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Arabtec Holding PJSC and Its Subsidiaries Condensed Consolidated Interim Financial Information the Six-Month Period Ended 30 June 2018 (Unaudited)

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Arabtec Holding PJSC and Its Subsidiaries Condensed Consolidated Interim Financial Information the Six-Month Period Ended 30 June 2018 (Unaudited) Arabtec Holding PJSC and its subsidiaries Condensed consolidated interim financial information the six-month period ended 30 June 2018 (Unaudited) Arabtec Holding PJSC and its subsidiaries Condensed consolidated interim financial information for the six-month period ended 30 June 2018 Pages Report on review of condensed consolidated interim financial information 1-2 Condensed consolidated interim statement of financial position 3 Condensed consolidated interim income statement 4 Condensed consolidated interim statement of comprehensive income 5 Condensed consolidated interim statement of changes in equity 6 Condensed consolidated interim statement of cash flows 7-8 Notes to the condensed consolidated interim financial information 9-37 Arabtec Holding PJSC and its subsidiaries Condensed consolidated interim income statement Three-month period ended Six-month period ended 30 June 30 June Note 2018 2017 2018 2017 Unaudited Unaudited Unaudited Unaudited AED’000 AED’000 AED’000 AED’000 Revenue 2,391,494 2,060,381 4,811,851 4,245,578 Direct costs (2,231,192) (1,955,542) (4,487,532) (4,035,621) Gross profit 160,302 104,839 324,319 209,957 Investment income (992) 1,054 1,445 2,229 General and administrative expenses (78,844) (73,612) (160,699) (166,030) Other income (3,161) 6,452 6,075 15,288 Finance costs - net (33,574) (20,213) (59,574) (44,971) Share of profit from investment in an associate 5,745 22,922 7,497 26,649 Profit before tax 49,476 41,442 119,063 43,122 Income tax expense 12 (111) (646) (3,851) (1,254) Profit after tax for the period 49,365 40,796 115,212 41,868 Attributable to: Owners of the Parent 49,409 39,799 113,045 57,421 Non-controlling interests (44) 997 2,167 (15,553) 49,365 40,796 115,212 41,868 Earnings per share (restated) (restated) Basic and diluted (AED) 14 0.03 0.05 0.08 0.07 The notes on pages 9 to 37 form an integral part of this condensed consolidated interim financial information (4) Arabtec Holding PJSC and its subsidiaries Condensed consolidated interim statement of comprehensive income Three-month period ended Six-month period ended 30 June 30 June Note 2018 2017 2018 2017 Unaudited Unaudited Unaudited Unaudited AED’000 AED’000 AED’000 AED’000 Profit for the period 49,365 40,796 115,212 41,868 Other comprehensive income Items that will be reclassified subsequently to profit or loss Net change in foreign currency translation reserve (1,445) (271) (5,990) 423 Other comprehensive (loss) / income for the period (1,445) (271) (5,990) 423 Total comprehensive income for the period 47,920 40,525 109,222 42,291 Attributable to: Owners of the Parent 48,721 39,589 108,885 57,596 Non-controlling interests (801) 936 337 (15,305) 47,920 40,525 109,222 42,291 The notes on pages 9 to 37 form an integral part of this condensed consolidated interim financial information (5) Arabtec Holding PJSC and its subsidiaries Condensed consolidated interim statement of changes in equity Attributable to owners of the Parent Foreign currency Non- Share Statutory translation Other Retained controlling Total capital reserve reserve reserves earnings Total interests equity AED’000 AED’000 AED’000 AED’000 AED’000 AED’000 AED’000 AED’000 Balance at 31 December 2017 (Audited) 1,500,000 130,279 33,498 (199,063) 120,152 1,584,866 (244,368) 1,340,498 Impact of changes in accounting policies (Note 16) - - - - (101,397) (101,397) (11,282) (112,679) Balance at 1 January 2018 (Unaudited) 1,500,000 130,279 33,498 (199,063) 18,755 1,483,469 (255,650) 1,227,819 Profit for the period - - - - 113,045 113,045 2,167 115,212 Other comprehensive income for the period - - (4,160) - - (4,160) (1,830) (5,990) Total comprehensive income for the period - - (4,160) - 113,045 108,885 337 109,222 Dividend paid to NCI - - - - - - (6,013) (6,013) Dividend paid to shareholders (Note 23) - - - - (30,750) (30,750) - (30,750) Remuneration to directors - - - - (9,200) (9,200) - (9,200) Balance at 30 June 2018 (Unaudited) 1,500,000 130,279 29,338 (199,063) 91,850 1,552,404 (261,326) 1,291,078 Attributable to owners of the Parent Foreign currency Non- Share Statutory translation Other Retained controlling Total capital reserve reserve reserves earnings Total interests equity AED’000 AED’000 AED’000 AED’000 AED’000 AED’000 AED’000 AED’000 Balance at 1 January 2017 (Audited) 4,615,065 148,159 36,661 (194,239) (4,645,248) (39,602) (211,091) (250,693) Profit / (loss) for the period - - - - 57,421 57,421 (15,553) 41,868 Other comprehensive income for the period - - 175 - - 175 248 423 Total comprehensive income for the period - - 175 - 57,421 57,596 (15,305) 42,291 Share capital issued 1,500,000 - - - - 1,500,000 - 1,500,000 Capital reduction (4,615,065) (30,185) - - 4,645,250 - - - Rights issue cost - - - (4,824) - (4,824) - (4,824) Dividends paid to non-controlling interests - - - - - - (4,404) (4,404) Balance at 30 June 2017 (Unaudited) 1,500,000 117,974 36,836 (199,063) 57,423 1,513,170 (230,800) 1,282,370 The notes on pages 9 to 37 form an integral part of this condensed consolidated interim financial information (6) Arabtec Holding PJSC and its subsidiaries Condensed consolidated interim statement of cash flows Six-month period ended 30 June Note 2018 2017 Unaudited Unaudited AED'000 AED'000 Operating activities Profit before tax 119,063 43,122 Adjustments for: Gain on sale of property, plant and equipment (175) (219) Investment income (1,445) (2,229) Depreciation on property, plant and equipment 7 71,225 81,773 Depreciation on investment properties 163 163 Write-back of provision for doubtful debts - (1,794) Amortisation of intangible assets 9 500 2,276 Provision for employees' end of service benefits 18,191 28,907 Interest expense 50,260 44,971 Net interest expense on non-current receivables and payables 9,314 - Share of gain from investment in associates (7,497) (26,649) Operating cash flow before changes in working capital and payment of, employees’ end of service benefits paid and income tax 259,599 170,321 Changes in working capital: Trade and other receivables (33,341) (633,310) Advances paid to suppliers and sub-contractors 271,652 (343,177) Due from related parties 9,850 (154,754) Inventories (27,489) (11,218) Other current assets (25,277) 30,366 Trade and other payables (443,179) (267,770) Advances received from customers for contract work (135,492) 124,979 Due to related parties 99,120 112,960 Retentions payables 67,044 5,790 Cash generated from / (used in) operating activities 42,487 (965,813) Employees' end of service benefits paid (21,813) (19,032) Income tax paid (12,565) (540) Net cash generated from / (used in) operating activities 8,109 (985,385) Balance carried forward 8,109 (985,385) The notes on pages 9 to 37 form an integral part of this condensed consolidated interim financial information (7) Arabtec Holding PJSC and its subsidiaries Condensed consolidated interim statement of cash flows (continued) Six-month period ended 30 June 2018 2017 Unaudited Unaudited Note AED'000 AED'000 Balance brought forward 8,109 (985,385) Investing activities Investment income received 1,445 2,229 Dividend received from associate 19,442 - Purchase of property, plant and equipment 7 (31,335) (60,375) Proceeds from disposal of property, plant and equipment 12,419 19,706 Increase in short term deposits (450) - Net movement in other financial assets (20,251) (9,972) Net cash used in investing activities (18,730) (48,412) Financing activities (Repayment of) / proceeds from borrowings, net (155,634) 351,905 Proceeds from rights issue (net of settlement of loan from a related party) - 1,100,365 Rights issue costs paid - (4,824) Interest paid (50,260) (38,580) Dividends paid (36,763) (4,404) Remuneration paid to directors (9,200) - Proceeds of loan from a related party - 221,911 Net cash (used in) / generated from financing activities (251,857) 1,626,373 Net (decrease) / increase in cash and cash equivalents (262,478) 592,576 Cash and cash equivalents at the beginning of the period 500,749 543,408 Net foreign currency translation difference (5,990) 423 Cash and cash equivalents at the end of the period 11 232,281 1,136,407 The notes on pages 9 to 37 form an integral part of this condensed consolidated interim financial information (8) Arabtec Holding PJSC and its subsidiaries Notes to the condensed consolidated interim financial information for the six- month period ended 30 June 2018 1 General information Arabtec Holding PJSC (the “Company”) is a Public Joint Stock Company established under the laws of the United Arab Emirates (UAE) pursuant to the resolution of the Department of Economic Development, Dubai, number 71 dated 2 July 2004. The Company commenced operations on 20 September 2004. The Company's shares are listed on the Dubai Financial Market (“DFM”). The registered office of the Company is P.O. Box 3399, Dubai, UAE. The Group’s major shareholder is Aabar Investment PJS whose parent company is International Petroleum Investment Company (“IPIC”). IPIC is part of the Mubadala Investment Company PJSC – group wholly owned by the Government of the Emirate of Abu Dhabi. Arabtec Holding PJSC and its subsidiaries (the “Group”) are primarily engaged in construction of high-rise towers, buildings and residential villas, in addition to the execution of related services such as drainage, electrical and mechanical works, provision of ready mix concrete and construction equipment supply and rental.
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