Aldar Properties PJSC

Transcription

INTERIM CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
30 JUNE 2016
INTERIM CONSOLIDATED INCOME STATEMENT
For the period ended 30 June 2016 (Unaudited)
Three months ended 30 June
Six months ended 30 June
2016
AED’000
2015
AED’000
2016
AED’000
2015
AED’000
1,695,915
(1,003,391)
1,105,633
(612,023)
2,927,912
(1,693,742)
2,284,773
(1,193,257)
692,524
493,610
1,234,170
1,091,516
(6,171)
(9,584)
(29,258)
(16,701)
(57,810)
(52,355)
(60,406)
(50,801)
(117,871)
(100,642)
(117,107)
(101,841)
16
(26,040)
(26,145)
(34,327)
(24,395)
21,819
(45,274)
(32,302)
(48,247)
7
6
16,278
(29,900)
565
29,590
(58,828)
172,493
20,868
(30,031)
6,113
21,194
(61,533)
330,350
34,042
(69,525)
15,119
58,096
(117,918)
425,605
40,012
(51,384)
14,493
39,064
(123,689)
477,951
PROFIT FOR THE PERIOD
654,201
601,058
1,308,363
1,171,765
Attributable to:
Owners of the Company
Non-controlling interests
657,380
(3,179)
599,171
1,887
1,306,640
1,723
1,167,895
3,870
654,201
601,058
1,308,363
1,171,765
0.084
0.076
0.166
0.149
Notes
Revenue
Direct costs
GROSS PROFIT
Selling and marketing expenses
General and administrative expenses
Staff costs
Depreciation and amortisation
(Provisions, impairments and
write downs) / reversal - net
Others
Share of profit from associates
and joint ventures
Fair value loss on investment properties
Gain on disposal of investment properties
Finance income
Finance costs
Other income
Basic and diluted earnings per share attributable
to owners of the Company in AED
17
18
19
The attached notes 1 to 24 form part of these interim condensed consolidated financial statements.
3
INTERIM STATEMENT OF COMPREHENSIVE INCOME
2016
AED’000
2015
AED’000
2016
AED’000
2015
AED’000
654,201
601,058
1,308,363
1,171,765
Other comprehensive (expense) / income to be reclassified
to profit or loss in subsequent periods:
(Loss) / gain on revaluation of available-for-sale
financial assets
Increase in fair value of cash flow hedges
(555)
2,542
1,158
2,033
975
811
649
8,989
Other comprehensive income
1,987
3,191
1,786
9,638
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD
656,188
604,249
1,310,149
1,181,403
Total comprehensive income attributable to:
Owners of the Company
Non-controlling interests
659,367
(3,179)
602,362
1,887
1,308,426
1,723
1,177,533
3,870
656,188
604,249
1,310,149
1,181,403
Profit for the period
The attached notes 1 to 24 form part of these interim condensed consolidated financial statements.
4
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Note
Net cash generated from operating activities
2016
AED’000
2015
AED’000
323,239
3,544,842
INVESTING ACTIVITIES
Payments for purchase of property, plant and equipment
Payments for purchase of intangible assets
Additions to investment properties
Proceeds from disposal of
available-for-sale financial instruments, net
Movement in term deposits with
original maturities above three months
Movement in restricted bank balances
Proceeds from disposal of investment properties
Finance income received
Capital call contributions made against
available for sale financial assets
Capital repayments received against
available for sales financial assets
Dividend received
(132,608)
(1,342)
(27,199)
(31,176)
(1,880)
(5,216)
Net cash generated from / (used in) investing activities
292,634
(2,078,480)
Dividend paid
Directors' remuneration payments
Repayment of operating lease liability
Repayment of borrowings
Finance costs paid
(838,540)
(23,000)
(13,000)
(100,375)
(753,001)
(25,000)
(2,076,049)
(126,138)
Net cash used in financing activities
(974,915)
(2,980,188)
NET DECREASE IN CASH AND
CASH EQUIVALENTS
(359,042)
(1,513,826)
-
3,417
287,785
42,410
49,713
30,220
(2,347,673)
248,547
11,946
14,055
(1,067)
2,685
42,037
29,500
FINANCING ACTIVITIES
Cash and cash equivalents at the beginning of the period
CASH AND CASH EQUIVALENTS AT
THE END OF THE PERIOD
12
1,604,167
3,125,987
1,245,125
1,612,161
The attached notes 1 to 24 form part of these condensed consolidated financial statements.
6
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1
CORPORATE INFORMATION
The establishment of Aldar Properties PJSC (“the Company”) was approved by Decision No. (16) of 2004 of the
Abu Dhabi Department of Planning and Economy dated 12 October 2004. The Company’s incorporation was
declared by Ministerial Resolution No. (59) of 2005 issued by the UAE Minister of Economy dated 23 February
2005.
The Company is domiciled in the United Arab Emirates and its registered office address is P O Box 51133,
Abu Dhabi.
The Company’s ordinary shares are listed on the Abu Dhabi Securities Exchange.
The Company and its subsidiaries (together referred to as “the Group”) are engaged in various businesses primarily
the development, sales, investment, construction, management and associated services for real estate. In addition, the
Group is also engaged in development, construction, management and operation of hotels, schools, marinas and golf
courses.
2
NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)
2.1
Standards issued and adopted
IFRS 16 Leases
The Group has opted for the early adoption of IFRS 16 ‘Leases’ resulting in a change in the policy of the Group in
relation to its lease contracts as lessee (refer note 3 for new accounting policy).
IFRS 16 ‘Leases’ was issued in January 2016 and is effective for annual periods commencing on or after 1 January
2019, with early adoption permitted.
IFRS 16 introduces a single lessee accounting model and requires a lessee to recognise assets and liabilities for all
leases with a term of more than twelve months, unless the underlying asset is of low value. A lessee is required to
recognise a right-of-use asset representing its right to use the underlying leased asset and a lease liability
representing its obligation to make lease payments. A lessee measures right-of-use assets similarly to other nonfinancial assets (such as property, plant and equipment) and lease liabilities similarly to other financial liabilities. As
a consequence, a lessee recognises depreciation of the right-of-use asset and interest on the lease liability, and also
classifies cash repayments of the lease liability into a principal portion and an interest portion and presents them in
the statement of cash flows applying IAS 7 ‘Statement of Cash Flows’.
IFRS 16 substantially carries forward the lessor accounting requirements of the superseded IAS 17. Accordingly, a
lessor continues to classify its leases as operating leases or finance leases, and to account for those two types of
leases differently.
The Group has reviewed the impact of IFRS 16 on all its contracts that are, or that contain leases and has elected to
early adopt IFRS 16, with effect from 1 January 2016. The Group has opted for the modified retrospective
application permitted by IFRS 16 upon adoption of the new standard. Accordingly, the standard has been applied for
the period from 1 January 2016 to 30 June 2016 only (i.e. the initial application period). Modified retrospective
application requires the recognition of the cumulative impact of adoption of IFRS 16 on all contracts as at 1 January
2016 in equity.
7
2
continued
2.1
Standards issued and adopted continued
The details of adjustments to opening retained earnings and other account balances as at 1 January 2016 is detailed
below.
Consolidated statement of financial position
31 December
2015
AED’000
Adjustments
AED’000
1 January
2016
AED’000
15,570,304
331,434
15,901,738
Liabilities
Trade and other payables
8,291,875
460,071
8,751,946
Equity
Retained earnings
8,202,469
(128,637)
8,073,832
Assets
Investment properties (note 6)
Consolidated statement of income statement
Direct costs for the six months period ended 30 June 2016
Fair value loss for the six months period ended 30 June 2016
Finance cost for the six months period ended 30 June 2016
Profit for the six months period ended 30 June 2016
As per
IFRS 16
AED’000
As per
old policy
AED’000
(1,693,742)
(1,723,037)
(69,525)
(49,567)
(19,958)
(117,918)
(108,310)
(9,608)
1,308,092
1,308,363
Impact due
to change
AED’000
29,295
(271)
Modified retrospective application of IFRS 16 also requires the Group to recognise a lease liability at the date of
initial application for leases previously classified as an operating lease under the superseded IAS 17 measured at the
present value of the remaining lease payments, discounted using the Group's incremental borrowing rate at the date
of initial application. The Group has used a 4.5% weighted average incremental borrowing rate for determination of
present value of the remaining lease payments. The right-of-use assets have been recognised at an amount equal to
the lease liability, adjusted by the amount of any prepaid or accrued lease payments relating to that lease recognised
in the statement of financial position immediately before the date of initial application.
Based on the allowed practical expedients under IFRS 16, the Group has elected not to apply the requirements of
IFRS 16 in respect of recognition of lease liability and right-of-use asset to leases for which the lease term ends
within twelve months of initial application.
The application of the new policy has required the management to make, amongst others, the following judgments:
8
2
continued
2.1
Standards issued and adopted continued
Discount rate used for initial measurement of lease liability
The Group, as a lessee, measures the lease liability at the present value of the unpaid lease payments at the
commencement date. The lease payments are discounted using the interest rate implicit in the lease, if that rate can
be readily determined. If that rate cannot be readily determined, the Group uses its incremental borrowing rate.
Incremental borrowing rate is the rate of interest that the Group would have to pay to borrow over a similar term, and
with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use assets in similar
economic environment.
The Group determines its incremental borrowing rate with reference to its existing and historical cost of borrowing
adjusted for the term and security against such borrowing.
2.2
Standards issued but not yet effective
Management anticipates that the adoption of other standards issued but not yet adopted will have no material impact
on the consolidated financial statements of the Group.
3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
3.1
Statement of compliance
The interim condensed consolidated financial statements have been prepared in accordance with International
Accounting Standard 34 Interim Financial Reporting and also comply with the applicable requirements of the laws
in the UAE.
The interim condensed consolidated financial statements do not include all the information and disclosures required
in the annual financial statements, and should be read in conjunction with the Group's consolidated financial
statements for the year ended 31 December 2015. In addition, results for the six-months period ended 30 June 2016
are not necessarily indicative of the results that may be expected for the financial year ending 31 December 2016.
3.2
Basis of preparation
The interim condensed consolidated financial statements are presented in UAE Dirhams (AED) since that is the
currency in which the majority of the Group’s transactions are denominated.
These interim condensed consolidated financial statements have been prepared on the historical cost basis, except
for the measurement at fair value of financial instruments and investment properties.
The accounting policies used in the preparation of these interim condensed consolidated financial statements are
consistent with those applied to the audited annual consolidated financial statements for the year ended
31 December 2015.
9
3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued
3.2
Basis of preparation continued
During the period, the Group has applied, for the first time, the following standards and amendments that require
restatement of previous financial statements. However, except for the early adoption of IFRS 16, they do not impact
the interim condensed consolidated financial statements of the Group.
IFRS 14 Regulatory Deferral Accounts
IFRS 11 Joint Arrangements: Accounting for Acquisitions of Interests (Amendment)
IAS 16 and IAS 38: Clarification of Acceptable Methods of Depreciation and Amortisation (Amendment)
IAS 16 and IAS 41: Property, plant and equipment and Agriculture-Bearer Plants (Amendment)
IAS 27: Equity Method in Separate Financial Statements (Amendment)
Annual Improvements 2012-2014 Cycle:
o
IFRS 5 Non-current Assets Held for Sale and Discontinued Operations
o
IFRS 7 Financial Instruments: Disclosures
o
IAS 19 Employee Benefits
o
IAS 34 Interim Financial Reporting
Amendments to IAS 1 Disclosure Initiative
IFRS 10, IFRS 12 and IAS 28 Investment Entities: Applying the Consolidation Exception (Amendments).
Leases
At inception of a contract, the Group assesses whether the contract is, or contains, a lease. A contract is, or contains,
a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for
consideration.
For a contract that is, or contains, a lease, the Group accounts for each lease component within the contract as a lease
separately from non-lease components of the contract.
The Group determines the lease term as the non-cancellable period of a lease, together with both:
a)
b)
periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option;
and
periods covered by an option to terminate the lease if the lessee is reasonably certain not to exercise that
option.
In assessing whether a lessee is reasonably certain to exercise an option to extend a lease, or not to exercise an option
to terminate a lease, the Group considers all relevant facts and circumstances that create an economic incentive for
the lessee to exercise the option to extend the lease, or not to exercise the option to terminate the lease. The Group
revises the lease term if there is a change in the non-cancellable period of a lease.
The Group as a lessee
For a contract that contains a lease component and one or more additional lease or non-lease components, the Group
allocates the consideration in the contract to each lease component on the basis of the relative stand-alone price of
the lease component and the aggregate stand-alone price of the non-lease components.
The relative stand-alone price of lease and non-lease components is determined on the basis of the price the lessor, or
a similar supplier, would charge an entity for that component, or a similar component, separately. If an observable
stand-alone price is not readily available, the Group estimates the stand-alone price, maximising the use of
observable information.
10
3
3.2
The Group as a lessee continued
The non-lease components are accounted for in accordance with the Group’s policies.
For determination of the lease term, the Group reassesses whether it is reasonably certain to exercise an extension
option, or not to exercise a termination option, upon the occurrence of either a significant event or a significant
change in circumstances that:
a)
b)
is within the control of the Group; and
affects whether the Group is reasonably certain to exercise an option not previously included in its
determination of the lease term, or not to exercise an option previously included in its determination of the
lease term.
At the commencement date, the Group recognises a right-of-use asset and a lease liability under the lease contract.
Lease liability
Lease liability is initially recognised at the present value of the lease payments that are not paid at the
commencement date. The lease payments are discounted using the interest rate implicit in the lease, if that rate can
be readily determined. If that rate cannot be readily determined, the Group uses its incremental borrowing rate.
After initial recognition, the lease liability is measured by (a) increasing the carrying amount to reflect interest on the
lease liability; (b) reducing the carrying amount to reflect the lease payments made; and (c) remeasuring the carrying
amount to reflect any reassessment or lease modifications or to reflect revised in-substance fixed lease payments.
Where, (a) there is a change in the lease term as a result of reassessment of certainty to exercise an exercise option,
or not to exercise a termination option as discussed above; or (b) there is a change in the assessment of an option to
purchase the underlying asset, assessed considering the events and circumstances in the context of a purchase option,
the Group remeasures the lease liabilities to reflect changes to lease payments by discounting the revised lease
payments using a revised discount rate. The Group determines the revised discount rate as the interest rate implicit in
the lease for the remainder of the lease term, if that rate can be readily determined, or the its incremental borrowing
rate at the date of reassessment, if the interest rate implicit in the lease cannot be readily determined.
Where, (a) there is a change in the amounts expected to be payable under a residual value guarantee; or (b) there is a
change in future lease payments resulting from a change in an index or a rate used to determine those payments,
including a change to reflect changes in market rental rates following a market rent review, the Group remeasures
the lease liabilities by discounting the revised lease payments using an unchanged discount rate, unless the change in
lease payments results from a change in floating interest rates. In such case, the Group use a revised discount rate
that reflects changes in the interest rate.
The Group recognises the amount of the remeasurement of lease liability as an adjustment to the right-of-use asset.
Where the carrying amount of the right-of-use asset is reduced to zero and there is a further reduction in the
measurement of the lease liability, the Group recognises any remaining amount of the remeasurement in profit or
loss.
The Group accounts for a lease modification as a separate lease if both:
a)
b)
the modification increases the scope of the lease by adding the right to use one or more underlying assets;
and
the consideration for the lease increases by an amount commensurate with the stand-alone price for the
increase in scope and any appropriate adjustments to that stand-alone price to reflect the circumstances of
the particular contract.
11
3
3.2
Lease liability continued
Lease modifications that are not accounted for as a separate, lease the Group, at the effective date of the lease
modification: (a) allocates the consideration in the modified contract; (b) determines the lease term of the modified
lease; and (c) remeasures the lease liability by discounting the revised lease payments using a revised discount rate.
The revised discount rate is determined as the interest rate implicit in the lease for the remainder of the lease term, if
that rate can be readily determined, or the lessee's incremental borrowing rate at the effective date of the
modification, if the interest rate implicit in the lease cannot be readily determined.
Right-of-use assets
The right-of-use asset is initially recognised at cost comprising of
a)
b)
c)
d)
amount of the initial measurement of the lease liability;
any lease payments made at or before the commencement date, less any lease incentives received;
any initial direct costs incurred by the Group; and
an estimate of costs to be incurred by the Group in dismantling and removing the underlying asset, restoring
the site on which it is located or restoring the underlying asset to the condition required by the terms and
conditions of the lease. These costs are recognised as part of the cost of right-of-use asset when the Group
incurs an obligation for these costs. The obligation for these costs are incurred either at the commencement
date or as a consequence of having used the underlying asset during a particular period.
After initial recognition, the Group applies fair value model to right-of-use assets that meet the definition of
investment property.
4
CRITICAL ACCOUNTING
UNCERTAINTY
JUDGMENTS
AND
KEY
SOURCES
OF
ESTIMATION
The preparation of these interim condensed consolidated financial statements requires management to make
judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of
assets and liabilities, income and expense. Actual results may differ from these estimates.
In preparing these interim condensed consolidated financial statements, the significant judgments made by
management in applying the Group’s accounting policies, and the key sources of estimates uncertainty were same as
those applied to the consolidated financial statements as at and for the year ended 31 December 2015 except for
those on account of early adoption of IFRS 16 as mentioned in note 2.1.
5
PROPERTY, PLANT AND EQUIPMENT
The movement in property, plant and equipment pertains to depreciation charge for the period of AED 104.3 million
and disposals at book value of AED 0.5 million. This is offset by transfers from investment properties and additions
during the period of AED 36.9 million (Note 6) and AED 132.6 million respectively.
12
6
INVESTMENT PROPERTIES
Investment properties comprise completed properties (buildings and retail centers) and properties under
development. The movement during the period / year is as follows:
30 June 2016
31 December 2015 (Audited)
Completed
properties
AED’000
Properties
under
development
AED’000
Balance at the beginning of the period / year
Effect of change in accounting policy (note 2.1) (i)
14,782,835
331,434
Development costs incurred during the period / year
Finance cost capitalised
Increase / (decrease) in fair value – net
Disposals
Additions
15,114,269
278
(69,525)
(34,594)
-
Transfers from / (to):
Property, plant and equipment (Note 5)
Inventories
Balance at the end of the period / year
1,967
15,012,395
Total
AED’000
Completed
properties
AED’000
Properties
under
development
AED’000
Total
AED’000
787,469
-
15,570,304
331,434
13,051,800
-
1,349,406
-
14,401,206
-
787,469
26,921
-
15,901,738
27,199
(69,525)
(34,594)
-
13,051,800
1,295
1,091,609
(32,832)
330,000
1,349,406
42,376
285
(604,598)
-
14,401,206
43,671
285
487,011
(32,832)
330,000
(38,835)
775,555
(36,868)
15,787,950
1,642
339,321
-
1,642
339,321
14,782,835
787,469
15,570,304
(i)
These represent right-to-use assets amounting to AED 331.4 million recorded under the fair value model.
All investment properties are located in the United Arab Emirates.
7
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
The movement in the investment in associates and joint ventures is as follows:
30 June
2016
AED’000
(Audited)
31 December
2015
AED’000
Balance at the beginning of the period / year
Share in profit for the period / year
Share in hedging reserve
Dividends received
Transferred to joint venture current accounts
Reversal of impairment
Disposals
937,442
34,042
(3,521)
(42,037)
4,569
-
922,434
161,323
8,515
(160,400)
6,967
8,603
(10,000)
Balance at the end of the period / year
930,495
937,442
13
8
AVAILABLE-FOR-SALE FINANCIAL ASSETS
Investment in UAE quoted securities
Investment in UAE unquoted securities
Investment in international unquoted securities
9
30 June
2016
AED’000
(Audited)
31 December
2015
AED’000
27,540
35,201
59,589
30,600
35,201
57,172
122,330
122,973
30 June
2016
AED’000
(Audited)
31 December
2015
AED’000
155,422
335,866
89,827
13,818
157,382
331,744
93,625
14,000
594,933
596,751
1,424,865
(310,059)
2,000,782
(536,857)
1,114,806
1,463,925
500,251
15,371
794,448
329,088
315,744
20,148
790,223
256,747
114,822
111,408
198,167
1,351,250
38,245
383,615
188,642
1,335,661
25,679
430,140
4,840,063
4,938,317
TRADE AND OTHER RECEIVABLES
Non-current portion
Receivable from project finance (Note 20)
Receivable from the Government of Abu Dhabi (Note 20)
Due from associates and joint ventures (Notes 20)
Other
Current portion
Trade receivables
Less: provision for impairment and cancellations
Refundable costs (Note 20)
Receivable from the Government of Abu Dhabi (Note 20)
Due from associates and joint ventures (Note 20)
Gross amount due from customers on contracts for
sale of properties (Note 9.1)
Gross amount due from customers on contracts to
construct assets (Note 9.2)
Advances and prepayments
Accrued interest
Others
14
9
TRADE AND OTHER RECEIVABLES continued
9.1
Contracts with customers for sale of properties
Amount due from customers included in
trade and other receivables (Note 9)
Amount due to customers included in
trade and other payables (Note 15)
Total contracts cost incurred plus recognised
profits less recognised losses to date
Less: total progress billings to date
30 June
2016
AED’000
(Audited)
31 December
2015
AED’000
114,822
111,408
(578,952)
(653,562)
(464,130)
(542,154)
997,638
(1,461,768)
588,375
(1,130,529)
(464,130)
(542,154)
The above represents deferred revenue arising from sale of land and units. With respect to the above contracts,
revenue aggregating to AED 3,304 million is expected to be recognised over the term of these contracts.
9.2
Contracts with customers to construct an asset
Amount due from customers included in
trade and other receivables (Note 9)
Amount due to customers included in
trade and other payables (Note 15)
Total contracts cost incurred plus recognised
profits less recognised losses to date
Less: total progress billings to date
30 June
2016
AED’000
(Audited)
31 December
2015
AED’000
198,167
188,642
(61,617)
(47,554)
136,550
141,088
6,762,963
(6,626,413)
136,550
6,677,435
(6,536,347)
141,088
The above represents unbilled revenue arising from construction contracts. With respect to the above contracts,
revenue aggregating to AED 880.7 million is expected to be recognised over the period of these contracts.
15
10
DEVELOPMENT WORK IN PROGRESS
Development work in progress represents development and construction costs incurred on properties being
developed. Movement during the period/year is as follows:
30 June
2016
AED’000
(Audited)
31 December
2015
AED’000
Balance at beginning of the period/year
Development costs incurred during the period/year
Recognised in costs of properties sold
Impairments / write-offs of project costs
2,744,976
233,994
(220,185)
-
2,870,995
311,021
(427,475)
(9,565)
Balance at the end of the period/year
2,758,785
2,744,976
30 June
2016
AED’000
(Audited)
31 December
2015
AED’000
180,416
57,395
276,532
52,874
237,811
329,406
30 June
2016
AED’000
(Audited)
31 December
2015
AED’000
1,226,743
4,343,774
1,427,268
4,832,486
5,570,517
6,259,754
(3,367,159)
(958,233)
(3,654,944)
(1,000,643)
1,245,125
1,604,167
All development work in progress projects are located in the United Arab Emirates.
11
INVENTORIES
Completed properties
Other operating inventories
All completed properties are located in the United Arab Emirates.
12
CASH AND BANK BALANCES
Cash and bank balances
Short term deposits held with banks
Short term deposits with original maturities greater than three months
Restricted bank balances
Cash and cash equivalents
The interest rate on term deposits ranges between 0.5% and 3% (2015: 0.025% and 2%) per annum.
16
13
INTEREST-BEARING LOANS AND BORROWINGS
Non-convertible
sukuk
------------------------------------------------------------30 June 31 December
2016
2015
(audited)
AED ’000
AED ’000
Current
Within one year
Non-current
In two to five years
Finance cost capitalised during
the period / year
a)
Bank borrowings
--------------------------------------------------------------30 June 31 December
2016
2015
(audited)
AED ’000
AED ’000
Total borrowings
-------------------------------------------------------------30 June 31 December
2016
2015
(audited)
AED ’000
AED ’000
9,983
9,983
478,929
401,344
488,912
411,327
2,747,400
2,745,405
2,716,818
2,790,080
5,464,218
5,535,485
2,757,383
2,755,388
3,195,747
3,191,424
5,953,130
5,946,812
580
124
627
161
1,207
285
b)
Loan securities are in the form of mortgage over plots of land, assignment of project receivables and lien on
bank deposits.
Certain Group’s borrowings carry a net worth covenant.
14
ADVANCES FROM CUSTOMERS
Advances from customers represent mainly instalments collected from customers for the sale of the Group’s
property developments. This also includes net advances received from the Government of Abu Dhabi (Note 20)
amounting to AED 409 million (2015: AED 409 million).
15
TRADE AND OTHER PAYABLES
Trade payables
Accrual for contractors’ costs
Accrual for infrastructure costs
Advances from the Government of Abu Dhabi (Note 20)
Deferred income
Dividends payable
Provision for onerous contracts
Gross amount due to customers on contracts for sale of properties (Note 9.1)
Gross amount due to customers on contracts to construct an asset (Note 9.2)
Due to the Government of Abu Dhabi (Note 20)
Operating lease liability
Other liabilities
17
30 June
2016
AED’000
(Audited)
31 December
2015
AED’000
358,012
1,572,371
3,579,826
310,848
108,565
80,230
578,952
61,617
268,694
485,928
640,212
367,809
1,674,009
8,151
4,237,508
304,952
106,042
102,918
653,562
47,554
154,857
634,513
8,045,255
8,291,875
16
(PROVISIONS, IMPAIRMENTS AND WRITE DOWNS) / REVERSAL, NET
2016
2015
(unaudited)
(unaudited)
AED’000
AED’000
Provisions against trade and other receivables
Other provisions
(Write-downs) of development work in progress
17
(6,040)
(20,000)
-
(5,689)
(14,000)
(14,638)
41,819
(20,000)
-
(12,654)
(14,000)
(5,648)
(26,040)
(34,327)
21,819
(32,302)
FINANCE COSTS
2015
(unaudited)
AED’000
2016
(unaudited)
AED’000
2015
(unaudited)
AED’000
54,847
61,533
109,517
123,689
4,804
(823)
-
9,608
(1,207)
-
58,828
61,533
117,918
123,689
OTHER INCOME
2016
2015
(unaudited)
(unaudited)
AED’000
AED’000
Government grant income recorded upon handover
of infrastructure assets (Note 20.1 and 20.2)
Release of infrastructure accruals (i)
Write back on receivables
Cancellation of land plots
Others
(i)
2016
(unaudited)
AED’000
Gross finance costs
Unwinding of finance cost on operating lease
liability (Note 22.2)
Less: Amounts included in the cost of qualifying assets
18
2016
2015
(unaudited)
(unaudited)
AED’000
AED’000
2016
2015
(unaudited)
(unaudited)
AED’000
AED’000
107,271
94,233
(49,807)
20,796
32,946
254,958
42,446
326,424
94,233
(49,807)
54,755
165,668
254,958
57,325
172,493
330,350
425,605
477,951
In 2015, the Group released infrastructure cost accruals in relation to finalisation of costs at a master plan
community development.
18
19
EARNINGS PER SHARE
Basic earnings per share amounts are calculated by dividing profit for the period attributable to owners of the
Company by the weighted average number of ordinary shares outstanding during the period. As there are no dilutive
instruments outstanding, basic and diluted earnings per share are identical. The calculation of basic and diluted
earnings per share attributable to the owners of the Company is based on the following data:
2016
2015
(unaudited)
(unaudited)
Earnings (AED ‘000)
Earnings for the purpose of basic and diluted earnings
per share (profit for the period attributable to
Owners of the Company)
Weighted average number of shares
Weighted average number of ordinary shares for the
purpose of basic and diluted earnings per share
657,380
599,171
1,306,640
1,167,895
7,862,629,603
7,862,629,603
7,862,629,603
7,862,629,603
0.084
0.076
0.166
0.149
Earnings per share (AED)
Basic and diluted earnings per share attributable
to owners of the Company
20
2016
2015
(unaudited)
(unaudited)
TRANSACTIONS AND BALANCES WITH RELATED PARTIES
Parties are considered to be related if one party has the ability to control the other party or exercise significant
influence over the other party in making financial or operational decisions. Related parties comprise of major
shareholder, associated companies, directors, key management personnel of the Group and their related entities. The
terms of these transactions are approved by the Group's management and are made on terms agreed by the Board of
Directors or management. Government of Abu Dhabi is an indirect major shareholder of the Company.
The Group maintains significant balances with these related parties, which are as follows:
30 June
2016
AED’000
Due from / (to) Government:
Refundable costs (Note 9)
Receivable in respect of assets sold (Note 9)
Other receivables
Other payables (Note 15)
(Audited)
31 December
2015
AED’000
500,251
1,130,314
89,685
(268,694)
315,744
1,121,967
188,090
(154,857)
1,451,556
1,470,944
3,988,818
4,646,500
Due from associates and joint ventures (Note 9)
418,915
350,372
Due to joint ventures for project-related work:
Contract payables
Retention payables
32,692
-
32,692
815
32,692
33,507
Advances received (Note 14 and 15)
19
20
TRANSACTIONS AND BALANCES WITH RELATED PARTIES continued
Certain receivables from joint ventures carry interest of 9% and are repayable within 2 to 5 years from the end of the
reporting period.
30 June
2016
AED’000
Due (to) / from major shareholder owned by
Government and / or its associated companies:
Due to a major shareholder – net
(Audited)
31 December
2015
AED’000
143,115
(150,716)
142,798
(150,716)
(7,601)
(7,918)
Significant transactions with related parties during the period were as follows:
2016
2015
AED’000
AED’000
Key management compensation:
Salaries, bonuses and other benefits
Post-employment benefits
Directors’ remuneration paid
Revenue from Government and major shareholder owned by Government:
Project management income
Rental income
Government grant income
Revenue earned from joint ventures
Finance income from project finance and joint ventures
20
7,224
319
6,401
257
7,543
6,658
23,000
25,000
63,701
134,065
326,424
43,516
106,514
165,668
524,190
315,698
-
102
9,165
11,867
20
TRANSACTIONS AND BALANCES WITH RELATED PARTIES continued
20.1
In January 2013, the Government of Abu Dhabi had agreed to reimburse up to AED 1.6 billion of
infrastructure costs. This transaction has been accounted for as follows:
AED 1.3 billion of the amount received has been recorded as “advances from the Government of Abu
Dhabi” for refundable costs under trade and other payables. As of 30 June 2016, the balance in “Advances
from the Government of Abu Dhabi” is AED 433.6 million (Note 15). During the period, an amount of
AED 120.4 million was recognised as government grant income upon handover of infrastructure assets at
Shams (30 June 2015: Nil).
20.2
The amount and timing of the infrastructure cost reimbursement is subject to the completion of certain
audit and technical inspections and assessments to be performed by the relevant government authority.
Once these activities are completed, there will be reasonable assurance that the grant will be received and at
that point it will be recognized as a deferred government grant. Once the conditions of the grant are met,
i.e. infrastructure assets are handed over to the designated authorities, the deferred government grant will
be recognised in profit or loss. During the period, an amount of AED 206.0 million was recognised as
government grant income upon handover of infrastructure assets (30 June 2015: AED 165.7 million).
21
COMMITMENTS AND CONTINGENCIES
21.1
Capital commitments
Capital expenditure contracted for but not yet incurred is as follows:
Projects under development
Reimbursable project works in progress
Investment in associates
30 June
2016
AED’000
(Audited)
31 December
2015
AED’000
1,036,715
5,315,686
30,342
1,481,828
4,364,283
30,342
6,382,743
5,876,453
30 June
2016
AED’000
(Audited)
31 December
2015
AED’000
853,618
589,800
227,154
232,369
The above commitments are spread over a period of one to five years.
21.2
Contingencies
Letters of credit and bank guarantees:
Issued by the Group
Group’s share in contingencies of joint ventures and associates
Included in the above are bank guarantees and letters of credit amount of AED 799.9 million (31 December 2015:
AED 537.0 million) pertaining to a construction related subsidiary.
21
22
LEASES
22.1
Lease commitment for the Group as a lessor
Within one year
In the second to fifth year
After five years
22.2
30 June
2016
AED’000
(Audited)
31 December
2015
AED’000
834,459
2,070,720
554,163
775,758
2,061,257
533,431
3,459,342
3,370,446
Leases where the Group is a lessee
Six months
ended 30 June
2016
AED’000
Unwinding of interest expense during the period on lease liabilities (note 17)
9,608
Expense relating to short-term leases
13,961
Total cash outflow in respect of leases
13,000
22
24
APPROVAL OF CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The condensed consolidated financial statements were approved by the Board of Directors and authorised for issue
on 1 August 2016.
26

Aldar Properties PJSC

Transcription

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