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Emaar Development PJSC Investor Presentation Sep 2020 0 Disclaimer Emaar Development PJSC gives notice that: The particulars of this presentation do not constitute any part of an offer or a contract. Given that the presentation contains information based on forecasts and roll outs, all statements contained in this presentation are made without responsibility on the part of Emaar Development PJSC, their advisors, or members of Emaar Group (including their directors, officers and employees). None of the statements contained in this presentation is to be relied upon as a statement or representation of fact. All parties must satisfy themselves as to the correctness of each of the statements contained in this presentation. Emaar Development PJSC and members of the Emaar Group do not make or give, and neither members of the Emaar Group nor any of their directors or officers or persons in their employment or advisors has any authority to make or give, any representation or warranty whatsoever in relation to this presentation. This presentation may not be stored, copied, distributed, transmitted, retransmitted or reproduced, in whole or in part, in any form or medium without the permission of Emaar Development PJSC. 6 October 2020 Page 1 1 | EMAAR DEVELOPMENT Discussion Summary Investment Rationale Business Overview Business Strategy & Outlook H1 2020 Results Update Annexure 2 | EMAAR DEVELOPMENT Investment Rationale 3 | EMAAR DEVELOPMENT Emaar Development at a Glance Creator of World-Renowned Architectures Strong Financial Performance in 2019 • Burj Khalifa – Tallest Building in the World • Revenues AED 12.7 Bn (25% CAGR1) • Dubai Marina – Largest Man-Made Marina1 (3.5 • EBITDA AED 3.7 Bn (18% CAGR1) sq.km.) development of its kind • Net Profit AED 2.7 Bn (8% CAGR1) • Dubai Fountain – World’s largest choreographed musical fountain Proven Execution Track Record Strong Revenue Visibility • c. ~72,500 Residential Units sold since 2002 (~88% sold) • c. 30,000 Residential Units under construction • c. over 43,500 Residential Units delivered • c. AED 29.4 Bn Revenue Backlog to be recognized since 2002 over next 3-4 years • 287.4 Mn sq. ft. land bank in UAE 4 | EMAAR DEVELOPMENT 1) Calculated over 2015 to 2019 2) ArabianBusiness.com, 3 June 2015, “Dubai Marina, the region's largest marina development of its kind” Developer of Iconic Master Plans Transforming Dubai Downtown Dubai Dubai Marina 2005 Today 2003 Today ✓ 500-acre Flagship Mega-Development ✓ Largest Man-Made Marina1 (3.5 sq.km.) development of ✓ One of the Most Visited Destinations In The World its kind ✓ Includes World’s Tallest Building & World’s Largest ✓ Total development area of 66 million sq. ft. Mall ✓ Includes c.0.4 mn sq. ft. Dubai Marina Mall 5 | EMAAR DEVELOPMENT 1) ArabianBusiness.com, 3 June 2015, “Dubai Marina, the region's largest marina development of its kind” Strong Performance Track Record Emaar Development Delivered Strong Growth in a Challenging Environment over 2015 to 2019 Revenues Gross Profit In AED Mn CAGR 25% CAGR 21% 6,700 15,433 12,746 5,061 3,761 8,863 2,861 6,899 2,395 5,253 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 EBITDA Net Profit After Minority Interest CAGR 18% 5,657 CAGR 8% 3,901 3,695 3,236 2,452 2,743 2,700 2,353 1,962 1,918 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 6 | EMAAR DEVELOPMENT Note: Revenue is based on incremental percentage of completion achieved on development as per IFRS 15 Consistently Ahead of the Competition Emaar Development Maintained Robust Sales Trend over 2015 to 2019 Robust Sales – Ahead of the Competition2 (More than 4x in 2019) In AED Bn 18.0 ✓ Displayed strong sales traction, despite 14.4 14.2 14.8 difficult market conditions 10.2 9.1 7.0 7.5 4.3 3.1 ✓ Significant long-term value creation through Integrated Master Developments centered around Iconic Assets 2015 2016 2017 2018 2019 Emaar Development Listed Peer Number of Units Sold ✓ Strong customer trust and brand loyalty 7,437 7,987 6,502 ✓ Emaar’s off-plan sales of c. AED 14.8 Bn in 4,657 2019, accounted for more than 65% of total 3,033 off-plan sales (AED ~22 Bn)1 in Dubai 2015 2016 2017 2018 2019 7 | EMAAR DEVELOPMENT 1) Source: CBRE 2) Gulf News Business Overview 8 | EMAAR DEVELOPMENT Largest Master Developer and Preferred Development Partner Leadership Position Preferred Development Partner • Largest masterplan developer in UAE, having • Recognition for superior quality and consistent transformed Dubai’s landscape delivery • Unique proposition of premier integrated lifestyle • Access to prime land bank in UAE through communities centered around iconic assets partnership (JVs/JDAs) with GREs1, Government and large owners of land banks • Aspirational value for Emaar drives sustained demand • Existing JVs/JDAs with leading GREs – Meraas, Dubai Aviation City Corporation, Dubai Holding, • Long term value creation for customers P&O Marinas • Minimum upfront cash payment model for land acquisition 9 | EMAAR DEVELOPMENT 1) Government Related Entities De-risked Business Model to Deliver Self-Sustaining Growth Minimal Cash Minimal Default Rate Requirement for Land Self-Funded Construction • Sufficient land bank, limited • Construction cost is funded • Minimal default rates levels incremental investment in through pre-sales of ~2.0-2.5% of sales value new land • On average, 60%-70% of • Upon default, up to 40% of • Minimal upfront cash units are pre-sold and the sales value as per the payment model for land 20%-30% cash collection in law can be forfeited and the acquisitions sold projects is achieved by property can be resold • Structures where JV construction partners commit the land as commencement their economic contribution • >80% of off-plan projects sold 10 | EMAAR DEVELOPMENT Diversified Customer Base to Maintain Healthy Sales Traction 6M 2020 Customer Mix – 6M 2020 Customer Mix – Residents vs. Non-residents Based on Nationality Others China Residents Non Residents North America India MENA2 United Arab Emirates Saudi Arabia United Kingdom Europe1 Russian Federation Pakistan Flight to Quality due to Strong Preference for Emaar’s Master Developments 1) Europe excludes United Kingdom 11 | EMAAR DEVELOPMENT 2) MENA excludes UAE and Saudi Arabia Sufficient Land Bank to Deliver Long-term Growth Land Bank Evolution Though Investments & Strategic Partners Year Area 2012 Arabian Ranches II (million sq ft) GFA BTS 2011- 2019 Multiple CAGR 2013 Dubai Hills Estate ~22x ~50% 2014 Dubai Creek Harbour 369 369 2015 Emaar South 2016 Downtown Views, Ras Al Khaimah 287 287 2017 Zabeel Square & Emaar Beachfront 231 233 234 234 Arabian Ranches III, Mina Rashid & 162 211 211 198 199 2019 The Valley Garden 167 Gross Land Area UAE Available Land Bank 114 (Million SQFT) 78 UAE wholly owned 121.85 Ras Al Khaima 0.84 Others (Downtown, Arabian 25 19.61 13 18 Ranches etc.) 9 Emaar Beachfront 0.61 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 The Valley Garden 100.79 Dubai Hills 51.04 Dubai Creek 54.90 GFA BTS Gross Land Area BTS Mina Rashid 10.11 Emaar South & others 49.57 No Long-Term Need for Land Purchase Total UAE Available Land 287.47 Bank Note: Cumulative historical GFA BTS not adjusted for GFA developed post 2011 nor GFA currently under development 12 | EMAAR DEVELOPMENT Business Strategy & Outlook 13 | EMAAR DEVELOPMENT Development Strategy: Consolidate and Prepare for the Next Growth Phase Leverage the Strength Marketing to Well-planned Execution Product Innovations of Master Developments International Customers & Delivery • Leverage on the existing • Unique product offering for • Targeting international • Timely completion of master community Millennials customers projects under developments to launch development new projects • Optimised unit size with • Business development in larger community facilities China, India, Saudi Arabia • Healthy cash flow • Provide ‘City within a city’ & other countries generation experience to discerning • Wider price-product range customers • Seen strong response from Chinese customers Development Through JV/JDAs • Access to premium land through JV/JDA with GREs1 • Return on Capital Accretive - lower capital (minimum immediate cash outlay for land purchase) • Preferred Development Partner for GREs • Earn development profit share and project management fees • Expansion and penetration of Emaar Brand in existing and new markets over longer term • Conserved cash to be used for judicious purchase of prime land 14 | EMAAR DEVELOPMENT 1) Government Related Entities Q2 & H1 2020 Results Update 15 | EMAAR DEVELOPMENT H1 2020 Key Highlights Property Sales Revenues EBITDA AED 3.2 Bn AED 4.8 Bn AED 1.3 Bn Net Profit Default Rate ~2.0-2.5% of c. ~1,000 Units Delivered AED 1.0Bn Sales Value ~ 30,000 units under c. AED 29.4 Bn c. AED 4.8 Bn construction to be delivered Revenue Backlog2 Escrow Balance1 in next 3-4 years To be recognized over next 3-4 years 1) Including 100% of Escrow balances of Joint Ventures & JDA’s, 2) Sales value of properties sold but not yet recognised as revenue under IFRS including 100% of joint 16 | EMAAR DEVELOPMENT ventures as of 30th June 2020; Escrow balance is as on 30th Jun 2020 H1 2020 Key Highlights AED Million H1 2020 H1 2019 % Change Property Sales 3,230 9,350 (65%) Revenue 4,818 6,237 (23%) Gross Profit 1,787 2,576 (31%) Margin (%) 37.1% 41.3% - EBITDA 1,270 1,949 (35%) Margin (%) 26.4% 31.2% - Net Profit 1,036 1,382 (25%) Margin (%) 21.5% 22.2% - Total Equity 1 13,089 11,216 17% Cash 1 3,590 4,227 (15%) Debt 1 3,808 3,758 1% Net Debt 1 218 (469) - st 17 | EMAAR DEVELOPMENT 1) Balance Sheet data for 2019
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