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Annual Report Annual ANNUAL REPORT 2019 Aldar Annual Report 2019 FIND YOUR PLACE IN ABU DHABI Aldar Properties PJSC is the leading real estate developer, manager and owner in Abu Dhabi and, through its iconic developments, it is one of the most well known in the United Arab Emirates and the wider Middle East region. Since Aldar was established, it has continued to shape and enhance the urbanisation of the UAE’s capital city by delivering desirable destinations where communities can work, live and visit. Those destinations include Yas Island, Al Reem Island, Al Raha Beach and now Saadiyat Island. 1 Contents STRATEGIC REPORT FINANCIAL STATEMENTS 2 Financial Highlights 118 Independent Auditors’ Report 4 Highlights of 2019 124 Consolidated Statement 8 At a Glance of Financial Position 10 Chairman’s Statement 125 Consolidated Income Statement 12 CEO’s Statement 126 Consolidated Statement 15 Why Abu Dhabi? of Comprehensive Income 18 Market Overview 127 Consolidated Statement 22 Our Strategy of Changes in Equity 26 Operational Review 128 Consolidated Statement 50 KPIs of Cash Flows 52 Financial Review 130 Notes to the Consolidated 56 Risk Management Financial Statements 62 Sustainability 184 Supplementary Information GOVERNANCE 76 Board of Directors 80 Executive Management 82 Corporate Governance Report 116 Board of Directors’ Report Aldar Annual Report 2019 Financial Highlights Strategic Report Strategic FINANCIAL HIGHLIGHTS 7.1 6.2 6.2 6.3 4.6 2.8 2.7 2.6 2.6 2.2 2 2015 2016 2017 2018 2019 Revenue AED 7.1bn 2015 2016 2017 2018 2019 (2018: AED 6.3 BILLION) Gross profit AED 2.8bn (2018: AED 2.6 BILLION) Off-plan development sales AED 4.0bn (2018: AED 2.6 BILLION) Total assets AED 41bn (2018: AED 39 BILLION) Aldar is the largest listed real estate group in Abu Dhabi by market capitalisation, and one of the region's most recognised master developers. 2.8 2.6 2.0 1.9 1.9 14.5 14.0 12.0 11.0 10.0 3 2015 2016 2017 2018 2019 Net profit AED 1.9bn 2015 2016 2017 2018 2019 (2018: AED 1.9 BILLION) Dividend per share 14.5 fils (2018: 14.0 FILS) Net operating income from recurring revenue assets AED 1.7bn (2018: AED 1.6 BILLION) Earnings per share 24 fils (2018: 24 FILS) Aldar Annual Report 2019 Highlights of 2019 Strategic Report Strategic UNPRECEDENTED JANUARY DEMAND Unprecedented demand following the public launch of Alreeman. Alreeman fully sold out at public launch in January 2019. Total Alreeman sales reach FULL AED 1.6bn OWNERSHIP FEBRUARY Aldar Investments acquired full ownership of Etihad Plaza and Etihad Airways centre in AED 1.2 billion deal. The non-cash transaction will add an annualised net operating income (NOI) of AED 100 million to Aldar’s asset management portfolio. 4 DEVELOPING FUTURE LEADERS FEBRUARY Aldar partners with UAE university to develop future leaders. The two organisations will work together to bring industry and academia closer together to provide opportunities for learning, knowledge transfer, and potential employment in the future. SALE OF MARCH AL MURJAN TOWER Sale of Al Murjan tower for AED 289 million, achieving an implied yield of 6.6%. Aldar Investments monetises one of its mature, stable recurring revenue assets to unlock value and recycle capital. LEA SELLS OUT APRIL Lea sells out during Cityscape generating over AED 400 million in sales. Successful launch of Lea at Cityscape Abu Dhabi, demonstrating the demand for high-quality, infrastructure enabled land plots across prime Abu Dhabi locations. Abu Dhabi Government announces that foreign nationals can acquire freehold title on land within investment zones. AL JIMI MALL MARCH EXPANSION OPENING The new AED 400 million expansion and renovation adds 30,000 sqm gross leasable area (GLA) to Aldar’s second largest retail asset and secures Al Jimi Mall’s position as Al Ain’s prime retail destination. AED 420 MILLION 5 JUNE LAUNCH SALES Alreeman II generates AED 420 million in sales on launch day. Following the success of Alreeman, Aldar launched Alreeman II. 23 NEW STORES JUNE ANNOUNCED Aldar finalises major deal for 23 stores across its retail portfolio with Apparel group. The deal is to bring new brands across our retail portfolio. Aldar Annual Report 2019 Highlights of 2019 (continued) Strategic Report Strategic AED 5 BILLION JULY DEVELOPMENT AWARDED BY ABU DHABI GOVERNMENT The deal includes three major development projects; SAADIYAT RESERVE a new national housing development at Al Falah, the new twofour54 media and entertainment free-zone MARKS ALDAR’S and key infrastructure works at Saadiyat Island. SEPTEMBER FIRST RESIDENTIAL LAND COMMUNITY ON SAADIYAT ISLAND The AED 722 million community features 306 infrastructure enabled land plots open to buyers of all nationalities. 6 THE PERFECT SEPTEMBER 10 Aldar announces its first major promotional event with 10 days of ‘one off’ discounts across its development portfolio inventory. ALDAR INVESTMENTS OCTOBER SUCCESSFULLY RAISES US$ 500 MILLION SUKUK Supported by Aldar Investments’ credit rating, the highest non-government rating in the region, Aldar issued the first 10-year sukuk offering by an Abu Dhabi-based issuer. It was more than ALDAR CONTRIBUTES six times oversubscribed, with global investors accounting for 71% of the final allocation. AED 36 MILLION TO OCTOBER SANDOOQ AL WATAN Total contribution to Sandooq Al Watan reaches AED 120 million. IN COLLABORATION WITH ABU DHABI NOVEMBER NATIONAL OIL COMPANY (ADNOC), ALDAR ESTABLISHED ITS NEW PROCUREMENT IN-COUNTRY VALUE (ICV) PROGRAMME ICV programme to anchor new procurement sustainability strategy to unlock value within the UAE economy. ALDAR LAUNCHES ALDAR ANNOUNCES INAUGURAL ITS MOST ICONIC NOVEMBER SUSTAINABILITY NOVEMBER DEVELOPMENT, REPORT SAADIYAT GROVE 7 The report focuses on the Company’s efforts to Sheik Khalid Bin Mohammed Bin Zayed, Member of the improve the way it does business and ensure that it Abu Dhabi Executive Council and Chairman of the Abu has a positive impact on the economy, environment Dhabi Executive Office, launched the Saadiyat Grove and in the communities where Aldar operates. project, an AED 8 billion landmark destination in the heart of Abu Dhabi’s Culture District on Saadiyat Island. ALDAR ANNOUNCES A LAND SWAP DECEMBER DEAL WITH THE GOVERNMENT OF ABU DHABI A move which saw Al Raha Beach East and Lulu Island exchanged in a swap deal with the Government of Abu Dhabi for infrastructure enabled land in Saadiyat Island and Mina Zayed. Aldar Annual Report 2019 At a Glance Strategic Report Strategic LEADING REAL ESTATE GROUP OUR STRATEGY COMMERCIAL We use our experience and knowledge of the Aldar has developed and, in more recent years, Abu Dhabi real estate market to create long-term acquired a high-quality, predominantly Grade A OUR shareholder value through the development and commercial office portfolio that attracts top-tier STRATEGY Read more on monetisation of our land bank and through maximising tenants. The commercial portfolio is principally page 22. the value of our asset management business. located across Abu Dhabi islands and has a significant exposure to the Government of OUR MARKETS Abu Dhabi as a tenant. RESIDENTIAL 8 Aldar predominantly sells residential property HOTELS MARKET through its development business, where it Aldar owns a unique cluster of hotels on Yas Island OVERVIEW actively launches in-demand off-plan residential that benefit from their proximity to the airport and Read more on developments on payment plans to buyers. The continued activation of Yas Island as the leisure and page 18. asset management business also owns a significant entertainment centre of Abu Dhabi, which most residential portfolio across Abu Dhabi, which is recently included the opening of Warner Bros. World, leased to a mix of individual and corporate tenants. Abu Dhabi in 2018. RETAIL Aldar has developed a substantial retail footprint within Abu Dhabi that addresses both destination retail, such as Yas Mall and Al Jimi Mall, and the convenient community-focused retail located around our residential developments. BUSINESS STRUCTURE ALDAR DEVELOPMENT MANAGEMENT ASSET MANAGEMENT Aldar’s primary activities are based within the Emirate of Abu Dhabi, where it owns a significant land bank and diversified real estate property portfolio. The activities of the Group are split into two main areas, Development Management and Asset Management. KEY DEVELOPMENT MANAGEMENT ASSET MANAGEMENT Aldar is the largest developer within Aldar owns and manages a diverse Abu Dhabi and, since inception, has asset management portfolio OPERATIONAL completed approximately 26,000 of AED 20 billion of assets, all REVIEW Read more on residential units across the Emirate. within Abu Dhabi. The portfolio is page 26. As at 31 December 2019, a further predominantly split across four main 8,000 residential units were real estate asset classes; residential, under development. retail, commercial and hotels. KEY DESTINATIONS Meera 9 The Bridges West Yas Yas Links Reflection Mamsha Al Saaiyat Mayan Yas W Hotel Sun & Sky Towers Jawaher Yas Acres Yas Mall Shams BOUTIK Saadiyat Reserve Water’s Edge IKEA The Gate Towers and The Arc Saadiyat Grove Ansam ACE Hardware Boutik Gate Cranleigh Abu Dhabi Lea Yas Plaza Hotels Reem Central Park Saadiyat Beach Club SAADIYAT Saadiyat Beach Golf Club ISLAND Saadiyat district cooling assets Mina Zayed Saadiyat retail AL REEM ISLAND YAS Burj Mohammed Bin Rashid and ISLAND Worldtrade Center Abu Dhabi AL RAHA Al Raha Beach Community Retail Baniyas Towers BEACH HQ Building Khalidiya village Etihad Plaza Al Muneera Al Mamoura Al Zeina Anantara Eastern Al Bandar Nareel Island Al Bateen Park Mangroves Al Hadeel North Park Al Raha Plaza Al Merief Al Gurm Daman House Westin Abu International Tower Dhabi Golf Club Sas Al Nakhl Al Rayyana Motor World Alreeman Alreeman ii Seih Sdeirah, Alghadeer AL AIN Al Oyoun Village Shabhat Plaza Al Jimi Mall Remal Mall Aldar Annual Report 2019 Chairman’s Statement Strategic Report Strategic SUSTAINABLE LONG-TERM GROWTH Dear Valued Shareholder, It gives me great pleasure to report on a remarkable year for Aldar, which marks our 15th year since inception.
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