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Aldar Annual Report & Accounts 2011 1 ALDAR ANNUAL REPORT 2011 1 & ACCOUNTS ALDAR ANNUAL REPORT 2011 2 ALDAR ANNUAL REPORT 2011 3 & ACCOUNTS & ACCOUNTS 2011 ANNUAL REPORT CONTENT Chairman’s statement 04 majOr PrOjeCts 26 analYsis OF Cash FlOws 41 Yas mall 26 CeO’s statement 08 Yas waterworld 26 FinanCinG 42 Central market 27 abOut aldar 10 al Falah 28 risK manaGement 43 Our mission 10 Claveland Clinic abu dhabi 29 Corporate structure 11 al ward (al raha Gardens) 29 bOard OF direCtOrs 48 al bateen Park 29 business review 14 direCtOr’s rePOrt 50 Projects 14 ALDAR OPERATING BUSINESSES 30 Completed Projects 16 hotels 32 COrPOrate GOvernanCe 52 reimbursable projects 17 schools 33 Golf 34 COrPOrate resPOnsibilitY 56 COmPleted PrOjeCts 20 theme Parks 35 Community 58 al Zeina 20 marinas 35 environment، health, safety and security (EHSS) 59 al muneera 20 HSSE Policy statement 60 al bateen school 21 FinanCial review 38 al mushrif school 21 Key consolidated income statement information 38 FinanCial statements 61 al ain international school 21 Key consolidated statement of financial position information 39 independent auditors report 61 motor world 22 Key consolidated statement of cash flows information 39 Consolidated statement of Financial Position 62 iKea Yas island 22 highlights 40 Consolidated income statement 64 Gardens Plaza 23 headline results 40 Consolidated statement of Comprehensive income 65 sheikha salama mosque 23 Consolidated statement of Changes in equity 66 analYsis OF inCOme statement 40 Consolidated statement of Cash Flows 67 revenue 40 notes to the Consolidated Financial statements 69 direct Costs 40 selling & marketing expenses 40 COrPOrate direCtOrY 114 General & administrative expenses 41 Finance income/ Costs 41 Other income 41 analYsis OF FinanCial POsitiOn 41 Property, plant and equipment 41 investment properties 41 development work in progress 41 trade and other receivables 41 Financing 41 contentnet asset value 41 ALDAR ANNUAL REPORT 2011 4 ALDAR ANNUAL REPORT 2011 5 & ACCOUNTS & ACCOUNTS CHAIRMAN’S STATEMENT On behalf Of the bOard Of directOrs Of aldar PrOPerties PJsc, i am Pleased tO Present Our annual rePOrt and financial statements fOr the year ended 31 december 2011. in 2011, aldar delivered major growth and recurring profitability. Our underlying operational the board of directors for their ali eid almheiri milestones from its development this followed a comprehensive performance was strong in support during my first year as Chairman activities. we also undertook a review of our organisational 2011, with improved recurring Chairman of aldar Properties, number of financial initiatives to structure to realign the company revenues, major residential as well as our shareholders and return aldar to long term growth to meet its objectives of deliveries, the addition of new customers. and ensure ongoing value creation sustainable revenue growth. the investment properties and a for all our stakeholders. process regretfully meant that growing fee-based development Finally and on behalf of the board aldar had to reduce its workforce portfolio. looking ahead to 2012, and staff of aldar, i would like during the year we recorded two by 24 percent. with new residential deliveries, to give our collective thanks to significant sales of assets to the significant progress on our their highnesses sheikh Khalifa Government of abu dhabi. this was a difficult, but necessary major retail project, Yas mall and bin Zayed al nahyan, President these transactions, worth decision and we have ensured new fee based projects such as of the united arab emirates, aed 36.2 billion included the sale that all staff leaving the company abu dhabi Plaza – Kazakhstan, supreme Commander of the uae of assets of Ferrari world abu received full assistance and Yas water Park in addition to armed Forces and ruler of abu dhabi, Central market, residential support. i am confident that we the construction management dhabi, and sheikh mohammed units and land at al raha beach now have the appropriate size and agreement for Central market, bin Zayed al nahyan, Crown and infrastructure across the skills as well as a new structure i look forward to reporting on Prince of abu dhabi and deputy three major developments. that creates greater accountability continued progress in a year’s supreme Commander of the uae and a strong focus on key time. armed Forces, for their continued in addition to the direct income functions. i thank all aldar staff support. from the sale of these strategic for their continued hard work and we also welcomed Greg Fewer assets, the agreements also resilience during this challenging to the organisation in november. ali eid almheiri included an aed 2.8 billion time. bringing over 15 years of mandatory convertible bond for financing, risk management Chairman of aldar Properties mubadala development Company as a result of the two transactions and investment experience built and the settling of aed 5 billion and this comprehensive review between mubadala, barclays of a currently outstanding process, we enter 2012 in a Capital and Canadian imperial infrastructure loan from the stronger financial position with bank of Commerce, i have Government of abu dhabi as lower debt levels and stable no doubt that Greg will be a reimbursement for infrastructure cash flows. we are a more great addition to the executive development at al raha beach. efficient organization that is management team as we look to well positioned to capitalise on capitalise on the opportunities in October, we unveiled a new market opportunities and drive that lie ahead. strategic plan designed to shareholders returns by deploying focus on the core strengths of capital selectively into key i would also like to thank the the business and ensure the projects. other members of the aldar company’s return to sustainable executive management team and ALDAR ANNUAL REPORT 2011 6 ALDAR ANNUAL REPORT 2011 7 & ACCOUNTS & ACCOUNTS ALDAR ANNUAL REPORT 2011 8 ALDAR ANNUAL REPORT 2011 9 & ACCOUNTS & ACCOUNTS CEO’S STATEMENT 2011 was a year Of change. hOweVer, the effect Of the dOwnturn has undOubtedly influenced many sectOrs Of the ecOnOmy and created market cOnditiOns that require Prudence tO naVigate a careful Path alOng the JOurney Of sustainable grOwth. Care and diligence have been dhabi and al ward, a precinct with 235,000 sqm of retail trading we enter 2012 with the size and our watchwords in 2011. while within the al raha Gardens area, aldar has already leased skills required to deliver our key sami asad continuing to deliver our core community, is anticipated in 2012. over 40% of this development that projects for the benefit of our developments and improve our will open in the fourth quarter of stakeholders and are fit to take ChieF exeCutive OFFiCer recurring revenues from our Our fee-based development 2013. advantage of the opportunities investment portfolio, we have portfolio has also grown with that will present themselves. reorganised our operations in the signing of new development in 2011, aldar academies aldar is a stronger, leaner and light of market conditions and management contracts for delivered three new schools - more refined organisation with a refocused our commercial goals. abu dhabi Plaza Kazakhstan, al bateen secondary school, stable financial foundation that Yas waterworld abu dhabi and al mushrif school and al ain is optimised to deliver value to we continued to reduce our a construction management international school. aldar shareholders. Our value creation borrowing and also vigorously agreement for Central market. academies now operates strategy is built on development reduced our operational costs these join existing contracts for six schools with capacity for - both for our own assets and as we reorganized to align our al Falah, a 4,857 villa emirati approximately 5,500 pupils in abu for third parties - and growing cost base with the future needs housing development for the abu dhabi and al ain. recurring income from our of the Company. Following the dhabi Government, Cleveland investment properties. we will announcement of two separate Clinic abu dhabi, a usd 1.9 billion Over the past year we’ve laid look to leverage our sizeable land agreements to sell assets to healthcare facility for mubadala the groundwork for the future bank to create new developments the Government of abu dhabi, and the masdar institute of of aldar through the evolution that meet market demands and we enter 2012 on solid financial science and technology for of our operational and business end-user needs. footing. masdar. model and by ensuring that the company is financially positioned lastly, i would like to take 2011 was another solid year of a range of properties held for to be able to take advantage of the this opportunity to thank the delivery for aldar. we completed investment were also completed opportunities that arise. employees of aldar for their 1,930 residential units including and fully let in 2011 adding 76,000 continued support, commitment the al Zeina and al muneera sqm of new retail, including Our forward focus is on continuing and patience during this time of communities at al raha beach, iKea development on Yas island, to grow our recurring revenue change. we are ready to enter the one of the first new beachfront Gardens Plaza and motor world, and fee-generative operations to next chapter for the company with residential developments in a custom-designed destination both reduce debt and to be able to energy and enthusiasm. abu dhabi, and the first phase for new and used car showrooms invest in new commercially driven of al Gurm, a luxury residential and servicing facilities in abu projects. development. the completion of dhabi. the construction contract sami asad al bateen Park, a residential unit was awarded for Yas mall, a major Chief executive Officer development in the heart of abu retail development on Yas island. ALDAR ANNUAL REPORT 2011 10 ALDAR ANNUAL REPORT 2011 11 & ACCOUNTS & ACCOUNTS ABOUT ALDAR CORPORATE STRUCTURE aldar is abu dhabi’s leading PrOPerty deVelOPment inVestment and aldar, alOng with its subsidiaries and JOint Ventures, OPerates as a real estate management cOmPany.
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