opens 2016
Mall of Egypt (Cairo, Egypt)
 Greenfield Super Regional Mall
 GLA: 165,000 M2
 Under construction
 Land acquired
 Opens 2016
City Centre Ishbiliyah
(East Riyadh, KSA)
 Greenfield Super Regional Mall
 GLA: 112,000 M2
 Land acquired
 Construction start 2017
 Opens 2020
Mall of Oman (Muscat, Oman)
 Greenfield Super Regional Mall
 GLA: 137,000 M2
 Land leased (50yr lease)
 Construction start 2016
 Opens 2020
City Centre Ajman Expansion
(Ajman, UAE)
 Expansion
 Incremental GLA: 21,400 M2
 Land acquired
 Construction start 2015
 Opens 2017
City Centre Almaza (Cairo, Egypt)
 Greenfield Regional Mall
 GLA: 103,000 M2
 Land acquired
 Construction start 2015
 Opens 2019
Mall of Saudi
(North Riyadh, KSA)
 Greenfield Super Regional Mall
 GLA: 235,000 M2 (Phase 1)
 Land acquired
 Construction start 2018
 Opens 2022
Note:
2-3 community malls also planned for UAE within 2016-2019
3 hotels planned for UAE
City Centre Maadi (Cairo, Egypt)
 Expansion
 GLA: 61,000 M2
 Land acquired
 Construction start 2017
 Opens 2020
New Hypermarkets Pipeline - 2016
Location
Number
Location
Number
Location
Number
Location
Number
Pakistan
2*
Kazakhstan
1*
KSA
1
Egypt
1
Oman
1*
Iraq
2*
Kenya
2
Qatar
1
21
* 1 HYPERMARKET IN EACH OF PAKISTAN, OMAN, KAZAKHSTAN AND IRAQ ALREADY OPENED IN 2016
IN CONCLUSION, WE ARE TAKING THE RIGHT ACTIONS,
FOCUSED ON OUR VISION
MAF 2020+
MAF Today
22
CONTENTS
TABLE OF CONTENTS
Majid Al Futtaim Group Overview & Performance Update
Appendix
Majid Al Futtaim Properties Shopping Mall Portfolio
Majid Al Futtaim Retail Geographic Footprint
Corporate Governance Structure
Board of Directors
23
MAJID AL FUTTAIM PROPERTIES – SHOPPING MALL PORTFOLIO
MARKET LEADERSHIP WITH STRONG OCCUPANCY
City Centre Beirut




Mall of the Emirates*
City Centre Bahrain*




Opened Apr 13
63K m2 GLA
94% occupancy
6.7mn footfall
Opened Sep 08
159K m2 GLA
98% occupancy
14.6mn footfall




Opened Sep 05
257K m2 GLA
98% occupancy
38mn footfall
City Centre Deira*




City Centre Mirdif*




City Centre Maadi




City Centre Sharjah




2015 Total Footfall at 171mn
3% higher y-o-y, including MOE
redevelopment & expansion1
Opened Jan 03
61K m2 GLA
95% occupancy
12.9mn footfall
City Centre Muscat




Opened Oct 01
67K m2 GLA
98% occupancy
10mn footfall
City Centre Qurum












Opened Apr 12
35K m2 GLA
99% occupancy
3.2mn footfall
My City Centre
Nasseriya
Opened Feb 14
5K m2 GLA
97% occupancy
1mn footfall
Opened Sep 01
38K m2 GLA
99% occupancy
11.3mn footfall
City Centre Ajman
City Centre Fujairah
Opened Dec 02
30K m2 GLA
91% occupancy
11.7mn footfall
City Centre Alexandria




Opened Mar 10
198K m2 GLA
97% occupancy
23.5mn footfall
Opened Nov 95
111K m2 GLA
99% occupancy
23.3mn footfall




Opened Dec 98
30K m2 GLA
100% occupancy
10.4mn footfall
City Centre Me’aisem




Opened Sept 15
23K m2 GLA
97% occupancy
0.9mn footfall
City Centre Shindagha**
Opened Nov 08
23K m2 GLA
99% occupancy
3.7mn footfall
24
 Opened Jan 16
 25K m2 GLA
 98% occupancy
*SUPER REGIONAL MALLS
** CITY CENTRE SHINDAGHA FIGURES REFER TO APR.2016.
1 :EXCLUDING MOE, TOTAL FOOTFALL GREW BY 4% Y-O-Y
NOTE: GLA REFERS TO GROSS LEASABLE AREA
NOTE: FIGURES BASED ON 2015 AUDITED RESULTS
MAJID AL FUTTAIM RETAIL – GEOGRAPHIC FOOTPRINT
EXPANDING FOOTPRINT
Overview of Majid Al Futtaim Retail
80
67
70
NUMBER OF HYPERMARKETS
56
60
58
48
50
43
40
37
37
2009
2010
31
25
30
22
18
20
9
11
12
13
2002
2003
2004
5
10
1
1
1
2
2
1995
1996
1997
1998
1999
0
Country
2000
Stores
2001
2005
Country
2006
2007
Stores
2008
Country
2011
2012
2013
2014
Stores
UAE
22
Saudi Arabia
12
Egypt
10
Oman
6
Qatar
3
Jordan
4
Pakistan
2
Iraq
2
Kuwait
1
Bahrain
1
Georgia
2
Lebanon
1
Armenia
1
25
2015
ROBUST CORPORATE GOVERNANCE STRUCTURE
EFFECTIVE OVERSIGHT OF SYNERGISTIC BUSINESSES
Governance Principles
Board & Committee Structure
 Majid Al Futtaim places considerable emphasis on governance
and transparency within its operational framework.
 To promote a consistent, group-wide strategy, Holding’s CEO
attends the Board meetings of all three subsidiaries.
 The company has voluntarily adopted the principles of the
Combined Code on Corporate Governance for listed
companies in the UK across all areas of its business
 The Board of Directors for the various subsidiaries meet a
minimum of four times a year.
 Strong operating company Board structures reporting to a
group Board
 Set out the principles of Corporate Governance across each of
the group’s operating entities and geographies
Board Responsibilities
Majid Al Futtaim Holding Board
Properties Board
Retail Board
Ventures Board
Sub Committees
Sub Committees
Sub Committees
Audit & Risk
Committee
Audit & Risk
Committee
Audit & Risk
Committee
HR &
Remuneration
Committee
HR &
Remuneration
Committee
HR &
Remuneration
Committee
The Board of Majid Al Futtaim Holding provides independent oversight
to protect shareholders’ interests:
1) Acting as shareholder of operating companies;
2) Controlling decisions related to strategic new businesses /
markets or divestments; and
3) Via managing Funding and Capital allocation
Operating Companies Boards
Each operating company maintains its own Board of Directors
responsible for setting strategic goals, measurement of the success of
the businesses in achieving objectives and maintaining corporate
accountability.
26
MAJID AL FUTTAIM HOLDING BOARD OF DIRECTORS
TO PROMOTE A CONSISTENT, GROUP-WIDE STRATEGY, HOLDING CEO ALSO ATTENDS THE BOARD MEETINGS OF
THE THREE SUBSIDIARIES.
Sir Michael Rake – Majid Al Futtaim Holding Chairman
Sir Michael Rake was appointed as Chairman of Majid Al Futtaim Holding on 1 July 2009. He is currently the Chairman of BT Group plc, the UK’s largest telecom operator, and of WorldPay. He was
President of the Confederation of the British Industry from 2013 to 2015 and holds directorships at Barclays PLC (Deputy Chairman)\ and McGraw Hill Inc. amongst others. He was previously the
chairman of KPMG International and a senior partner of KMPG in the UK. Prior to his appointment as chairman of KPMG International, he was the chairman of KPMG in Europe.
Khalifa Sulaiman – Majid Al Futtaim Holding Deputy Chairman
Mr Khalifa Sulaiman joined the Majid Al Futtaim Holding Board in October 2011. Mr. Sulaiman is a UAE National and has spent a career in government, representing the UAE both locally, regionally
and internationally. During his career, Mr Sulaiman was Ambassador to the Court of St. James in the UK, Chairman of H.H. The Ruler’s Court, Dubai, and Chairman and Director of National Bank of
Dubai PJSC.
Alain Bejjani – Majid Al Futtaim Holding Chief Executive Officer
Mr Alain Bejjani was appointed as CEO of Majid Al Futtaim Holding in February 2015. He was formerly the Chief Corporate Development and Brand Officer at Majid Al Futtaim Holding. He was
previously the Vice President (Legal) at Majid Al Futtaim Properties and Head of Business Development at Majid Al Futtaim Properties. Prior to joining Majid Al Futtaim Properties, Mr Bejjani was
Executive Vice-Chairman of the Investment Development Authority of Lebanon (IDAL) and a founding partner of a law firm.
Tariq Al Futtaim – Majid Al Futtaim Holding Director
Mr Tariq Al Futtaim joined the Majid Al Futtaim Holding Board in May 2005. He was appointed as Vice President when Majid Al Futtaim Holding was formed. He is currently Chairman of the
Majid Al Futtaim Charity Foundation, a prominent charitable initiative founded by the President, Mr Majid Al Futtaim.
Viswanathan Shankar – Majid Al Futtaim Holding Director
Mr Viswanathan Shankar joined the Majid Al Futtaim Holding Board with effect from 1 January 2012. Mr Shankar was, until April 2015, Group Executive Director and a member of the Board of
Directors of Standard Chartered PLC and Standard Chartered Chief Executive Officer - Europe, Middle East, Africa and the Americas as well as Executive Chairman of Principal Finance and
Chairman of Standard Chartered private bank. Prior to joining Standard Chartered in 2001, Mr Shankar spent 19 years with Bank of America in both Asia and the United States of America. Mr
Shankar is a member of the Board of the Inland Revenue Authority of Singapore and the Board of Trustees of the Singapore Indian Development Association as well as being a member of the
Singapore Government’s National Integration Council.
Ian Davis – Majid Al Futtaim Holding Director
Mr Ian Davis joined the Board of Majid Al Futtaim Holding on 1st June 2012. Mr Davis is the Chairman of Rolls Royce and an independent non-executive director of BP, Johnson & Johnson, Inc. He
is also a non-executive member of the UK’s Cabinet. Ian Davis spent his early career at Bowater, moving to McKinsey & Company in 1979. He was managing partner of McKinsey’s practice in the
UK and Ireland from 1996 to 2003. In 2003, he was appointed as Chairman and worldwide managing director of McKinsey, serving in this capacity until 2009. During his career with McKinsey, Ian
Davis served as a consultant to a range of global organizations across the private, public and not-for-profit sectors. He retired as senior partner of McKinsey & Company on 30 July 2010.
27
THANK YOU
28
DISCLAIMER
IMPORTANT: You must read the following before continuing. The following applies to this document, the oral presentation of the information in this document by Majid Al Futtaim Holding LLC ("MAF Holding")
and Majid Al Futtaim Properties LLC ("MAF Properties") or any person on behalf of MAF Holding and MAF Properties, and any question-and-answer session that follows the oral presentation (collectively, the
"Information"). In accessing the Information, you agree to be bound by the following terms and conditions.
This presentation has been prepared by MAF Holding, MAF Properties and the Dealers (as defined below) and has not been independently verified.
This document is an advertisement and does not constitute a prospectus for the purposes of the Prospectus Directive (as defined below). The Information does not constitute or form part or all of, and should not be construed
as, any offer of, or any invitation to sell or issue, or any solicitation of any offer to purchase, subscribe for, underwrite or otherwise acquire, or a recommendation regarding, any securities of MAF Sukuk Ltd., MAF Holding and
MAF Properties, nor shall it or any part of it nor the fact of its presentation or distribution form the basis of, or be relied on in connection with, any contract or any commitment whatsoever or any investment decision. The
Information is confidential and is being provided to you solely for your information and may not be reproduced, retransmitted or further distributed to any other person or published, in whole or in part, for any purpose.
This presentation contains data compilations, writings and information that are proprietary and protected under copyright and other intellectual laws and may not be redistributed or otherwise transmitted by you to any other
person for any purposes.
The Information is only being distributed to and is only directed at: (A) persons in member states of the European Economic Area (other than the United Kingdom) who are “qualified investors” within the meaning of Article
2(1)(e) of Directive 2003/71/EC (as amended and together with any applicable implementing measures in that member state, the "Prospectus Directive") ("Qualified Investors"); (B) in the United Kingdom, Qualified Investors
who are investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") and/or high net worth companies, and other persons to whom it may
lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order; and (C) such other persons as to whom the Information may be lawfully distributed and directed under applicable laws (all such persons in (A) to (C)
above together being referred to as "relevant persons"). Securities issued by MAF Sukuk Ltd., MAF Holding and MAF Properties are only available to, and any invitation, offer or agreement to purchase securities will be
engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on the Information.
The Information has not been independently verified and no responsibility is accepted, and no representation, undertaking or warranty is made or given, in either case, expressly or impliedly, by MAF Sukuk Ltd., MAF Holding,
MAF Properties, or any of its officers or advisers as to accuracy, reliability or completeness of the Information or as to the reasonableness of any assumptions on which any of the same is based or the use of any of the same.
Abu Dhabi Islamic Bank PJSC, Dubai Islamic Bank PJSC, HSBC Bank plc, National Bank of Abu Dhabi PJSC and Standard Chartered Bank (the "Dealers") acting in connection with the offering of the securities are acting
exclusively for MAF Sukuk Ltd., MAF Holding and MAF Properties, and will not be responsible for providing advice in connection with the Information to any other party. Subject to applicable law, none of MAF Sukuk Ltd., MAF
Holding and MAF Properties, its officers, or the Dealers accepts any responsibility whatsoever and makes no representation or warranty, express or implied, for the contents of the Information, including its accuracy,
completeness or verification or for any other statement made or purported to be made in connection with MAF Sukuk Ltd., MAF Holding and MAF Properties and nothing in this document or at this presentation shall be relied
upon as a promise or representation in this respect, whether as to the past or the future. MAF Holding and MAF Properties, its officers, MAF Sukuk Ltd and the Dealers accordingly disclaim all and any liability whatsoever,
whether arising in tort, contract or otherwise (save as referred above) which any of them might otherwise have in respect of the Information or any such statement. The statements contained in this presentation are made as at
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This presentation is not intended for distribution or publication in the United States. Neither this document nor any part or copy of it may be distributed, directly or indirectly, in the United States. The distribution of this document
in certain jurisdictions may be restricted by law and persons in to whose possession this presentation comes should inform themselves about and observe any such restrictions. By reviewing this presentation, you represent
and agree that you are located outside the United States and you are permitted under the laws of your jurisdiction to receive this presentation. This presentation is not an offer to sell or a solicitation of any offer to buy the
securities of MAF Sukuk Ltd., MAF Holding and MAF Properties in the United States. MAF Sukuk Ltd.’s, MAF Holding's and MAF Properties' securities have not been and will not be registered under the Securities Act of 1933,
as amended.
Nothing contained in this presentation shall be deemed to be a forecast projection or estimate of MAF Holding's and MAF Properties' future economic performance. This presentation contains forward-looking statements.
These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "projects", "expects", "intends", "may", "will", "seeks" or "should" or, in each case, their
negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward-looking statements are statements that are not historical facts and include
statements about MAF Holding's and MAF Properties' beliefs and expectations. These statements are based on current plans, estimates and projections and, therefore, undue reliance should not be placed on them. Forwardlooking statements speak only as of the date they are made. Although MAF Holding and MAF Properties believe that the beliefs and expectations reflected in such forward-looking statements are reasonable, no assurance can
be given that such beliefs and expectations will be realised.
The information and opinions contained in this presentation or in oral statements of the representatives of MAF Holding and MAF Properties are provided as at the date of this presentation or as at the other date if indicated
and are subject to change without notice.
No reliance may be placed for any purpose whatsoever on the information contained in this presentation or oral statements of the representatives of MAF Holding and MAF Properties or on assumptions made as to its
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By accepting these materials, you will be deemed to acknowledge and agree to the matters set forth above.
THIS DOCUMENT DOES NOT DISCLOSE ALL THE RISKS AND OTHER SIGNIFICANT ISSUES RELATED TO AN INVESTMENT IN THE SECURITIES/THE TRANSACTION. PRIOR TO TRANSACTING, POTENTIAL
INVESTORS SHOULD ENSURE THAT THEY FULLY UNDERSTAND THE TERMS OF THE SECURITIES/TRANSACTION AND ANY APPLICABLE RISKS
29

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