Emaar Properties Q3 2015 Results November 2015 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. Q3 2015 Results Presentation November 17, 2015 Page 1 Table of Contents KEY HIGHLIGHTS INCOME STATEMENT BALANCE SHEET OPERATIONAL OVERVIEW APPENDIX Q3 2015 Results Presentation November 17, 2015 Page 2 Key Highlights Income Statement Balance Sheet Operational Overview Appendix Emaar Properties at a Glance #2 195 MM 43% listed developer (60% of EBITDA) SQM of land by market cap recurring bank in MENA(1) revenues +39,700 13.90 154.51 residential units AED BN AED NAV/ delivered since Market Value of Share 2001 Assets #1 13 Hotels 85%+ sold Visited Mall in of Dubai total the World 1,950+ Keys units launched (Owner) in 2014/15 90% 34.880 27,594 Overall sales in AED BN Units Under key international Backlog(2) Construction(3) markets Q3 2015 Results Presentation November 17, 2015 Page 3 (1): Market Cap of AED 43.46 BN as at November 12, 2015 (3):Units Under Construction figure refers to the Group including UAE and international (2): Backlog figure refers to Group backlog including UAE and International excluding India and EEC Key Highlights Income Statement Balance Sheet Operational Overview Appendix Key Financial Highlights for the Group AED MM Q3 2015 Q3 2014(1) % Change YTD 2015 YTD 2014(1) % Change Group Property Sales 2,983 3,230 (8)% 11,442 14,489 (21)% Revenue 3,329 2,136 56% 9,849 7,888 25% Gross Profit 1,661 1,101 51% 5,177 4,483 15% Margin (%) 50% 52% (4)% 53% 57% (7)% EBITDA 1,240 961 29% 4,095 3,702 11% Margin (%) 37% 45% (18)% 42% 47% (11)% Net Profit 843 645 31% 3,048 2,622 16% Margin (%) 25% 30% (17)% 31% 33% (6)% EPS (AED/ Share) 0.12 0.09 33% 0.43 0.38 3% Equity 40,306 44,193 (9)% 40,306 44,193 (9)% Cash 16,879 16,886 – 16,879 16,886 – Net Cash 3,623 4,644 (22)% 3,623 4,644 (22)% Emaar on Track to Boost Profitability in the Coming Years Q3 2015 Results Presentation November 17, 2015 Page 4 (1): Q3 2014 and YTD 2014 Completed Contract figures restated and presented as Percentage-of-Completion figures for comparative purposes only Key Highlights Income Statement Balance Sheet Operational Overview Appendix Key Achievements Successfully launched 3 new projects in Dubai in Q3 2015 with a total sales value of AED 1.987 BN—AED 9.360 BN YTD 2015; total sales in Q3 2015 amounted to AED 1.393 BN—AED 7.513 BN YTD 2015. Together, the Hospitality, Malls, and Retail subsidiaries contributed 43% of the Group’s revenue and 60% of EBITDA. Hotels average occupancy of 79%(1) YTD 2015; 84% at The Address Hotels. Emaar Malls Group welcomed 90 million visitors during the first 9 months of 2015; achieved a 25% Base Rent renewal increase in leases renewed in Q3 2015—29% YTD 2015. Emaar Misr commences trading on The Egyptian Exchange (EGX) on July 5, 2015 after pricing at EGP 3.80/share. Emaar Misr achieves a 6% increase in sales Y-o-Y, up to AED 3.283 BN YTD 2015. Q3 2015 Results Presentation November 17, 2015 Page 5 (1): Hotels average occupancy figure refers to the hotels in Dubai only (excluding Armani) Key Highlights Income Statement Balance Sheet Operational Overview Appendix Results by Segment Revenues(1) Breakdown of Results AED million Revenues 25% 46% 24% 15% - 15% 9,849 9% 7,888 3,921 12% 2,684 1,734 1,844 2,115 1,396 1,196 1,199 768 880 40% Emaar UAE International Emaar Malls Emaar Emaar Retail 21% Properties Development Development Group Hospitality & Leasing Gross Profit(1) 18% AED million 15% 19% 18% 17% (5)% 18% Total: AED 9,849 MM 5,177 4,483 1,849 (2) 1,427 1,692 1,575 EBITDA 443 524 489 463 549 649 5% 14% Emaar UAE International Emaar Malls Emaar Emaar Retail 30% Properties Development Development Group Hospitality & Leasing EBITDA(1) AED million 11% 5% 21% 13% (19)% 22% 40% 6% 3,702 4,095 1,465 1,655 1,150 1,204 200 242 258 210 470 575 Total: AED 4,095 MM UAE Development Emaar Malls Group Emaar UAE International Emaar Malls Emaar Emaar Retail International Development Emaar Hospitality Properties Development Development Group Hospitality & Leasing YTD 2014 YTD 2015 % QoQ Change Emaar Retail & Leasing Solid Growth Across a Diverse Portfolio with Recurring Revenues Contributing 60% of EBITDA Q3 2015 Results Presentation November 17, 2015 Page 6 (1): Q3 2014 and YTD 2014 Completed Contract figures restated and presented as Percentage-of-Completion figures for comparative purposes only (2): EBITDA doughnut chart does not include a 5% EBITDA from ‘Others’ Key Highlights Income Statement Balance Sheet Operational Overview Appendix Balance Sheet Overview Balance Sheet Overview Change in Cash & Cash Equivalents(1) % AED million Total: AED 77,604 MM +3,909 9,304 7,671 -1,298 Bank Balances & Trade & Other -932 -46 Cash 12 Payables 22 Advances from 18 Customers Trade & Other Dec-14 Operating Investing Financing FX Sep-15 Receivables 10 Interest-Bearing Cash CF CF CF Difference Cash Loans & 9 Balance Balance Borrowings Development 8 Sukuk Debt Maturity Profile Properties 32 1 Other Liabilities AED million 4,591 Loans to & 2,755 Investments in 12 2,401 Associates & JVs 48 Shareholder’s 2,246 Equity Investment Properties 11 383 356 503 92 Property, Plant & Equipment 11 Non-Controlling 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Other 2 4 Interests Emaar Properties Sukuk(2) Dubai Hills Assets Liabilities & Equity Emaar Malls Syndicated Loan Other Loans in International Subsidiaries & Others Emaar Malls Sukuk Conservative Capital Structure with Significant Scope for Growth Q3 2015 Results Presentation November 17, 2015 Page 7 (1): Cash & Cash Equivalents = Total Cash – Deposits Maturing After 3 Months & Deposits Under Lien; Total Cash = AED 16,879 BN (2): Debt maturing in 2016 and 2019 also includes some international subsidiary debt Key Highlights Income Statement Balance Sheet Operational Overview Appendix Credit Ratios EBITDA / Interest Net Debt / EBITDA 12.0x 0.5x 9.1x 2014 2015 6.1x 2013 2014 2015 2014 -0.67x -0.78x 2013 2014 2015 Net Debt / Equity Debt / GAV 5.6% 18.0% 2014 2015 2013 2014 2015 17.0% 17.0% 2014 -9.8% -11.1% 2013 2014 2015 Solid Credit with Negative Net Debt-to-Equity and Significant Debt Coverage Q3 2015 Results Presentation November 17, 2015 Page 8 Key Highlights Income Statement Balance Sheet Operational Overview Appendix UAE Development Market Overview Segment Highlights 665 units launched in Q3 2015 with a Q3 2015 Launches total sales value of AED 1.987 BN; 3,225 units launched in the first 9 months of 2015, with a total sales The Parkways (Plots) Creekside 18 A value of AED 9.360 BN. Sales Value: AED 841 MM Sales Value: AED 424 MM # of Units: 150 # of Units: 221 Q3 2015 sales across all projects in Picture Picture the UAE amounted to AED 1.393 BN, Expected Completion: NA Expected Completion: 2019 totaling AED 7.513 BN YTD 2015. Total UAE backlog amounted to AED 24.068 BN in the first nine months, to Forte T2 be recognized over the next 4 years. Sales Value: AED 722 MM 32 units were handed over in Q3 Picture # of Units: 294 2015; 436 units YTD 2015. Expected Completion: 2019 Q3 2015 Results Presentation November 17, 2015 Page 9 Key Highlights Income Statement Balance Sheet Operational Overview Appendix International Development Market Overview Q3 2015 International Sales(1) Q3 2015 sales across all international Units Released projects amounted to AED 1,590 BN; AED 3,929 BN YTD 2015. Egy 93 7 pt 8,251 Emaar Misr outperforms yet again, exceeding both internal sales targets and industry peers in Egypt achieving KSA 94 6 793 total sales of AED 3,283 BN YTD 2015 vs AED 3,086 BN in the same period Turk 72 28 last year; a 6% increase Y-o-Y. ey 1008 Emaar Misr commences trading on The Subsidiaries Leb 77 23 Egyptian Exchange (EGX) on July 5, an… 532 2015 after pricing at EGP 3.80/share. Paki 65 35 stan 1,645 Indi 92 8 a 18,841 Tota Associate 90 10 Totall 31,070 % Sold of Units Released Q3 2015 Results Presentation November 17, 2015 Page 10 (1): International Sales figures presented in the bar chart are cumulative figures, since launch up to this financial period Key Highlights Income Statement Balance Sheet Operational Overview Appendix Emaar Malls Group Q3 Q3 % YTD YTD % 2015 2014 Change 2015 2014 Change Key Highlights Footfall 28 25 10% 90 81 11% 10% increase in footfall across the EMG portfolio (MM) in the third quarter; 11% YTD.