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Emaar Properties FY 2017 Results March 2018 Disclaimer Emaar Properties PJSC, for themselves and for Emaar Group, give 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 Properties 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 Properties 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 Properties PJSC. FY 2017 Results Presentation 6 March 2018 Page 1 Table of Contents KEY HIGHLIGHTS INCOME STATEMENT BALANCE SHEET OPERATIONAL OVERVIEW APPENDIX FY 2017 Results Presentation 6 March 2018 Page 2 Key Highlights Income Statement Balance Sheet Operational Overview Appendix Emaar Properties at a Glance #1 1.8Bn c. 89,000 listed developer SQFT of land units sold since by market cap bank in key inception(3) in MENA(1) countries c. 57,000 in UAE +45,900 c. 50Bn +43,000 residential units delivered since 2002 total Backlog(2) Units Under (3) 41Bn in UAE Construction +34,800 in UAE (in AED) +24,500 in UAE #1 34% 18 Hotels Visited Mall in recurring revenue the World c.3,500 Keys (51% of EBITDA) (Owner) st 78% sold 87% 1 of Dubai’s total Overall sales in international units under key international Mall unveiled in development markets Turkey FY 2017 Results Presentation 6 March 2018 Page 3 (1): Market Cap of AED 46 BN as at Feb 7, 2018 (3): Units refers to the Group including UAE and international (excluding EEC) (2): Backlog represents value of property sold that is yet to be recognized as revenue at 31 Dec 2017, backlog figure refers to Group backlog including UAE and International excluding EEC Key Highlights Income Statement Balance Sheet Operational Overview Appendix Key Financial Highlights for the Group AED MM Q4 2017 Q4 2016 % Change FY 2017 FY 2016 % Change Group Property Sales 3,199 3,660 (13%) 20,948 18,349 14% Revenue 5,361 4,436 21% 18,812 15,540 21% Gross Profit 2,537 2,302 10% 9,546 8,100 18% Margin (%) 47% 52% (10%) 51% 52% (2%) EBITDA 2,088 1,763 18% 7,999 6,676 20% Margin (%) 39% 40% (3%) 43% 43% - Net Profit 1,357 1,613 (16%) 5,704 5,419 5% Margin (%) 25% 36% (31%) 30% 35% (14%) EPS (AED/Share) 0.19 0.23 (17%) 0.80 0.76 5% Total Equity 51,829 47,688 9% 51,829 47,688 9% Cash 15,554 17,289 (10%) 15,554 17,289 (10%) Debt (18,338) (17,350) 6% (18,338) (17,350) 6% Net Cash / (Debt) (2,784) (61) 4464% (2,784) (61) 4464% Emaar on Track to Boost Profitability in the Coming Years FY 2017 Results Presentation 6 March 2018 Page 4 Note: Balance sheet items are as of 30 September 2017 compared to 31 December 2016 Key Highlights Income Statement Balance Sheet Operational Overview Appendix Key Achievements – FY 2017 25% increase in increase in property sales in 21% growth 18% Dubai to AED 18.03 Bn revenue to AED 18.8 Bn in gross profit (6 year CAGR 43%) to AED 9.5 Bn Address Blvd & 2 growth +80% occupancy at 20% Rove Hotels welcomed The Address Hotels(1) in EBITDA to AED 8Bn their first guests Successfully International property Completed development revenue foundation work for listed UAE Real Estate Development grew by 31% to The Tower at business(2) AED 3.6 Bn Dubai Creek Harbour FY 2017 Results Presentation 6 March 2018 Page 5 (1): Excluding Address Boulevard which started operation from February 2017 (2): Listing and trading started on 22 November 2017. Key Highlights Income Statement Balance Sheet Operational Overview Appendix Results by Segment Revenues Breakdown of Results AED billion Revenues 21% 29% 35% 12% 6% (7)% 7% 18.8 15.5 8% 8.9 6.9 3.6 2.7 3.5 3.1 1.5 1.4 1.3 1.4 19% 47% Emaar UAE International Emaar Malls Emaar Entertainment Properties Development Development Hospitality & Leasing 19% Gross Profit Total: AED 18.8 BN AED billion 18% 35% 38% 9% 8% (14)% EBITDA 9.5 8.1 3.8 2.9 3.0 2.8 4% 1.2 0.8 0.6 0.6 0.9 1.1 9% 5% Emaar UAE International Emaar Malls Emaar Entertainment 40% Properties Development Development Hospitality & Leasing 33% Recurring Revenues Contributing 9% 51% of EBITDA Total: AED 8 BN UAE Development Emaar Malls International Development Emaar Hospitality FY 2017 FY 2016 % Y-o-Y Change Entertainment & Leasing Others FY 2017 Results Presentation 6 March 2018 Page 6 Key Highlights Income Statement Balance Sheet Operational Overview Appendix Balance Sheet Overview at 30 Sep 2017 Emaar Group Balance Sheet Overview Change in Cash & Cash Equivalents(1) % AED million Total: AED 112,752 MM Bank Balances & Trade & Other 13 Payables Cash 19 Advances from 13 Customers Trade & Other Receivables 12 Interest-Bearing Loans 13 & Borrowings Sukuk Development 6 (2) Properties 31 1 Other Liabilities Debt Maturity Profile 3 Liabilities classified as AED million 6,357 held for sale 5,444 3,426 Loans & Investments in 5 Shareholder’s associates and JV 2,121 2,348 Equity 1,764 43 Investment 15 Properties 110 2018 2019 2020 2021 2022 2023 2024 & Property, Plant & 10 Beyond Equipment Turkey & International Sukuk 2 & International Assets held for sale 6 Emaar Malls Syndicated loan & Development 8 Non-Controlling Interests Emaar Development Others 2 Emaar malls Sukuk & Turkey & Emaar Development Assets Liabilities & Equity Propertoies Sukuk 3 In 2017, BTS real estate development business of Emaar in UAE has drawdown US$ 1,080 million (AED 3,967 million) out of a 5 year financing facility of US$1.3Bn (AED 4.8Bn) secured in September 2017 FY 2017 Results Presentation 6 March 2018 Page 7 Key Highlights Income Statement Balance Sheet Operational Overview Appendix BS items to be presented as of Credit Ratios as of 30 Dec 2017 sep.17 for EFG EBITDA / Interest Net Debt / EBITDA 12.0x 0.06x 2015 0.01x * 10.9x 10.8x 2015 2016 2017 -0.78x 2015 2016 2017 Net Debt / Equity Debt / GAV 2015 19.0% 0.2% 0.8% 2015 2016 2017 18.0% 17.0% -12.2% 2015 2016 2017 Solid credit with insignificant Net Debt-to-Equity and significant Debt Coverage FY 2017 Results Presentation 6 March 2018 Page 8 UAE Development Key Highlights Income Statement Balance Sheet Operational Overview Appendix UAE Development Overview Successfully launched 21 new projects Downtown Views II Vida Residence Dubai Marina Creek Rise Urbana II & III (9,531 units) in Dubai during FY 2017 with a total value of AED 20.0 Bn (Q4-17 – 3 projects, 1,301 Units, AED 2.8 Bn) AED 18 Bn of sales booked and 7,437 units sold across all projects FY 17 Golf Views Creek Gate The Cove 2 & 1 Harbour Gate (Q4-17 AED 2.63 Bn) Successfully listed UAE’s build-to-sale (BTS) development business (Emaar Development) through 20 per cent share offering on DFM Park Heights I & II Vida Dubai Mall Maple 3 Address Harbour Point c.57,000 +33% properties sold CAGR sales since inception since 2012 (2) AED 41Bn AED10.2Bn UAE Backlog(1) Park Ridge Sidra 3 Golf Links 17 Icon Bay to be recognized within Escrow the next 3-4 years balance(3) Record upsurge in sales by 25% to AED 18 Bn Island Park I Vida Zabeel Club Villas FY 2017 Results Presentation 6 March 2018 Page 10 (1): Sales value of properties sold but not yet recognised as revenue under IFRS including 100% ownership of joint ventures as of 31 Dec 2017; (2): Till 31 December 2016 (3): Including 100% of Escrow balances of Joint Ventures Key Highlights Income Statement Balance Sheet Operational Overview Appendix UAE Development - at a glance Overview of UAE Development Master plans Emaar spearheaded the development of freehold Downtown Dubai master planned lifestyle communities in Dubai Behind the most iconic Dubai communities (e.g. 100% Arabian Ranches Downtown Dubai, Emirates Living, Dubai Marina) Owned Developments Dubai Marina Over 34,800 residential properties delivered in the UAE since 2002 with strong future pipeline Emirates Living Over 24,500 units currently under development with 100% Consolidated JVs Dubai Hills sales value of over AED 71 Bn. Dubai Creek Targeted average gross margin of 40% across projects JVs/JDA with 50% Share Emaar South All master plans are mixed use development, Zabeel Square currently various malls, retail and hospitality projects are under development Beachfront* Listed Emaar Development PJSC (UAE Land bank Lusaily# development BTS business) (100% owned) Al Marjan, Ras Al Khaimah FY 2017 Results Presentation 6 March[ ] August 2018 2017 Page 11 * Beachfront partial acquisition completed and full acquisition pending # Not part of Emaar Development PJSC Key Highlights Income Statement Balance Sheet Operational Overview Appendix UAE Development - The strategy going forward Emaar Properties Emaar Development ✓ Holding company with diversified portfolio ✓ Focus on being a pure UAE developer of comprising leasing and operating projects for build-to-sell businesses as well as exposure to local and international development ✓ Consolidate Emaar’s leadership position as a developer of choice in the UAE ✓ Unlock incremental
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