Aldar Properties

Q4 and Full Year Results 2014

Q4 NET PROFIT AED718 MILLION, UP 77% ON Q4 2013
Abu Dhabi, February 12 2015: Aldar Properties PJSC, Abu Dhabi's leading listed property development, investment and
management company, today issues its financial results for the 12 month period ended 31 December 2014.
Mohammed Khalifa Al Mubarak, Chief Executive Officer of Aldar Properties, commented:
2014 has been an exceptional year for Aldar. We have executed successfully against a clear strategy and delivered on our
promises of strengthening our balance sheet, monetising our land bank and growing our recurring revenues, thereby
improving the quality of our earnings. Over the year we opened our flagship retail asset, Yas Mall, and delivered over 7,000
residential units to our customers and asset management portfolio.
We have a development plan with the potential to launch 7,300 units across our existing destinations over the next 4 to 5
years. Our focus remains on bringing high quality real estate products to our customers in line with market demand and
increasing our shareholder value.
Given Aldars strong performance in 2014, Im pleased to announce that the Board has recommended a 29% increase in the
dividend to 9 fils per share.

Q4 FINANCIAL HIGHLIGHTS

Fourth-quarter net profit up 77% to AED 718 million from AED 406 million
Recurring revenues up 19% to AED 701 million from AED 591 million
Gross debt reduced to AED 9.17 billion from AED 9.57 billion
Upgraded to investment grade status by Moodys and S&P

FY FINANCIAL HIGHLIGHTS

Full-year net profit of AED 2.27 billion boosted by growth in profitability of recurring revenue assets and valuation
gains on investment properties, up 2% from AED 2.23 billion in 2013
Revenue of AED 6.55 billion, up 22% from AED 5.38 billion in 2013, driven by the handover of units at The Gate
Towers and growth in recurring revenues
Recurring revenues increased 23% to AED 2.25 billion from AED 1.83 billion in 2013
Gross debt reduced 33% to AED 9.17 billion from AED 13.79 billion during the year.
Recommended cash dividend of 9 fils per share (AED 707 million), up 29% from 7 fils per share in 2013.

Improved Quality of earnings

In the fourth quarter, recurring revenue increased by 19% to AED 701 million versus AED 591 million in the same period
2013. Full-year recurring revenues increased 23% to AED 2.25 billion, largely driven by the expanded recurring revenue base
and the improved performance of key assets.
Yas Mall, Aldars flagship retail asset, opened in November 2014 to fill a gap in the market. Yas Mall has become the anchor
destination on Yas Island, and has proved immensely popular with the local community and visitors to Abu Dhabi,
complementing the seven hotels on Yas, the race track, waterpark, concert arena, marina, links golf course, other destination
shops such as IKEA and Ferrari World theme park. The mall is fully leased as at 31 December 2014.

Robust capital structure

Aldar has a clear debt strategy in place to reduce the cost of borrowing, extend the maturity profile and lower debt. In Q4
2014, Aldar reduced gross debt from AED 9.57 billion to AED 9.17 billion, resulting in a 33% debt reduction year on year. In
Q4 2014, Aldar saw significant ratings upgrades, with Moodys and Standard and Poors upgrading the Company and issued
debt to investment grade reflecting the improved financial position and solid financials.
Aldar completed a comprehensive refinancing programme in 2014, enabling a reduction in the weighted average interest
rate on debt to 2.7% as at 31 December 2014. Cash flow visibility remains strong with AED 5.7 billion of receivables and
infrastructure recoverable due from the Government of Abu Dhabi.

Growth of net income

Fourth-quarter net profit was AED 718 million, a rise of 77% from the same period in 2013 driven by the growth in our
recurring revenues and fair value gains on investment properties.
Net profit for the year was AED 2.27 billion, 2% ahead of 2013, primarily supported by growth in recurring revenue assets
profitability and fair value gains on investment properties. Revenues for the full year totalled AED 6.55 billion, an increase of
22% driven by unit handovers and growth of recurring revenues.

Development update
Al Hadeel and Ansam, the first off-plan sales into Abu Dhabi for four years were successfully launched into the market in Q2
2014 and are set to handover in 2017.

Dividend
The Board of Directors recommends a cash dividend of 9 fils per share, up 29% from 2013.

Q4 OPERATIONAL HIGHLIGHTS

Yas Mall successfully opened on 19 November 2014 and is fully leased

Handed over 72 units at The Gate Towers during Q4 2014
Handover of Yas Island infrastructure to the Government of Abu Dhabi
Strong operational performance across hotels and schools
Concluded National Housing projects at Silaa, Watani and Ghaniema in Q4 2014

FY OPERATIONAL HIGHLIGHTS
Developments

Delivered over 7,000 residential units in 2014, of which:

o 1,975 residential units handed to customers
o 2,800 units added to Aldar residential portfolio
o Remaining units from Al Ghadeer and National Housing projects

Investment properties
Retail

Yas Mall successfully launched on 19 November 2014 and is fully leased

Residential leasing
Aldar residential portfolio of over 2,800 units in The Gate Towers and al rayanna now fully leased, one year ahead of
schedule, demonstrating strong demand for quality residential property
Stabilised occupancy of 97% across the residential portfolio as at 31 December 2014
Commercial
The office portfolio achieved 91% leasing as at 31 December 2014 versus 82% in 2013
Operating businesses
Hotels

FY 2014 occupancy across the hotel portfolio at 81% versus 77% in 2013
Occupancy in Q4 2014 was up to 86% from 82% in the same period last year

Adjacent businesses
Aldar Academies

The six schools in Abu Dhabi and one in Al Ain have performed well and have grown student numbers by 12% to a
total of 4,800 of students for the start of the 2014/ 2015 academic year

- END -

For further information, please contact:

Investors:
Chris Wilson
Aldar Properties
+971 2 810 5624

Media:
Alya Al Mutawa
Aldar Properties
+971 2 810 5555

Rupert Young / Will Anderson

Brunswick Group
+971 2 234 4600

About Aldar
Abu Dhabi-based Aldar Properties PJSC is one of the largest developers in the Middle East and North Africa region, with
US$10 billion of assets. The company has developed some of Abu Dhabis most iconic and complex projects, from Yas Mall
and the Formula 1 facilities on Yas Island to the thriving new Shams Abu Dhabi community on Al Reem Island. Its property
portfolio is diversified and balanced with a total asset mix comprising residential communities, retail property, with the
remaining in commercial. There are also nine hotels with more than 2,500 available rooms. With a land bank of over 77
million square metres, 90 per cent of which is in special investment zones, Aldar Properties is focused on serving the growing
demand in the UAE for high-quality and professionally managed property. Aldar Properties is a strong partner of the
Government of Abu Dhabi, which is also a major shareholder. The business is aligned with the Emirates Vision 2030
strategy of economic diversification and social infrastructure development.
www.aldar.com