Majid Al Futtaim Hld Press Release: H1 2012 Financial Results

  Majid Al Futtaim Hld - Press Release: H1 2012 Financial Results

RNS Number : 3819M
Majid Al Futtaim Holding LLC
17 September 2012






          Majid Al Futtaim reports Strong Growth in First Half 2012

                                      

Highlights:



· H1 2012 gross revenue grew to AED 10.7 billion, up 15% year-over-year

· EBITDA up by 17% year-over-year to AED 1.5 Billion

· Strong growth across all three businesses

· Opened first Carrefour Hypermarket  in Erbil, Iraq expanding the  Group's 
footprint to 13 countries

· Company's BBB with stable outlook rating reaffirmed by both Fitch and
Standard & Poor's





Dubai, 17 September 2012 - Majid Al Futtaim Holding LLC, the leading  shopping 
mall, retail and leisure  pioneer across the Middle  East and North Africa,  ‎ 
released today its condensed consolidated interim financial statements for the
half year ended 30 June 2012.



Iyad Malas, CEO of Majid  Al Futtaim Holding, said:  "2012 has already been  a 
successful and busy year for us. We opened our 11th shopping mall in Fujairah
in April of this year with full retailer occupancy. We have seen  turnarounds 
in  markets  previously  impacted  by  the  Arab  spring,  with  tenant  sales 
increasing about 44% in Egypt and about  23% in Bahrain, in the first half  of 
the year. Tenant sales in the UAE and Oman grew by 13%.



We have a robust development pipeline in place for both our Shopping Mall  and 
Retail  portfolios.   Our  shopping   mall   strategy  remains   focused   on 
strengthening our regional shopping mall  presence, with developments in  both 
Lebanon and Egypt moving forward and strategic opportunities in the Kingdom of
Saudi Arabia,  Abu  Dhabi and  Azerbaijan  under review.  We  are  continuing 
expansion of  the  Carrefour franchise,  with  plans to  open  two  additional 
hypermarkets in the remainder  of 2012, including our  first store in  Georgia 
this month."



The Group's gross  revenues reached  AED 10.7 billion,  a 15%  increase on  H1 
2011, at  the same  time its  EBITDA  from recurring  operations grew  by  17% 
year-on-year to reach over  AED 1.5 billion. Total  assets are valued at  AED 
37.0 billion and net debt is AED 7.3 billion.



The Group  continues  to maintain  an  excellent liquidity  position  and  has 
demonstrated its ability to access diversified sources of funding. Following
its successful debut Sukuk in February 2012, the Group issued a seven year USD
500 million bond in July 2012, as part of its Reg S EMTN programme.



The Group's current liquidity position is  sufficient to cover over two  years 
of its  financing requirements,  which  include cash  flow stemming  from  net 
working capital, planned capital expenditure  and servicing of maturing  debt. 
Financing initiatives  are  now  focused  on  improving  the  profile  of  the 
company's debt portfolio such as reducing secured debt, refinancing to achieve
more flexible & improved terms.



Majid Al Futtaim Properties saw  its revenue increase by  a strong 16% to  AED 
1.5 billion and  EBITDA rise by  about 12% to  AED 0.97 billion,  contributing 
about 64% of the group's EBITDA.



Majid Al Futtaim Retail saw its revenue increase by 15% year over year to  AED 
8.9 billion and EBITDA rise by 23% to AED 467 million, contributing about  31% 
of the  group's EBITDA.  Including its  first store  in Iraq,  the  business 
opened six new Carrefour hypermarkets in the first half of the year,  bringing 
the total to 49 hypermarkets and 38 supermarkets. 



Majid Al Futtaim Ventures saw its revenue  increase by 11% to AED 388  million 
and EBITDA rise by about 44% to AED 83 million.



The half-year 2012 Financial Highlights are as follows:



1. Consolidated income statement (*):

                                               H1 2012 H1 2011  Change       

                                               (AED m) (AED m) (AED m)       %

                                                     
Revenue                                         10,747   9,359   1,388     15%
Cost of sales                                  (7,441) (6,535)   (906)  14%
Operating and other expenses                   (2,303) (2,005)   (298)     15%
Net finance costs and tax                        (293)   (261)    (32)     12%
Profit before revaluation results and              710     558     152     27%
impairment
EBITDA for the period                            1,502   1,285     217     17%

                                                     

(*) Simplified version, based on the Unaudited Condensed Consolidated Interim
Financial Statements for the half year ended 30 June 2012 of Majid Al Futtaim
Holding LLC.





2. Consolidated statement of financial position (*):

                                     H1 2012 H1 2011  Change     

                                     (AED m) (AED m) (AED m)     %

                                           
Non-current assets:
Property, plant and equipment         19,615  18,786     829    4%
Investment property                   11,054  10,051   1,003   10%
Other non-current assets               1,616   1,569      47    3%
Total non-current assets              32,285  30,406   1,879    6%
Current assets:
Inventories                            1,044     820     224   27%
Trade and other receivables            1,207   1,046     161   15%
Cash at bank and in hand               2,208   2,135      73    3%
Other current assets                     271     228      43   19%
Total current assets                   4,730   4,229     501   12%
Current liabilities:
Current maturity of long term loans    1,673   1,200     473   39%
Bank overdraft                             8      33    (25) (76)%
Short term loan from a related party     245     200      45   23%
Trade and other payables               5,167   4,634     533   12%
Other current liabilities                537     442      95   21%
Total current liabilities              7,630   6,509   1,121   17%
Non-current liabilities:
Long term loans                        7,603   8,883 (1,280) (14)%
Other non-current liabilities            502     539    (37)  (7)%
Total non-current liabilities          8,105   9,422 (1,317) (14)%
Equity:
 Share capital                     2,487   2,487       -     -
 Reserves                    18,258  15,802   2,456   16%
 Minority interest        536     416     120   29%
 Total equity     21,281  18,705   2,576   14%

                                      

(*) Simplified version, based on the Unaudited Condensed Consolidated Interim
Financial Statements for the half year ended 30 June 2012 and 30 June 2011 of
Majid Al Futtaim Holding LLC.



3. Consolidated statement of cash-flows (*):



                                             H1 2012 H1 2011  Change     

                                             (AED m) (AED m) (AED m)     %

                                                   
Cash generated from operations                 1,495   1,279     216   17%
(Increase) / decrease in working capital:
Inventories                                    (160)   (103)    (57)   55%
Receivables and pre-payments                    (92)    (84)     (8)    9%
Payables and accruals                           (34)     (7)    (27)  386%
Other                                           (22)      97   (119)     -
Net cash inflow from operating activities      1,186   1,182       4     -
Investing activities:
Acquisition of property, plant and equipment   (592)   (643)      51     -
Other investing activities                       168    (26)     194     -
Cash outflow from investing activities         (424)   (669)     245 (37)%
Financing activities:
Long term loans received                       2,231   1,073   1,158  108%
Long term loans repaid                       (2,612) (1,496) (1,116)   75%
Other financing activities                     (436)   (253)   (183)   72%
Cash outflow from financing activities         (817)   (676)   (141)   21%
Net increase / (decrease) in cash               (55)   (163)     108 (66)%
Cash at the beginning of the year              2,155   2,266   (111)  (4)%
Cash at the end of the year                    2,100   2,102     (2)     -



(*) Simplified version, based on the Unaudited Condensed Consolidated Interim
Financial Statements for the half year ended 30 June 2012 of Majid Al Futtaim
Holding LLC.

                                      

                                   - Ends -



For further information please contact:



Media



English:



Alex Blake-Milton

Brunswick Group

Phone: +97144466270

Mob: +971506947589

Email: ablakemilton@brunswickgroup.com





Katharine Crallé

Brunswick Group

Phone: +97144466270

Mob: +971561740292

Email: kcralle@brunswickgroup.com





About Majid Al Futtaim Holding

Founded in 1992, Majid Al Futtaim Holding is the leading shopping mall, retail
and leisure pioneer across the Middle  East and North Africa, with  operations 
in 13 countries and over 24,000 employees.

Majid Al Futtaim  Holding has been  assigned the highest  credit rating  (BBB) 
among privately-held corporates in the Middle East. Its operations are carried
out by three complementary, wholly-owned subsidiaries:

· Majid Al Futtaim Properties, which  owns and operates 11 shopping  malls 
and 10 operational hotels in MENA,  with developments underway in Lebanon  and 
Egypt.

· Majid  Al Futtaim  Retail,  which holds  exclusive rights  to  Carrefour 
franchise in 19 markets across MENA and central Asia. It owns 75% interest  in 
a  Joint  Venture  with  Carrefour   S.A,  and  operates  a  portfolio   of50 
hypermarkets and 44 supermarkets in 12 countries.

· Majid Al Futtaim  Ventures develops, owns and  operates all leisure  and 
entertainment facilities at Majid  Al Futtaim malls  including Ski Dubai,  VOX 
Cinemas, Magic Planet,  iFly, among others.  It is also  parent to a  consumer 
finance company issuing 'Najm' credit cards and a Fashion retail business.  In 
addition,  it  also  has  joint  venture  operations  with  Dalkia  and   Orix 
Corporation.



                     This information is provided by RNS
           The company news service from the London Stock Exchange

END


MSCLRMITMBIBMLT -0- Sep/17/2012 07:00 GMT
 
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