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Annual Report Annual Report 2013 2013 WAHA CAPITAL WAHA ANNUAL REPORT ANNUAL REPORT 2013 ANNUAL REPORT 2013 Waha Capital PJSC, P.O. Box 28922, Abu Dhabi, UAE T: +9712 667 7343 F: +9712 667 7383 www.wahacapital.ae DELIVERING CONSISTENT VALUE Waha Capital PJSC is an investment company based in Abu Dhabi, whose aim is to build sustainable and attractive returns for its shareholders by managing and deploying capital in areas where the company sees opportunity and can add value. 22 AerCap 24 Anglo Arabian Healthcare PRINCIPAL 26 Dunia Finance 28 Stanford Marine Group INVESTMENTS 30 MENA Infrastructure Fund 32 Credit Portfolio and CAPITAL MARKETS Fund Management Services INDUSTRIAL 34 ALMARkAz REAL ESTATE BUSINESS OVERVIEW CORPORATE GOVERNANCE FINANCIAL STATEMENTS 2 About Waha Capital 36 Corporate Governance Summary 47 Company information 4 Chairman’s Message 37 Corporate Governance Structure 48 Board of Directors’ report 6 CEO and MD Message 38 Organisational Structure 50 Management discussion and analysis report 8 Board of Directors 39 Executive Management Team 58 Independent auditor’s report 12 Financial Summary 42 Home Market – Abu Dhabi 59 Consolidated statement of financial position 14 Strategy and Operational Update 60 Consolidated statement of profit or loss 16 Milestones and Timeline 61 Consolidated statement profit or loss 18 Our Portfolio and Operations and other comprehensive income 20 Principal Investments 62 Consolidated statement of changes in equity 32 Capital Markets 63 Consolidated statement of cash flows 34 Industrial Real Estate 65 Notes to the consolidated financial statements FINANCIAL HIGHLIGHTS 306MN 5.2BN Net profit of AED 306.4 million The Groups total assets at AED 5.2 billion 192MN 0.16 Operating activities generated Basic and diluted earnings per share cash flow of AED 192 million from continuing and discontinued operations were AED 0.16 ANNUAL REPORT 2013 WAHA CAPITAL 1 BUSINESS OVERVIEW CORPORATE GOVERNANCE FINANCIAL STATEMENTS WAHA CAPITAL ABOUT WAHA CAPITAL ABOUT WAHA CAPITAL Waha Capital is a publicly-listed Abu Dhabi investment company focused on creating and maximising shareholder value. The Company invests in economic sectors that offer high growth potential and that have been prioritised by the UAE government. In 2013, Waha Capital reorganized its sees opportunity and can add value. of its guiding principle. The new brand investments and is now active in principal The management team has extensive embodies the reputation, high standards, investments, capital markets and industrial experience operating in the regional and corporate values that drive the company. real estate. market, with expertise honed at leading international blue-chip corporations While Waha Capital manages assets globally, The company’s principal investment and and financial institutions. the company is deeply rooted in Abu Dhabi’s co-investment interests span various sectors, economy. By investing in key growth sectors, including aircraft leasing, financial services, Initially established in 1997, Waha Capital the company is helping to develop a dynamic healthcare, offshore oil and gas services, and continues to operate at the centre of private sector – a central component of the infrastructure. Waha Capital also has a strong influential business networks in the United government’s economic diversification plans. track record in capital markets through its Arab Emirates and the wider Middle East own proprietary credit portfolio which it region. It enjoys close relationships with some Waha Capital has a roster of prominent is developing further along with its advisory of Abu Dhabi’s key investment and financial local shareholders that includes Mubadala services. In addition, the company is investing institutions, and continues to build associations Development Company, and a distinguished significantly in high quality industrial real estate and explore co-investment opportunities board, chaired by H.E Hussain Jasim Al Nowais. through the ALMARKAZ project in Abu Dhabi. with local and international partners. Waha Capital’s aim is to build sustainable Waha Capital underwent a brand rejuvenation and attractive returns for shareholders exercise in 2013, emerging with a new corporate and investment partners by managing and identity and a new brand that represents deploying capital in areas where the company ‘collective excellence’, which is at the heart 2 WAHA CAPITAL ANNUAL REPORT 2013 ANNUAL REPORT 2013 WAHA CAPITAL 3 BUSINESS OVERVIEW CORPORATE GOVERNANCE FINANCIAL STATEMENTS WAHA CAPITAL CHAIRMAN’S MESSAGE CHAIRMAN’S MESSAGE Dear Shareholders, It is my pleasure to inform you that Waha Capital achieved record profits in 2013, delivering AED 306.4 million in net profit and marking the company’s highest profit since its establishment. This year was a high point for Waha We are exploring new horizons for investment, of the company, I would like to express Capital, both in terms of performance as in the healthcare sector initially, but also in my gratitude for the support and guidance well as cementing the company’s sound sectors such as education and other areas of the Government of Abu Dhabi, and the strategy. We are proud of our results we believe offer the highest potential for visionary leadership of H.H. Sheikh Khalifa and view this achievement as a small growth and returns to our stakeholders. Bin Zayed Al Nahyan, President of the UAE step towards attaining higher goals. and Supreme Commander of the UAE Armed Abu Dhabi has demonstrated that it has the Forces, and H.H. General Sheikh Mohammed Waha Capital strengthened its position as a means and ability to deliver on its ambitious Bin Zayed Al Nahyan, Crown Prince of leading investment company in 2013. This was plans for the future. The challenges that the Abu Dhabi, Deputy Supreme Commander achieved by seizing a number of investment region faced around the global financial crisis of the UAE Armed Forces and Chairman opportunities in the local and global markets have not entirely gone away, but they have of the Abu Dhabi Executive Council. and by the sound management of our existing helped international and regional investors assets, reflected in the company’s profitability fully appreciate the value and prospects of the Furthermore, I would like to thank the Board and financial indicators. Waha Capital’s Board UAE economy, and Abu Dhabi in particular. of Directors for their significant contribution. announced in December that it would vote Their experience has added great value to in favour of the transaction of AerCap’s The upgrading of the UAE in the MSCI index the company’s development and strategy. acquisition of International Lease Finance will enhance international investment in I would also like to thank and congratulate Corporation (ILFC), expected to close in Q2 of ADX and DFM; furthermore, the intention Waha Capital’s management and employees 2014. Waha Capital expects to gain immediate of the Abu Dhabi government to launch Abu for their contribution and the diligence they shareholder value through the dramatic Dhabi Global Market, a new global financial have provided to the company in the past year. increase in scale and earnings at AerCap. centre, coupled with the decision to award Dubai with the hosting of the EXPO 2020 Hussain J. Al Nowais We have strived to continuously deliver event, all reinforce the message of confidence Chairman of the Board strong returns to our stakeholders, while and expectation that is now beginning growing our business both organically and to emerge in the country as a whole. strategically. We are now leveraging our new structure to take the company to its next With the emergence of our new investment level, which aligns us even more closely to structure and our growing earnings capacity, the diversification plans of the Abu Dhabi Waha Capital is well placed to deliver government, and have now started to reap increasing returns to its stakeholders. On the benefits of our new business model. behalf of the Board and the management 4 WAHA CAPITAL ANNUAL REPORT 2013 ANNUAL REPORT 2013 WAHA CAPITAL 5 BUSINESS OVERVIEW CORPORATE GOVERNANCE FINANCIAL STATEMENTS WAHA CAPITAL CEO AND md message CEO AND MD MESSAGE Dear Shareholders, I am pleased to inform you that 2013 was a milestone year for Waha Capital. We have successfully transitioned to become one of Abu Dhabi’s leading investment companies, and are starting to reap the rewards of the new business structure we have put in place. Our net profits of AED 306.4 million this year significant enhancements to the quality to be fully leased in the coming year, with showed a 43% increase over results for the of its fleet, and ended the year with a plans to initiate the next phase of its expansion. previous year, demonstrating the company’s portfolio of 378 aircraft that were either The company’s Capital Markets business increasingly strong performance. The main owned, managed, or under contract to contributed significant additional value to contributors to our income in 2013 were our purchase. AerCap achieved a net profit our shareholders over the year, delivering principal investments and the company’s growth rate of 79%, resulting in a significant superior performance in 2013 against a growing capital markets related capability. contribution to Waha Capital’s total income. challenging global markets backdrop. Two transactions during the year are In our other principal investments, Dunia The diligence with which we have structured worthy of particular note. Waha Capital’s Finance continued to show impressive Waha Capital is also reflected in how we acquisition of Anglo Arabian Healthcare growth both in its customer base and in manage our business on a day to day basis, (AAH), an experienced healthcare group set its earnings, maintaining solid net interest and how we ensure that our corporate up to own and operate hospitals, clinics, margins and capital adequacy ratios. governance standards meet the highest pharmacies and diagnostic centres in the During the year, Dunia Finance achieved a standards of international best practice. UAE. This acquisition enables us to tap into 61% increase in net profit, with continued a very promising growth sector, which is a growth expected in the coming year.
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