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Annual Report 2017 1 ARCAPITA ANNUAL REPORT 2017 ANNUAL REPORT 2017 ARCAPITA ANNUAL REPORT 2017 3 ARCAPITA ANNUAL REPORT 2017 Table of Contents Overview Geographic Presence 5 Arcapita Values 6 Directors’ Report 7 CEO’S Message 8 Our Business Business Model 11 Clients 11 Lines of Business 11 Investment Process 14 Current and Exited Portfolio 15 Corporate Governance Overview 16 Board Committees 17 Management 17 Organizational Structure 19 Financial Highlights 21 Arcapita Group Shari’ah Supervisory Board’s Report to the Shareholders - AGHL 24 Holdings Limited Independent Auditors’ Report to the Shareholders 25 Consolidated Statement of Financial Position 26 Consolidated Statement of Income 28 Consolidated Statement of Comprehensive Income 29 Consolidated Statement of Cash Flows 30 Consolidated Statement of Changes in Equity 31 Notes to the Consolidated Financial Statements 33 Arcapita Investment Shari’ah Supervisory Board’s Report to the Shareholders - AIM 62 Management B.S.C. (c) Report of the Board of Directors 63 This Annual Report contains certain “forward-looking” statements, and such information is based on the beliefs of Arcapita, as well as on assumptions made by, and information currently available Independent Auditors’ Report to the Shareholders 64 to, Arcapita. When used in this Annual Report, the words “anticipate”, “believe”, “estimate”, Statement of Financial Position 65 “expect”, “plan”, “intend”, and words or phrases of similar import, are intended to identify forward- Statement of Income and Other Comprehensive Income 66 looking statements. Such forward-looking statements may include, without limitation, statements Statement of Cash Flows 67 relating to the following: Arcapita’s plans, strategy, objectives or goals; Arcapita’s future economic performance or prospects; specific country, region and worldwide business environment; potential Statement of Changes in Equity 68 effect on future performance of certain contingencies; and assumptions underlying any such Notes to the Financial Statements 69 statements. These statements are inherently subject to significant business, economic, competitive, regulatory and operational uncertainties, contingencies and risks, both specific and general in Our People Board of Directors 78 nature, many of which are beyond the control of Arcapita. Any forward-looking statements are Shari’ah Supervisory Board 79 speculative in nature, and it can be expected that one or more of the assumptions underlying such Senior Management 80 statements will prove not to be accurate, and unanticipated events and circumstances may occur. Actual results and events will likely vary from the plans, objectives, expectations, estimates and Management Team 82 intentions expressed in such forward-looking statements, and such variations may be material. Contact Information 84 Consequently, this Annual Report should not be regarded as a representation by Arcapita that the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements will be achieved and should not be relied on. Arcapita does not intend to update these forward-looking statements. ARCAPITA ANNUAL REPORT 2017 4 5 ARCAPITA ANNUAL REPORT 2017 Geographic Presence SELECTED COUNTRIES Arcapita currently operates out of the following offices: WHERE MANAGEMENT HAS Overview OVERSEEN INVESTMENTS • Manama, Bahrain: Covering the MENA / GCC region and South Asia; ARCAPITA OFFICES • Atlanta, US: Covering the United States; • London, UK: Arcapita offers investors and shareholders diversified Covering the United Kingdom and broader Europe; and • Singapore: Shari’ah-compliant investments. At the center of one Covering Southeast Asia, China, Japan and Australia. of the fastest growing wealth markets in the world, Arcapita’s core management team has been serving an exclusive group of investors in the GCC region for 20 years. The global management team has extensive experience gained in a variety of market conditions and is a group of professionals with deep expertise LONDON in their respective fields. Arcapita maintains offices in Bahrain, Atlanta, London and Singapore. ATLANTA BAHRAIN SINGAPORE ARCAPITA ANNUAL REPORT 2017 6 7 ARCAPITA ANNUAL REPORT 2017 Our Values We are committed to operating our firm based on the following principles: Directors’ Report Originality Fiscal year 2017 Arcapita aims to provide innovative and distinctive alternative investment opportunities Integrity ABDULAZIZ ALJOMAIH We are pleased to report that Fiscal Year Arcapita’s management team has two decades CHAIRMAN (“FY”) 2017 (the twelve-month period to 30, of experience in managing Shari’ah-compliant Arcapita attracts and retains people with the courage to do the right thing at all times and June 2017) was a successful year for Arcapita alternative investments across the globe, and in all circumstances with revenues of USD 33.5 million and a net we are excited about accelerating our new income of USD 8.1 million for the period. investment activity in the geographies and Arcapita’s balance sheet remains robust sectors we know best. To support our growth, Transparency with total equity of USD 124.5 million as of we have recruited talented investment June 30, 2017, including USD 96.6 million in professionals for our deal teams in the US paid-up capital, USD 20.6 million in retained and the GCC and added additional depth Arcapita is committed to full, accurate and timely disclosure of information to its stakeholders earnings, and USD 7.3 million in proposed to our investor relationship management dividends. team, which maintains deep relationships with investors across the Gulf. We have Despite a challenging market environment Professionalism also continued to strengthen each of our resulting from lower oil prices and business groups, including risk management, geopolitical uncertainty, we completed Arcapita is committed to recruiting and retaining the best people with a diverse range of information technology, financial investments worth a total transaction value expertise and experience management, and financial control, and will of USD 320 million across the US and the ensure that these key functions grow in line GCC. These included the acquisition of a with the needs of the overall business. USD 110 million portfolio of senior living Prudent Risk Management communities in Georgia and Virginia, US; We have set ambitious targets for FY 2018 a USD 150 million investment in Dubai and have a robust new deal pipeline, which Arcapita strives to achieve sustainable growth by maintaining a solid capital base and to Investment Parks in Dubai, UAE, and we plan to execute over the coming months. effectively manage the risk inherent in the business the USD 60 million acquisition of NAS As always, our goal is to provide innovative United Healthcare Services, a leading alternative investment opportunities for our provider of outsourced health insurance investors and deliver superior returns to all Alignment of Interests processing services, based in Abu Dhabi. Our our stakeholders. We continue to rely on the investments were carefully selected in sub- support of our shareholders, the Government Arcapita aims to align the interest of investors and shareholders by encouraging employees to sectors with sound economic fundamentals of the Kingdom of Bahrain and the Central take a direct stake in the firm’s investments and compelling demographics. Our global Bank of Bahrain, and we look forward to presence, lean investment teams, and deep sharing another successful year ahead. industry relationships position us well to take advantage of the changing global economic Ethical Investment Policy landscape, and we are confident in our ability to continue to provide our investors with Arcapita aims to invest in morally and ethically sound companies and products, and does not distinctive investment opportunities. invest in non-Shari’ah compliant activities ARCAPITA ANNUAL REPORT 2017 8 9 ARCAPITA ANNUAL REPORT 2017 CEO’s Message ATIF A. ABDULMALIK With over 20 years of experience, Arcapita markets, which is where we hope to leverage CHIEF EXECUTIVE OFFICER has built a global alternative investment our experience and expertise for our We believe in the importance and value of long-term platform with the capability to source investors. investments in its core markets of the relationships with our shareholders, our investors We believe in the importance and value US, MENA, Europe and Asia. We have a of long-term relationships with our diversified business model and a management and our investment partners, and our model stresses shareholders, our investors and our team that brings experience and expertise investment partners, and our model stresses across our different investment areas. the importance of aligned interests. We use these the importance of aligned interests. We Through numerous innovations, we are use these partnerships to bring a range of partnerships to bring a range of different dimensions proud to have played a major part in bringing different dimensions to our services and sophisticated alternative investments to investments, resulting in access to higher to our services and investments, resulting in access Shari’ah-conscious investors and we have quality transactions, efficient execution and completed over 70 transactions with a total timely exit for the benefit of all stakeholders. to higher quality transactions, efficient execution transaction value of over USD30 billion. We have been in business long enough to We are focused on a number of thematically have experienced
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